Despite the above cautions, loan modifications can be a benefit for some. If you are struggling to make the loan payments, or are nearing bankruptcy, then it is in both yours and the bank’s best interest to renegotiate the terms of the loan. It is always best to attempt to obtain a loan modification sooner rather than later. To determine whether your situation is well-suited for a loan modification it is best to consult with an attorney experienced with the loan modification process and who can assess your financial situation to determine your options. Contact the experienced real estate attorneys of Andrews Law, PLC at 480-237-9756 to schedule a confidential consultation