Most homeowners looking to modify their loans seek the services of loan modification attorneys. Financial ups and downs can make it difficult for you to honor your loan obligations. When you are in such a situation, you need advice from a loan modification attorney. You can initiate loan modification request by yourself but it is good to seek legal representation to avoid being duped by lenders.
A loan modification attorney will act in your best interest. As an experienced financial legal professional, you can be sure to get the best deal from your lender. When it comes to your payments, the lawyer will help you do one or all of the following:
- Waive any interest that may have accrued negatively.
- Reduce the overall mortgage payment.
- Reduce the interest rate.
- Reduce the total amount you owe the mortgage company.
- Convert an adjustable mortgage rate to a fixed one.
- Re-amortize your loan so that past due payments are included.
Apart from helping to reduce your overall payments, loan modification attorneys can also do the following:
- Help borrowers understand their legal rights with regards to mortgages and loan modification.
- Negotiate with homeowner’s lender about the terms and conditions for repayment and modification.
- Help borrowers fill the forms required for the loan modification.
- Help borrowers file for Chapter 7 or Chapter 13 bankruptcy to stop foreclosures. The attorneys use strategies that convince the lender that foreclosure is not the best thing.
- Attend court sessions on behalf of homeowners.
- Look for flaws to leverage in the course of negotiations
- Offer moral support to homeowners who are about to lose their homes.
- Offer services related to short sales, continuances and financial workouts.