It is no secret that many homeowners are struggling to keep their homes after job losses or other financial setbacks. Unfortunately some do not know where to turn for help. While they may be considering a modification to their home loan, there is a great deal of conflicting information in the press about whether the best solution is to engage a law firm to represent them or attempt to work directly with their bank.
Loss Mitigation and the Banks Perspective
Because for most homeowners their mortgage agreement is the biggest contact they have, it makes sense for them to consider engaging an attorney to represent their interests in a modification negotiation. While most banks will encourage homeowners to deal directly with the bank, homeowners will not know that they are getting the best terms for their situation.
After all, the bank is going to minimize its losses (which is why the name of the department handling loan modifications is typically called the “loss mitigation” department) and create a loan modification that will maximize the benefits for the bank. From the homeowner’s perspective, it is important to not only obtain a loan modification, but to have a loan modification with terms that the borrower is able to live with. Otherwise the borrower will simply wind up in the same situation they were in before the loan modification.
Handle Other Debts Simultaneously
The lawyers at Edwards & Gerlt will be happy to sit down with you in a free consultation to discuss your situation and your options. Frequently, there may be credit card and other unsecured debt that can be reduced at the same time as a loan modification to help give you a fighting chance to survive this recession. For more information contact Edwards & Gerlt who are experienced in California Home Loan Modifications and credit negotiations at (949) 335-6610 or visit our website at http://www.edwardsgerlt.com
The foregoing is for information purposes only and not intended as legal advice.
