If you are considering asking for a lender to modify your mortgage, you will need to decide if you should hire a loan modification lawyer to assist you in the process. Though you have the right to apply for a modification on your own, there may be instances when hiring an attorney will make the difference between modifying your mortgage and losing your home.
Before you can decide if you should hire an attorney to help you it is important to understand the basic points about modifications. A mortgage modification is a restructuring of your mortgage that is permanent. The lender changes terms to make the loan more affordable. The lender can agree to one or more of the following to assist you in making your monthly payments:
- Reduce the interest rate.
- Let go of some of the principal balance.
- Change a variable interest rate to a fixed interest rate.
- Extend the length of the loan.
You should hire an attorney to help with your loan modification when you don’t know what to do in your situation. An attorney can make sure all your options are explained to you, help you understand your rights, and can give advice about which option is best for you given your current situation.