If your home is in foreclosure, it means that the mortgage lender will sell your home at an auction so that the loan balance can be paid off and the lender can reclaim their collateral, which is your home.

A home owner may also hire a loan modification attorney to provide legal services for the purpose of providing expert advice regarding home mortgages. An attorney will evaluate all of the documents and factors effecting the home owner’s finances, personal hardships, mortgage loan terms, and organize a strategy for negotiating a new, more favorable agreement. This loan negotiation or loan modification is designed for the specific purpose of keeping the home owner in their property.

The attorney will provide the home owner with a comprehensive review of their loan documents finances and the current value of the property. This review will help to identify the most favorable terms for a loan modification and also identify any rights or claims the property owner may have relative to his/her mortgage loan(s) and provide influence in negotiating a loan modification. Additional experts may be hired as necessary.

Loan modification is not difficult, however, it may be time consuming and tedious. Be persistent with your mortgage lender. The process could take several months to complete. Once the final paperwork is filed, you can expect to be put on a trial period for a few months. After the trial period is over, the modification will become permanent. During the trial period you cannot sell your home.