If you are having difficulties keeping up with your loan payments and are in dire need of a temporary solution to tide you over, a loan modification may be a suitable option for you. With a loan modification, you can modify your loan’s original terms to help you keep up with your payments. For example, a loan modification can help you keep your home and avoid foreclosure if you’re behind on your mortgage payments.
Whatever type of debt you have, attorney Eric Reed, our seasoned South Carolina loan modifications attorney at Reed Law Firm, can build a solid financial and legal strategy that will suit your specific needs. He has over 20 years of legal experience and has relationships with almost all of the judges, lawyers, and creditors in SC.
Learn how our firm can assist you today.
How Loan Modification Works
A loan modification modifies your loan’s original terms so you can better manage your payments on time. With the assistance of our South Carolina loan modifications attorney at Reed Law Firm, we can negotiate with your lender to modify your loan terms in different ways, such as:
- Extend the repayment term to lower your monthly payments.
- Reduce the interest rate to decrease your monthly payments and the total interest you must pay for the loan.
- Lower your outstanding principal balance to stabilize the interest rate. For example, you can convert the loan to a fixed-rate fully amortizing loan if you have an interest-only or adjustable-rate loan.
- Add the past-due loan balance to the outstanding loan and recalculate the repayment period to lower the monthly payment. However, this will increase the principal balance.
There are different types of loan modification programs you may qualify for, and each of these comes with specific benefits and drawbacks. Our South Carolina loan modifications attorney will help you figure out the best option specific to your situation.
Let Our South Carolina Loan Modifications Attorney Help You Out
Our South Carolina loan modifications attorney at Reed Law Firm knows the ins and outs of the local lending industry and regularly works with lenders and banks to help our clients. In most cases, lenders are willing to modify a loan if a debtor is experiencing temporary financial hardship, such as due to an emergency medical problem or sudden job loss. But you will need to be sure that the terms and conditions of your loan modification are to ensure that it will help fix your finances and avoid taking on more unnecessary debt.
It’s crucial to note that there’s a lot behind the scenes that debtors do not know that can significantly affect the outcome of a loan modification request. Our South Carolina loan modifications attorney can:
- Review your original loan documents.
- Determine whether you qualify for a loan modification.
- Complete all the required paperwork for a loan modification request.
- Negotiate with lenders.
- Explore alternative options to loan modification, such as bankruptcy, if you are not eligible for a modification or if it’s not the right fit for your circumstances.
Obtain Legal Assistance From Our Experienced South Carolina Loan Modifications Attorney Now
Find out what our South Carolina loan modifications attorney can do for you by reaching Reed Law Firm and scheduling your case review online or by phone today. We are ready to explore your best options.
