If you are considering asking your lender to change your mortgage it may be worth hiring a lawyer to assist you with the process. Although you can apply for a modification yourself, there may be instances where you need help to understand your legal rights. Sometimes a mortgage servicer may violate the law and if you are not aware of the violation you cannot prevent it. Hiring an attorney may make the difference between getting your mortgage and losing your home.
If you choose not to hire a lawyer, you should at least consider consulting with one. Especially in the following circumstances:
- You want to know all of the options available to you
- You are pursuing a mortgage modification
- You are fighting the foreclosure in court
- You are giving up the property in a short sale or deed instead of foreclosure
- You don’t understand the application process
- You don’t know how to explain your financial hardship or situation
An attorney is able to help you fill out necessary paperwork and make sure you present your circumstances in the best possible light.
An attorney can also make sure that your lender is not “dual tracking”. Dual tracking is when the lender is pursuing foreclosure while at the same time deciding on your loan modification. This is a violation of federal and other mortgage servicing rules and an attorney will be able to help make sure this does not happen to you.