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Loan Modification and Short Sales

Afraid you may lose your home? A loan modification or short sale may be the answer.

A loan modification may lower your interest rate and monthly payment, which will make your housing more affordable. It may also extend the repayment term and provide relief from the payments you missed. Sometimes this is done by taking the payments you missed and building them back into the loan.

With a mortgage modification, your lender will change the terms of your home loan to make it more affordable to you. In doing so, your lender may reduce your interest rate, forgive some of your principal balance, or extend the length of your loan.

A short sale is when you sell your house for less than the amount owed, with the difference forgiven. A deed in lieu is when you simply transfer the title to your home to your lender sometimes with the lender even paying you for it – which is commonly referred to as cash for keys.

If your house is worth less than what is owed, a short sale enables you to sell your house for less than the amount that remains outstanding on the mortgage. A short sale also includes an agreement that the lender will not pursue the amount that remains to be paid on the mortgage after the house is sold.

If you need a loan modification or short sale to save your home, contact the Law Office of Boris Davidovskiy P.C. today. We want to help you get rid of your debt and change your life; but you can’t change your financial future until you start the process. As a Mountlake Terrace, Washington loan modification attorney, a professional from our office will help you through the process as you approach the lending agency with your request.

If you are looking for a knowledgeable and professional attorney for assistance with your matter, contact the Law Office of Boris Davidovskiy.