Finding an attorney that can help you with your loan modification is a great way to one-up the banks when trying to protect your home from foreclosure. However, you should not hire an attorney who simply does loan modifications. A licensed attorney must also provide foreclosure defense. The loan modification process alone does not protect you from foreclosure.
Anyone can submit a loan modification
You don't have to be a lawyer to submit a loan modification to the bank. However, banks can be very selective about which loan modifications they do and don't accept.
The best way to get a loan modification with your bank is to enlist the help of a professional. A good foreclosure defense attorney should also go to the bank and try to get you a loan modification. Negotiating a loan modification will not stop the foreclosure process and you need protection in court from a lawyer who can also provide foreclosure defense. The idea behind a loan modification is to prove to the bank that you can afford to keep a home if the interest rate is lowered and the principal is lowered to current market value. It is not worth it to the bank to auction your home for a fraction of what you owe; it is for their benefit that they should reinstate the loan at a lower interest rate with lower monthly payments to get you back on track.
Only a professional knows what the bank is looking for
Many homeowners try to guess at what the bank might want them to ask for when presenting their loan modification paperwork. Due to their inexperience, many homeowners are denied loan modifications. Our team of legal staff will personally look over your finances and present a payment plan that bank will find reasonable for them as well as affordable for you. If the bank doesn't think you can afford your new mortgage payment, they will not approve your loan modification.
A good lawyer provides foreclosure defense along with loan modification help
Buyers should beware of lawyers that offer only foreclosure defense OR loan modification help. Any lawyer offering foreclosure defense should be available to assist you in getting you a loan modification if you want to stay in your home. The best foreclosure defense attorneys will try to get you a loan modification to help you keep your home while defending you in the foreclosure case. Homeowners should be skeptical of lawyers who don't have experience negotiating loan modifications for their clients.
Everyone needs help once they are served foreclosure
If you have already been served foreclosure, then you will need help navigating the legal process, regardless of whether or not you still want to keep your home. A good foreclosure lawyer will talk you through the entire process and help you make informed decisions even if you decide to walk away from your home. You will need to respond to the foreclosure complaint, and may be faced with foreclosure mediation. Your attorney will protect you. If you decide not to keep your home, an attorney can help you walk away without owing a deficiency or other fees. A good foreclosure lawyer can also keep you in your home as long as possible to help you save money, while working with you to determine how you can afford to keep your home.
When seeking a loan modification attorney, it's important to find an attorney that will defend you against foreclosure during the loan modification process.
