LOAN MODIFICATION LAWYER
If you are having trouble making your mortgage payments, take heart. You are not alone. The early 2000 housing boom led to record homeownership, however, a large number of these were subprime loans. Subprime loans were offered at a higher interest rate and higher prepayment penalties. Many others were adjustable rate mortgages whose interest rate significantly increased after the initial low-rate period.
Are you thinking of hiring a lawyer?
Should homeowners who want to obtain a loan modification from their lender hire a lawyer to help them achieve that goal? Lawyers say their services can be helpful, but lenders contend that such services are an unnecessary expenditure of money that would be better applied to overdue mortgage payments. Lawyers can help borrowers understand their legal rights, negotiate with their lender, complete the required paperwork for a loan modification and even stop a foreclosure sale. A forestalled sale wouldn’t necessarily guarantee a successful loan modification, but could give the borrower more time to catch up on the mortgage payments or complete a loan modification trial period. There are some cases where the borrower may need a lawyer’s assistance.
What about a loan modification company?
Many lenders can be difficult to work with when trying to negotiate a loan modification. This is why people often consider using a loan modification company or mortgage modification company who specializes in negotiating the terms of their home loans with the lender on behalf of the homeowner. A loan modification company provides advice, resources, and services needed so the new terms are in favor of the borrower. Working with a home loan modification company can help home owners to maintain their property and prevent their credit score from taking any additional hits.