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What is a Loan Modification Attorney?

loan modification attorney

Loan Modification Attorney: Roles and Duties

A loan modification attorney restructures an existing contract to modify the repayment terms of a loan. They guide and assist struggling homeowners to pay off their loans by modifying the repayment terms of the loan. If you are a homeowner struggling to pay off your loan, you can benefit from hiring a loan modification attorney to try to modify a mortgage or avoid foreclosure (a legal process in which a lender claims possession of property belonging to a borrower, who has failed to keep up with mortgage payments). A mortgage modification is a permanent restructuring of your mortgage where your lender changes one or more of the terms of the loan so that it’s more affordable for you.

Ways in Which a Loan Modification Attorney Can Help with The Loan Modification Process:

1. Explanation of Legal Rights

  • A loan modification attorney can help you understand your legal rights
  • Your attorney can give you the best course of action in your situation and provide alternative solutions
  • Your attorney can provide you with unbiased, objective information in order for you to make informed decisions

2. Stop Foreclosures

  • Your attorney can convince you to stop foreclosure proceedings in order to bring about a resolution with the current borrower
  • Your attorney can therefore avoid the time, expense and complexity associated with a foreclosure
  • Your attorney can also file a motion to stop the foreclosure

3. Individualized Attention

  • Your attorney can pay specific attention to your needs, therefore, focusing solely on you

4. Negotiate with Lenders

  • Your attorney can negotiate with the lender for more favorable terms for you

5. Completion of Paperwork

  • Your attorney can assist with the application process
  • Your attorney can advise you on the information that is necessary to submit along with the application

When Should You Hire a Loan Modification Attorney?

  1. When you do not know what to do in your situation (therefore when you need advice on alternative options and solutions)
  2. When you do not know how to fill out the modification paperwork
  3. When your lender is dual tracking your loan i.e. pursuing a foreclosure while at the same time still deciding on your loan modification
  4. When your mortgage servicer denies your modification request and you want to appeal.
  5. You should obtain the help of an experienced loan modification.foreclosure defense attotrney at the first indication that you are having a problem. The sooner the better because additional costs, bank attorney’s fees and interest continue to accrue and make the amount owed larger until the modification is completed and finalized.

What Is a Loan Modification Attorney’s Job?

Therefore, a loan modification attorney’s job is to help you with the application of mortgage modifications or to help you deal with your mortgage servicer, when they are not treating your modification request fairly. Your attorney can guide you every step of the way and suggest the best possible course of action for your situation.

In summary, a loan modification attorney can help you (the borrower):

  • understand your legal rights
  • negotiate with your lender
  • complete the required paperwork for a loan modification
  • stop a foreclosure sale
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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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