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If you are struggling to pay your mortgage and are afraid you may soon be facing foreclosure, there are options available to you. A mortgage loan modification may help you bring your mortgage up-to-date and avoid foreclosure. However, a mortgage modification is a complicated process which is why it would be in your best interest to have an experienced attorney assist you in pursuing this course of action. We at the Taylor Logan Law Firm, PLLC, possess the experience and expertise that will allow us to assist you through the entire modification process.  




A loan modification is an agreement between a borrower and a lender that changes the original terms of a loan. If you have fallen behind on your mortgage payments or having trouble affording them due to financial hardship, our staff can help you modify your loan in order to obtain a more affordable monthly payment. Furthermore, obtaining a loan modification is the most effective way to stop a foreclosure action and keep a borrower in their home. 


Qualifying for a mortgage modification typically requires that you demonstrate a significant hardship. If you're looking into a mortgage modification, make sure your lender offers this option, as not all do.

A mortgage modification can lower your monthly payments. If you qualify for a mortgage modification, your payment reduction may be achieved through any of several methods, including:

·     Reducing your interest rate: Cutting your interest rate by several points can lower your monthly payment significantly. Rate-reduction modifications often use a step-up approach, in which your interest rate and monthly payment amount increase periodically (typically every five years) for the remainder of the loan's lifespan.

·    Extending your repayment period: Stretching out your loan repayment over a longer period of time will reduce your monthly payments. Just keep in mind that doing so may significantly increase the total amount of interest you pay over the life of the loan. If your situation changes and you're able to afford a higher payment, however, you can consider refinancing to a loan with a better rate.

·     Converting from an adjustable to a fixed interest rate: If your financial hardship is related to periodic payment increases associated with an adjustable-rate mortgage (ARM), the lender may opt to convert you to a fixed-rate loan that's more predictable and manageable.

·     Principal reduction: In extremely rare instances, the lender may lower the principal portion of your loan, effectively handing you a chunk of equity in your house. If you're given that type of modification, consult your tax advisor, because the equity you receive may be considered taxable income.

Who Can Get a Mortgage Loan Modification?

Eligibility requirements for mortgage modifications vary from lender to lender, but you typically must:

·    Be at least one regular mortgage payment behind or show that missing a payment is imminent.

·    Provide evidence of significant financial hardship, for reasons such as:

·    Long-term illness or disability

·    Death of a family member (and loss of their income)

·    Natural or declared disaster

·    Uninsured loss of property

·    Sudden increase in housing costs, including hikes in property taxes or homeowner association fees

·    Divorce


If you believe that you are facing foreclosure on your home, you need to speak to a qualified attorney who can advise you whether modifying your mortgage is the right option for you. Contact the Taylor Logan Law Firm, PLLC today to learn what rights you may have and how we can help. You can arrange for an initial consultation by calling or emailing today.

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