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Seeking a Loan Modification?
Port St. Lucie Loan Modification Lawyers
A loan modification is a bankruptcy alternative that allows the borrower (you) to reinstate his / her loan, resulting manageable monthly payments. If you are facing insurmountable debt, a Port St. Lucie lawyer from Crary Buchanan may be able to help you seek a loan modification instead of filing for bankruptcy.
Why do banks offer loan modifications?
Loan modifications appeal to your lender for the same reason they appeal to you: a modification avoids foreclosure and bankruptcy. If you are unable to make payments on your home, for example, the bank has limited options:
- Repossess the property (foreclosure)
- Wage garnishments an collections
- Accept the loss and stop seeking payment
- Let the borrower file for bankruptcy
None of these scenarios are beneficial to the lender. In fact, seeking a loan modification is often the best compromise for the lender and the borrower because it allows the borrower to avoid bankruptcy, and the lender receives payment on the loan.
How do loan modifications work?
There are many types of loan modifications. Depending on the circumstances of your debt, a modification may allow you to refinance the loan, extend the term of the loan, reduce the interest rate of the loan, allow you to skip some payments, or reduce the overall principal of the loan. Regardless of the type of modification, the end result is the same: manageable payments so that you can afford to meet your financial obligations without pursuing bankruptcy.
Port St. Lucie Loan Modification Attorney
At Crary Buchanan, our lawyers have served the local community for more than 85 years. With decades of experience behind us, we are confident in our ability to help you resolve your debt. Call our office today to learn more about your financial options through a loan modification.