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Choosing A Professional Loan Modification Attorney

loan modification attorney

A loan modification is an attempt to help homeowners who cannot make their mortgage payments on time. When approved by their lender, this helps them avoid foreclosure by changing their loan and/or lowering their interest rate. Our loan modification attorney at The Law Offices of Gary I. Handin, P.A. represents borrowers who need legal advice and assistance as to how to best proceed during their financial hardship.

What is a Loan Modification?

A loan modification changes an existing mortgage so it’s easier for the borrower to keep up with their payments. Most lenders would prefer to modify loans inasmuch as foreclosures take time and are costly.

There are two common loan modification types, including:

  1. Standard: This modification requires underwriting from the lender or servicers to determine repayment. This will require submitting proof of income and other financial documents such as bank statements.
  2. Streamline: When a borrower doesn’t provide these financial documents, a lender may only provide changes to the monthly payment terms.

A loan modification attorney can help you understand the terms of your modification including what the payment amount will be and if the changes are only temporary or permanent.

How Is It Different From Refinancing or Forbearance?

During a loan modification, the terms of a loan are changed to avoid default or a future foreclosure. While you can change loan terms during a refinance, you also can find the best rate from multiple lenders for a new loan. This is done to help the borrower save money and involves obtaining an entirely new loan, unlike modification. This may be difficult however, inasmuch as the homeowner may not have a sufficient credit score to enable them to obtain a new mortgage to replace the old one.

A forbearance is a temporary pause in payments for a determined period of time. This deferment of payments may be rolled over into the remaining balance or might be due as one large payment after the forbearance period ends.

Does It Hurt My Credit Score?

Ultimately, yes it can, if the lender doesn’t report if it is paid as agreed. While a forbearance won’t impact your score because the lender will continue to report your payment on time during the deferment period. A loan modification attorney can help you to understand the terms of your loan modification, so you don’t breach any parts of the agreement.

When to Consider a Loan Modification

When you’re having trouble paying your mortgage on time, it’s time to consider a loan modification. A professional loan modification lawyer can represent you to your lender to get the terms of your mortgage changed so it’s easier for you to stay current and not default on your loan. Our experienced legal team understands the paperwork involved and can represent you positively in this legal matter.

Choosing a Professional Loan Modification Attorney

When you’re going through financial hardship, it’s time to schedule a consultation with an experienced loan modification attorney. We have years of experience and specialize in foreclosure defense and hope to help our clients get a loan modification before that dire financial situation occurs. To schedule this appointment, call our law office at 954-796-9600 or visit The Law Offices of Gary I. Handin, P.A.’s Facebook page.

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Law Offices of
Gary I. Handin, P.A.

Providing professional legal services for the city of Coral Springs. Contact us today for a free consultation – 954-796-9600.

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