A home owner may 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.
Usually the home owner agrees to pay a flat fee for these services. The fee will be required in full before the performance of services. An attorney may contract with other companies to compile information and advise the attorney of policies within the bank or mortgage institution. The attorney and staff are responsible for overseeing this contracted work.
If a loan modification is not possible, the attorney will advise the property owner as to the viable alternatives. An attorney cannot guarantee that an owner will receive specific terms or conditions from the mortgage lender. Some lenders contend that hiring the services of an attorney are unnecessary.