Mortgage modification is a specific type of loan modification for residential real estate. It generally involves a changing or reworking of terms in an original mortgage contract. This may become available as an option for the homeowner after they have been making payments on the original mortgage for some time.
Some mortgage concepts and terms that frequently negotiated during modification may include:
Mortgage modification may not always be available to a lender. Some mortgage contracts may allow modification only after a certain amount of time has passed. These types of options are generally negotiated as part of the original mortgage agreement.
In some instances, it may become necessary to file a lawsuit due to a mortgage modification. Mortgage modification lawsuits typically revolve around the issue of missed mortgage payments. However, mortgage modification lawsuits can also involve various other legal issues, including:
Legal remedies involved in mortgage modification lawsuits may involve a damages award. This may be issued in order to reimburse a plaintiff for monetary losses. Besides liens, other non-monetary remedies may include a judicial (forced) sale of the home, or a seizure of property.
Mortgage modification lawsuits can sometimes involve several parties as well as a number of different legal issues. These types of proceedings can become very involved and complex, and generally require the assistance of a lawyer. You may wish to hire a qualified attorney in your area if you need to be involved in a mortgage modification lawsuit. Your lawyer can help provide you with legal advice and can represent you during the lawsuit.
Last Modified: 07-06-2015 09:39 PM PDTLaw Library Disclaimer
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