[GRAPHIC: THE LAW OFFICES OF AMBROGIO, PLETTER & ASSOCIATES, LLC, Free Consultations, 203-502-7436, www.ambrogiopletter.com, 2019 Main Street | Stratford, CT 06615]

TIM PLETTER: Clients apply for loan modifications in most instances because they can't afford to pay their mortgage. Some of them have already defaulted. Some of them are struggling but they haven't defaulted yet. 

A loan modification is a voluntary agreement between the borrower or the homeowner and the mortgage company to change the terms of their loan. It could lower the interest rate. It could extend the term of the loan.

The goal is to make the loan more affordable. In some case, it's merely taking the amount they've fallen behind and rolling it into the back of the loan.  This way the loan is considered current at that point. If a foreclosure's pending already, this would allow the foreclosure to stop and allow the client to get a fresh start as if they were current with their mortgage.

The first consultation with my office is always free. And it's always with me. At the first consultation, I let the client tell me their story. And then together, we figure out what their problems are and what the solutions are.

[GRAPHIC: THE LAW OFFICES OF AMBROGIO, PLETTER & ASSOCIATES, LLC, Free Consultations, 203-502-7436, www.ambrogiopletter.com, 2019 Main Street | Stratford, CT 06615]