Summarize the following:
Many individuals who are having trouble paying their mortgage attempt to negotiate a Loan Modification Agreement with their lender. Such an agreement reduces their monthly mortgage payment. If the person staying on the mortgage qualifies financially, the Loan Modification Agreement can be written to remove your name from the mortgage. The person seeking loan modification should submit an application with documents reflecting their financial situation. Similar to applying for a refinancing or new loan, the lender will expect the person to show they can afford the monthly payment alone. However, as it is a modification, the person must also show a financial situation that justifies lowering the monthly payment. If the lender approves the loan modification, it will send a Loan Modification Agreement with the terms of the new loan. The payment on the agreement should be lower than the original mortgage. The attorney will make sure it is drafted properly and that it takes your name off the mortgage. The attorney can also ensure you are no longer listed on the county’s property records.
Contact your lender to see if it will negotiate a Loan Modification Agreement that removes your name. Apply for loan modification. Receive approval of loan modification. Enlist the services of an attorney to review the agreement.