Attorney experience is important when attempting a mortgage modification. A successful mortgage modification
will lower your monthly mortgage payments
and enable you to keep your home. Reduced payments on your mortgage occur when your interest rate is lowered and the amount of time in which you have to pay off your mortgage (the maturity date) is extended.
There are common reasons as to why lenders are willing to modify your mortgage. As the numbers of foreclosures have increased, mortgage lenders have realized that foreclosing on numerous homes
significantly increase the lender's costs. The lender typically is the owner of the house following a foreclosure sale, to which they have expended thousands of dollars in attorney's fees, court costs, property taxes, insurance and association dues. As a result of the foreclosure process, the bank will have to hire a broker in an attempt to sell the house and a property manager to maintain the premises.
Additionally, there is a federal mandate for most lenders to at least review the majority of their loans for modification possibility.