October 26, 2020
When money is tight, stress is high. When money is not coming in, stress is even higher. As we settle into the last quarter of 2020, most everyone in America has been financially impacted by the COVID-19 pandemic. Millions of people have faced unemployment due to a lack of consumer spending and businesses closing across the Nation. Even here in Georgia, where we have not been under strict mandates, many families are facing the devastation of loss of income and increased debt.
One good thing about the national pandemic is that many banks and lenders are offering more understanding and compassion towards those who are suffering during this economic recession. While loans are not being erased, some lenders are encouraging homeowners to explore home loan modifications as a way to find relief from debt.
A mortgage loan modification is a change in your loan terms that can reduce your monthly payment to an amount that you can afford. Modifications may involve extended the number of years you have to repay the loan, forbearing or reducing your principal balance, or reducing your interest rate. While loan modifications can be a benefit for some, they are not for everyone. Banks and mortgage lenders are infamous for stringing customers along, making a bad situation worse. This is why it is vital that you seek the advice of an experienced attorney.
George R. Belche, Attorney at Law, has a practice where we help people find solutions to serious debt problems. George R. Belche has over 15 years of experience as a Lawrenceville loan modifications lawyer, and he is ready to explain the potential benefits and drawbacks of modification.
Our firm has successfully reduced interest rates, changed adjustable-rate loans to fixed loans, and used other methods to protect our clients’ financial well-being. If you are worried about losing your home, contact our law firm today. We are here to give you an honest assessment of your situation and provide advice on what steps you can take to secure a brighter financial future.
George R. Belche, Attorney at Law
Lawrenceville, GA 30046