Loan Modification Lawyer Kentucky

loan modification lawyer kentucky

At the O’Bryan Law Offices, we know the major impact that debt can have on your life. We are a law firm that loves helping people get a fresh start. Whether you need help navigating complicated mortgage modifications or if you just want to explore your options, a loan modification lawyer Kentucky from our team can help.

We can provide debt counseling to work with lenders to get you out of debt and avoid filing for bankruptcy. We can also help you file for bankruptcy relief if we determine that is the best option for you. Our team is knowledgeable about Bankruptcy Code, and a Kentucky loan modification attorney can help you on your journey to be debt-free. Call us today at (502) 400-4020.

What Is A Loan Modification?

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Mortgages can be expensive, and someone can easily fall behind on their payments. Maybe you’re retired and are living off of a fixed social security income. Maybe your company downsized, and you can’t afford your student loan payments. If you need debt relief, a loan modification may be the option for you.

A loan modification is a way for people to get immediate relief on things like mortgage payments and loan payments. People apply to modify an original component of their loan. These changes include:

  • Interest rate: If interest rates are lower than they were when you first got your loan, you may be able to get a lower interest rate.
  • Duration of payment plans: Some lenders allow you to extend the length of your loan.
  • Total amount of the loan: It’s rare, but sometimes lenders will reduce the amount of your principal balance.

A loan modification can help people get back on their feet by reducing the amount of their payments each month. If you don’t qualify for a typical refinancing plan, a loan modification can help you.

Requirements for Loan Modification

The requirements for a loan modification application vary depending on the type of loan and the lender. When you apply for a loan modification, you’re applying for a type of refinancing. You have to be able to prove that you cannot afford the current monthly payments, but you still have some form of income to maintain future payments. Medical bills can be used to increase your chances of proving financial hardship.

Is It Hard To Get A Loan Modification Approved?

Certain lenders may not let you modify any loans. Other lenders may require you to be behind at least one monthly payment before you can apply for a loan modification. Loan modification lawyers cannot guarantee any specific outcome, but they can help you through the process. At the O’Bryan Law Offices, our experience with various lenders can benefit you if you choose to pursue a loan modification.

Types of Loan Modifications

The two main types of loan modifications are mortgage modification and student loan modification. Mortgage modifications can prevent foreclosure and keep you in your home. Loan modifications for student loans can provide some much-needed student loan debt relief and prevent wage garnishment. No matter what kind of modification you’re pursuing, a Kentucky mortgage attorney at O’Bryan can help.

Your mortgage company may be able to help you avoid foreclosure with a mortgage modification. Many lenders will not let you modify a mortgage without already being in default. The longer you are in default, the more fees mortgage servicers can collect. An experienced Kentucky bankruptcy attorney can help determine if a mortgage loan modification is right for you, and they can communicate with the lender for the best outcome. 

Student loans may make it easier for students to pay their way through school, but what if the job market is scarce after graduation? Sometimes the minimum payments on these loans are exorbitant for a new adult on their own for the first time. If graduation was more than 15 years ago and you’re still paying off the loan, it may be time to ask for a student loan modification to reduce the interest rate. At O’Bryan, we can explore the best way for you to obtain student loan relief. 

When Is A Loan Modification Right For Me?

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Maybe you experienced an illness that kept you out of work for a significant period of time. Medical debt can quickly eat up all your savings and set you behind. Maybe when you bought your house, you had a well-paying job and have since been demoted or downsized. If you are struggling to make monthly payments and racking up debt, a loan modification may be the best option for you. A loan modification can reduce the interest rate you pay, which can, in turn, lower your monthly payments. If foreclosure is creeping up on you, it may be time for a loan modification to prevent foreclosure. 

An experienced Kentucky mortgage attorney can help you figure out other solutions today. Don’t hesitate to contact the team of northern Kentucky foreclosure attorneys at O’Bryan Law Offices to help. 

Do I Need A Lawyer for Loan Modification?

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The world of loans, bankruptcy, and foreclosures can be confusing. Going through it alone is an option, but why burden yourself with unnecessary paperwork and stress? Trust the lawyers at O’Bryan Law Offices to do the heavy lifting for you. We have the know-how to navigate through this legal issue and help you stop the foreclosure process. Our attorneys have experience working with many different lenders, so we are familiar with their application processes. 

We work to provide the best debt resolution to people all across Kentucky. Many scams just try to put you further into debt and leave you worse than you started. Call a foreclosure attorney at O’Bryan for a loan modification that won’t leave you worse off than when you started.

Kentucky Loan Modification Attorneys

At the O’Bryan Law Offices, we have an experienced team of Louisville, Kentucky loan modification attorneys ready to help you. We can help you explore bankruptcy types, debt consolidation, modify your mortgage loan, explore refinancing options, and help you get back on top of your finances. We are a debt relief agency that helps you regain financial freedom. If you are facing foreclosure in Kentucky, we have an experienced attorney that can help you. We have five different offices around Kentucky, including one in New Albany and two in Louisville. Call a Kentucky loan modification lawyer today at (502) 400-4020 to schedule your free consultation.