The Benefits Of Loan Modification
Life changes quickly. What works for you one day, may become overwhelming the next. Here at Benner & Weinkauf P.C., we understand that. Between a constantly shifting economy and the unpredictability of the workplace, it’s easy to find yourself in new pastures. This is particularly true when it comes to your loan structures. When you commit to a loan, you’re typically committing to gradually pay off the balance over a long period of time. During that time frame, a lot can change. There’s no way of telling what life will throw at you a few years down the line, that’s why it’s important to act quickly and work to restructure your finances when things start going south. Together, we work to get our clients the loan modification they need to lessen their financial burden.
New Hope For Your Finances
If all your money is going to pay off your loans, that can lead to some serious trouble in other areas of your life. You could potentially see yourself fall into credit card debt or even have a lien placed against your property for delinquent payments. That doesn’t have to be the case. In fact, we make it easy to resustructure your loans and make them more realistic for your financial standing. By working alongside the lenders and clients alike, there will be a newfound excitement regarding your financial standing. Everyone gets what they want.
What Is Loan Modification?
In a nutshell, loan modification is a process that revolves around changing the terms of your current loan by a lender. This typically comes about after a party is unable to afford paying off their loan for a long period of time. We can help. Even if this hasn’t been going on for a while and your payments just recently became too much to handle. Although this type of restructuring can occur with all different kinds of loans, it is most commonly seen in secured loans such as mortgages. For the client, this means almost immediate relief from their financial hardships surrounding the loans and for the lender, this means that they will finally be seeing their money come back to them.
Finding A Solution
While there’s many ways to make this work, a modification will typically involve the reducing of an interest rate on a given loan, an extension of the length of the maturity of the loan, or some combination of the two. By working with the bankruptcy and legal professionals at Benner & Weinkauf, you’ll have the industry experience to back up your plight. We will meet with the lenders and discuss a way for both parties to walk away happy. If you find yourself being threatened with foreclosure or repossession as a result of a loan, our years of experience will see to it that this process is stopped in its tracks. No matter if your best bet is to reach a settlement, declare bankruptcy, or simply restructure your loan to make it more affordable, we will work to find the course of action that works best for you. To find out more about how we can help you with loan modification, give us a call. We’ll be standing by to assist you.