Your mortgage lender will need a reason as to why your financial situation has fallen to the point that you need to modify your existing mortgage. Simply saying that you don’t have the money to pay it any more won’t work. This is especially true when you showed proof of how you could pay your home loan when you got the mortgage in the first place. This is why you need to show proof of a financial hardship and one of these valid reasons could be your military duties.

Let’s say that you are in the Army Reserves and you are called in to active duty to support your country overseas. You must take a leave from your existing job that will likely be unpaid. For most, this will cause your family to go through a significant financial strain. In this instance your mortgage may be eligible for a loan modification in order to better allow your family to continue to meet your financial obligation as you had prior to your call up for military duty.

A mortgage modification attorney who is experienced in the modification of home loans will tell you if your military duties could help you modify your mortgage and reduce your monthly house payment. Contacting the loan modification offices of Thomas J. Sherwood, a licensed attorney could help you get in the right situation to save your mortgage from possible catastrophic financial loss. For many military personnel, a mortgage modifications can be a very simple process that can lead to more financial security for you and your family.

Don’t let your military obligation continue to cause you or your spouse further worrying about how to pay your mortgage. Take a few moments to contact our loan modification office today by phone at 813-612-5697 or 877-246-4486 or by email at sales@tsherwoodlaw.com.

This entry was posted on Monday, March 8th, 2010 at 8:53 am and is filed under Loan Modification Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.