5 Things To Know About Loan Modifications

Free Foreclosure Case Evaluation

Cozmyk Law offers a free evaluation of your case and provides you with all the information necessary to make an informed decision.

1Applicant Info
2Summary Info
3Case Details
4Contact Info

Home foreclosure is a scary experience and trying to defend your home from the bank or lender is even worse. Cozmyk Law Offices helps many Ohio homeowners save their homes and successfully weather the foreclosure process.

It is important to know that there are many tools to use and loan modification is just one of them. As your experienced foreclosure and bankruptcy attorney, we are here to help you understand your rights, understand your legal options, and then fight for you so you can save your home. Below are some of the important things to know about loan modifications.

What to Know About Loan Modification

  1. Helps you to keep your home – When you modify your loan you continue to pay off the loan and when paid in full, you own your home. Other options may cause you to lose the home, such as a short sale.
  2. May lower the interest rate you pay – Loan modifications are a valuable tool for loans where the interest rate is not fixed. If the US government changes the interest rate for lenders, they often increase your house payment. That tactic was a problem during the 2008 housing crisis.
  3. May lower your monthly loan payment amount – If you renegotiate your loan, the amount you pay each month may drop. Loan modification helps you fit your house payment into changes within your budget and can work well when there is a hardship event, such as the loss of a job or a catastrophic event.
  4. Extends the number of years you pay on the loan – One way that a loan modification works is by extending the loan so that your monthly payments drop. You pay longer, but you are more capable of meeting lower house payments.
  5. Catches the Loan Up – One of the easier ways to bring your loan back into a current-paid status is to add the missed months of payments to the back of the loan. You still pay the same amount and your interest may remain the same, but instead of having to come up with a huge sum of money to catch the loan up, the lender adds those missed payments to the end of the loan.

Loan Modifications as a Tool

There are a variety of reasons why someone may become delayed in their home loan payments. Loan modification helps to address many of those issues, such as rising interest rates, rising home payments, etc. Home loan modification helps you keep your home rather than stall until the house is either sold through a short sale or taken by the bank through foreclosure.

Call Cozmyk Law Offices Today To Discuss Loan Modification Options

Cozmyk Law Offices serves the greater Ohio community with foreclosure and bankruptcy services. We help people save their homes. Find out what your rights are and how we can help you deal with your home loan lender. Call us today at (877) 570-4440 for more strategies to potentially save your home. 

Cleveland, Ohio

6100 Oak Tree Boulevard
Suite 200
Independence, Ohio 44131

Office #: (216) 452-9145
Fax #: (216) 485-2125

Dayton, Ohio *

70 Birch Alley
Suite 240 Building B
Beavercreek, OH 45440

Office #: (937) 314-4297
Fax #: (216) 485-2125

Bethalto, IL *

333 West Bethalto Dr.
Suite C
Bethalto, IL 62010

Office #: (877) 813-0264
Fax #: (216) 485-2125

Indianapolis, IN *

450 East St.  
Suite 500
Indianapolis, IN 46240

Office #: (877) 570-4440
Fax #: (216) 485-2125

Cleveland, Ohio*

600 Superior Ave East
Fifth Third Building, Suite 1300
Cleveland, OH 44114

Office #: (216) 452-9145
Fax #: (216) 485-2125

Cincinnati, Ohio*

300 E Business Way, Suite 200
Summit Woods Corporate Center
Cincinnati, OH 45241

Office #: (513) 318-4764
Fax #: (216) 485-2125

Springfield, IL*

920 South Spring Street
Springfield, IL 62704

Office #: (877) 813-0624
Fax #: (216) 485-2125

Toledo, Ohio *

1690 Woodlands Dr
Suite 200
Maumee, OH 43537

Office #: (419) 600-0691
Fax #: (216) 485-2125

Columbus, Ohio *

545 Metro Place South
One Metro Place, Suite 100
Dublin, Ohio 43017

Office #: (614) 636-4692
Fax #: (216) 485-2125

Chicago, IL *

22 West Washington St.
Suite 1500
Chicago, IL

Office #: (630) 560-4471
Fax #: (630) 503-7828

* By Appointment Only

Disclaimer – This website is a public resource of general information concerning our law firm. The website or the associated pages is not intended to be and it is not a source of legal advice. Links on this website are not intended to be referrals or endorsements of the linked entities. No recipient of content from this site, client, whether current or otherwise, should act or refrain from acting based on information at this site. Any and all information on this website is not intended to, nor does it, constitute or establish an attorney-client relationship.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Call now for live help!