Determining When Loan Modification Is A Viable Option
Many people believe that loan modification is the magic bullet to take care of their debt problems. In reality, loan modifications need to be handled carefully and may not provide the hoped-for relief. The attorneys at Dezenberg & Smith, Attorneys At Law, in Huntsville, Alabama, can review your situation to determine if loan modification really makes sense. If it does, we can offer guidance. If it does not, our attorneys can suggest other debt relief options, like bankruptcy.
What You Need To Know About Loan Modification
Lenders do not have to modify loans. Many people find that they spend hours and hours going back and forth on the phone, only to get a negative response. Worse yet, some get a positive response, but they do not get it in writing and it does not hold up. Loan modification attempts can be successful, but hard work and persistence will likely be necessary.
Loan modification might not be the solution that it appears to be. Perhaps the lender is willing to reduce the interest rate, extend the length of the loan or even lower the principal. Is this going to make a dent in your overall debt problem? If you only have one loan, modification might be a perfect alternative to bankruptcy. However, if you have multiple loans, success in getting a single lender to modify the terms may not be sufficient.
Get An Honest Opinion For Free
We recognize that bankruptcy is the last resort. However, we have also been providing debt relief services for more than 40 combined years. Our attorneys know what works and when, and they are happy to offer an honest opinion of your case and your options for free.