19 Jun Loan modification and workout solutions
Foreclosure is unprofitable, time-consuming and inconvenient for all involved, including the lender. Loan modification is a solution that allows homeowners to recalculate the entire mortgage into new, more favorable payment terms that may allow them to remain in the home. For lenders, such modifications are beneficial because they can bring a mortgage current and help avoid the costs associated with a foreclosure.
The loan modification workout solution can be accomplished by either adding the missed payments onto the balance of the loan, or by extending the repayment term. There are other options, too, such as principal reduction and principal forbearance.
Whatever a lender and homeowner can do to prevent foreclosure is generally good for both. Barsh & Cohen, P.C. is a boutique law firm and can assist with your legal needs, including loan modification solutions that can help turn a non-performing loan into a performing loan in the most efficient and cost-effective way possible. This includes title searches and U.C.C. financing statements to assure your security position.