Getting a loan modification
The most desirable solution to mortgage troubles – assuming
you tried to refinance and can’t – is to enter a loan
modification usually. This is becoming an increasingly prevalent
way for thousands of homeowners to overcome mortgage difficulties
in an unforgiving market.
The importance of doing it right by hiring a law firm
While it is possible to negotiate directly with your lender, it
is generally not recommended. There are many pitfalls that can
cause your modification attempts to go awry. A law firm can help
you navigate through the process and give you the best chance at
finding a solution.
The reason it’s so important to strictly follow the lender’s
process is that they need to make a sound business decision. As
such, they are going to review everything about your financial
situation and whether or not modifying the loan will actually result
in you successfully making payments in the future. If something
is done wrong, it can kill your chances. We know just what the
lender is looking for and the process you need to follow.
So what is it that you’ll need?
There are many different forms that you’ll need to fill
out and information you will need to provide. You can get those
directly from us after your free consultation and after you hire
our firm. Among these forms is an application, a financial analysis
worksheet and a hardship letter.
In addition to the forms, you will need to gather various documents
such as W2s, bank statements, recent pay stubs and other related
information. We’ll make sure you have a complete checklist
among your forms so you can keep track of everything you need to
do.
We negotiate on your behalf
The hard part is getting the lender to accept your application
for a loan modification. Fortunately, you can leave that to us
and our 20+ years of experience working with mortgage lenders.
What happens after a loan modification?
A new contract is drawn up with the revised terms and you and
the lender will be expected to adhere to the new conditions.
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