A loan modification lawyer is the best person to ask for loan modification help if you are in default or about to default on your current mortgage because the attorney understands the process and the mortgage laws. The attorney is the only person that can legally represent you. So before you even contact your lender, it’s a good idea to talk to a loan modification lawyer first to find out what other options you have as well.
Reasons Why You Need a Lawyer
Lenders are very difficult when it comes to loan modification help and approving loan modifications. It makes more sense to have a lawyer negotiate your modification. Here are the main reasons why you need a lawyer to assist you with loan modification negotiations:
- Loan modifications are complicated, and lawyers understand the process and are familiar with the forms and documents required to get your modification approved.
- A loan modification lawyer has established relationships with most loss mitigation departments. The lawyer knows exactly who to speak to in order to get your lender to review your modification. While you can try and negotiate with your lender directly, you may not reach the right department or person and you will end up wasting valuable time and get frustrated and angry.
- The lawyer can review your loan documents and conduct a forensic loan audit looking for any irregularities or violations of lending laws or predatory loan practices committed by your lender. Lenders are subject to hefty fines and penalties if they violate these laws. If your lawyer discovers any violations, your lawyer can use this as bargaining power to get your lender to give you a favorable loan modification.
- Lenders will take your modification request much nor serious if they know you have an attorney representing your interests
- Lawyers have the time to be persistent and get results.
- Lawyers are not emotionally involved so they can focus on the negotiations.
The money you spend paying your lawyer is worth the peace of mind knowing your lawyer will have a much better chance of negotiating a more favorable loan modification for you than if you try and attempt it on your own.
Help from a Lawyer
The loan modification lawyer can explain the loan modification process to you, answer your questions, and prepare the necessary documents. The lawyer can also advise you of other options that may be available for you besides loan modification including reinstatement, refinancing, forbearance short sale, deed in lieu of foreclosure and bankruptcy. Lenders can be intimidating, and a loan modification attorney knows how to handle them and address their concerns and objections to get your modification approved.
