338 Elm Street, Gardner, MA 01440
LaRoche Law

Seasoned Massachusetts Loan Modification Attorney Advocates for You

Negotiating for clients throughout Worcester County for more than 20 years

Whether you require a full bankruptcy proceeding or merely need a little breathing room to make monthly payments, a loan modification can help. At LaRoche Law, we have been helping clients expedite loan modifications for more than two decades. We speak the language of your financial lending institution and fiercely advocate for your interests. A Massachusetts loan modification attorney can get the job done right the first time.

Loan modification basics

A simple loan modification may be all you need to enable you to satisfy your monthly payments, whether on your home mortgage, car loan or other financial obligations. Generally, a loan modification takes the overdue money and puts it on at the end of the loan while negotiating a better interest rate. The Massachusetts Attorney General strongly has encouraged banks to offer reasonable loan modifications. After thoroughly discussing your loan modification preferences, our bankruptcy lawyers walk you through the process from beginning to end.

A bank’s reasons for modifying your loan

Your loan modification attorneys present your financial file to the lending institution and negotiate a compromise agreement satisfactory to both you and your bank. There are numerous reasons a bank prefers to modify your loan rather than to foreclose on your property or collect your asset:

  • Banks profit from collecting interest on your loan, not from owning your property
  • A foreclosed home generally sells for below market value
  • A foreclosed home may even sell for less than the principal remaining on your mortgage
  • Maintaining your property may be costly
  • No money is lost with a loan modification
  • Banks may even make more money over a longer period

A loan modification generally involves lowering monthly interest payments and extending the duration of the mortgage or loan.

Loan modification without an attorney

Anyone may attempt a loan modification. However, individuals often encounter challenges that require competent legal assistance to overcome. Your bank may not speak with you regarding a revision of your loan terms or your lending institution may make it nearly impossible for you to obtain an appointment with the right person in the right department. If you manage to get a loan modification meeting, your bank may offer unreasonable terms, insisting you only have one option. Finally, once you sign a loan modification, you are bound by its terms, reasonable or not. For all these reasons, it is crucial to have qualified legal counsel throughout the loan modification process. We know the system and how to play the game.

Call your Massachusetts bankruptcy lawyers today

If you are considering a loan modification to help get your finances in order, contact LaRoche Law today to set up an appointment at no charge. We explain all of your options and assist you in making informed decisions. Contact us online or call 978-754-3564 our offices today to discuss your financial future.

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