A mortgage loan modification re-structures the terms of your existing mortgage to make your payments more affordable. In some but not all cases your lender will lower your interest rates, principle, monthly payments and terms from variable to fix.
Contrary to belief, you don’t have to declare bankruptcy in order to stop foreclosure. A loan modification can stop the stop the foreclosure process and allow you and lender to work out terms that work for you and your lender.
You have two paths you can take for a loan modification : 1) Negotiated with your lender on your own or 2) Pay for a professional to negotiate the loan modification with your lender.
By using a legal team you can trust that they will be looking out for you own interest and aggressively negotiate with your lender until you get the results that you want. Lenders are difficult for many reasons but first of all you need to have a direct line to the decision maker for your approving the new terms of you mortgage loan. You will find that in most cases you will get a different answer from a representative every time you call into your lender. Second , they are not looking out for your interest and are not necessarily willing to help you through a loan modification process.
A loan modification attorney understands the law and after reviewing your case they will put a game plan together to work with your lender. In most cases they will have an established relationship with the lender and be familiar with the required agreement. This aspect alone will save not only time but potentially help settle with your lender in a shorter amount of time.
Lenders will take you more seriously when you have a legal representation. Because your legal counsel understands the law they will be able to apply leverage and the modification negotiation will most likely be much better than you can get on your own.
A lawyer can help you buy the time you need and stop foreclosure even if the process has already started. This will give you the change to get your finances in order and potential review all of you options including loan modification. Without legal representation there’s a good chance that you will not be taken seriously.
You think of the loan modification process as a court case. You can save money and get a court appointed lawyer or you can invest in a profession representation. In the case of loan modification I would invest in a capable legal team and know that I have someone fighting to get me the best deal possible.
Going down the path of loan modification on your own can be done but you may not get the best deal possible from your lender. So you may save some money upfront by going about it alone but in the long run the small in investment you will pay for a loan modification attorney to make sure you that you negotiate the possible terms will be well worth the price.
