Loan Modification Attorney RI, MA

What Is A Loan Modification?

  • It is the Process in which the lender(s) will readjust the interest rate and/or payment of your existing loan(s).

Why Would You Do A Loan Modification?

  • You may be behind in your mortgage payment(s) or struggling to make existing payments due to a hardship.  For example, the hardship could be from loss of income, death, military service, property damage, divorce, adjustable mortgage increase, etc.

Why Would A Lender Allow
A Loan Modification?

  • A loan modification keeps the lenders from having to manage properties.
  • Lenders generally save money by not having to foreclose - stops interest loss, maintenance fees, boarding-up fees, property security fees, foreclosure fees, taxes, insurance, vandalizing expenses like stolen copper, and the upkeep of the property.
  • It is good for the public, keeps neighborhoods from being boarded-up which therefore keeps other values in the neighborhood up.
  • Lenders have pressure on a federal level to get the properties out of their portfolio since it affects their ability to sell loans on the secondary market.

Downloadable Forms

Woonsocket Office
401-766-2100
Fax: 401-766-2828
Lincoln Office
401-334-4770
Fax: 401-334-0696
The RI Supreme Court licenses all lawyers in the general practice of law. The Court does not license or certify any lawyer as an expert or specialist in any field of practice.