A person’s home is
usually their biggest investment, and also their largest asset. So when it is
put in danger it is worth taking steps to protect that asset. You might need to
protect your home from natural disasters or theft and this is done with
insurance, or you might need to protect your home from falling into
foreclosure. If you are facing the loss of your home because you are not able
to make your payments, you should consider asking for a mortgage modification
so your payments go down and you are more able to pay on time. But you do need
to take into consideration the value of your home versus the potential value in
the long run if you are able to save your house.
•
What rate you will be given in
the modification. If it is only slightly lower, the payments will not go down
enough to be affordable, and you may want to see what other options you have to
get out of debt.
•
How long the modification will
last, if you significantly extend the amount of time you are paying for your
home you may not see any financial benefit for a while. It is worth weighing
the amount of money you will pay out over time versus how quickly you will see
a return on your investment.
•
The value of your home, and
the likelihood it will either hold its value or increase in value. If you
anticipate a decent increase over the next few years and are planning on
staying in your home for a while, you will likely build equity that you can
benefit from when you eventually sell the house.
Everyone has different needs and
circumstances, let us go over yours with you so you can make a decision that
works for you. If a modification is not for you, we can explain other options
to you and work with you towards your goals. Don’t let the situation
get out of control, call today for help.
For more information about
a mortgage modification, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for
your convenience and can schedule a time to visit with you today.
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