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What is a mortgage modification?

| Jul 14, 2014 | Debt Management |

Most people were overjoyed when they qualified for a mortgage and found out that their dream of owning a home was coming true. However, that dream can easily turn into a nightmare if mortgage payments become unmanageable.

This is the situation many Wisconsin residents have found themselves in, especially in the wake of the economic recession. Home values plummeted, people lost their jobs or were demoted, and soon homeownership became more of a burden than a blessing. 

The good news is that help is available for Wisconsin residents who are in over their heads with mortgage payments. In fact, it is possible to deal with mortgage debt without losing your home, even during a bankruptcy proceeding.

In many cases, a mortgage modification allows homeowners to solve their mortgage debt problems quickly and easily. Essentially, it involves renegotiating the mortgage with the lender. This could mean a lower monthly payment or even a reduced principal or interest rate.

Although you may have tried unsuccessfully to work with your lender in the past, there are now many programs that make the process easier on borrowers.

For example, there is a mediation program offered by Marquette University that helps homeowners get in touch with their lenders who have been previously difficult to work with.

Because of the government’s recent crackdown on the mortgage lending industry, it is now easier than ever to work out a mortgage modification with a loan provider.

For more information on achieving a mortgage modification or what to do when a mortgage modification fails, please visit our Milwaukee Mortgage Modification Lawyers page.

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