The process of finding a loan modification attorney can be challenging. If you’re looking to find an attorney who is familiar with loan modifications, you’ve come to the right place. So, what exactly is a loan modification? And why do so many homeowners need one? Loan modification attorneys are extensions of your mortgage that allow you to pay off your original loan over time rather than all at once. They help borrowers who owe more on their house than it’s worth by offering them reduced payments or interest-free periods during which they must make no payments. Finding the right loan modification attorney can be difficult, but with the following tips, you should have no trouble finding one:
What is a Loan Modification Lawyer?
A loan modification is a formal process by which a lender agrees to reduce the amount of principal you owe on your mortgage. If your loan is currently in the process of foreclosure, and the lender is pursuing the property as security for the loan, a modification can also help you prevent losing your home. Many homeowners find themselves in this situation because they’re struggling financially. Perhaps you lost your job and had to take a smaller salary than you used to make.
Perhaps you got sick and had to use expensive medical services. Perhaps you encountered other unexpected expenses, like having to replace your roof or having to replace your car. Whatever the circumstances, a loan modification can help. So, what’s the process like? A loan modification attorney will meet with you and walk you through the process step by step. The attorney will explain each step of the process and what it means. From there, you’ll contact the loan servicer, who is your lender. The loan servicer will then work with your loan servicer to review your financial situation and see if a loan modification is appropriate.
Choosing the Right Loan Modification Lawyer
There are a few things you can do to help you find the right loan modification attorney. First, hire a list of lawyers from sites like Avvo, Superb, and Yelp. Second, ask your friends and family for their recommendations. The most important thing, however, is to speak to potential lawyers about their experience.
When you speak with a potential loan modification attorney, ask these questions:
- What kind of clients do you normally work with?
- What types of loans do you normally work on?
- How do you decide who you will accept as a client?
- What types of loan modifications do you normally work on?
- What types of cases do you think could be helpful for my situation?
- How many cases have you worked on similar to mine?
- What do you think my chances of winning a loan modification are?
- What kind of payment would I receive if a loan modification is granted?
- What kind of documentation would I need?
- What does your typical case management look like?
- What are your typical fees?
- What are your typical turnaround times?
Consider Different Types of Loan Modification Attorney
This is an option where the lender agrees to accept a reduced payment and forgive the remaining balance. This is a long-term solution, and it’s not for everyone.
This involves the lender agreeing to sell your home for less than the amount you owe.
Interest Only Payment
You make only the interest on your loan for a certain period of time, and then the terms of the loan reset and you must start paying the full amount again.
You pay a reduced amount of principal each month until the loan is completely paid off.
You take out a loan against the equity in your home.
Hire a List of Loan Modification Attorney
When you hire a list of lawyers, you can also hire a list of loan modification attorneys. Sites like LawLookup and LawGeex provide lists of all of the attorneys in your area. These websites allow you to find attorneys by location, specialty, cost, and more, so you can find an attorney who fits your budget and your needs best.
Ask Around and Talk to Friends and Family
When it comes to finding a loan modification attorney, you can’t do much better than asking around and talking to your friends and family. Your friends and family have a much better chance of recommending an attorney who does work similar to yours. If you don’t know anyone with a particular problem or who can recommend an attorney, you can always try using the Internet. Sites like Yelp and Avvo have millions of users, so chances are good that you’ll find someone with a similar problem to your own. You can also use sites similar to LawGeex and LawGeex to search for attorneys by location, specialty, cost, and more. You can also find a list of attorneys by zip code.
Finding a loan modification attorney is tough work, but it can be done. Follow these tips, and you should have no trouble finding a loan modification attorney. Make sure to hire a list of loan modification attorneys, ask around and talk to your friends and family, and use sites like LawGeex and LawGeex to find attorneys by location, specialty, cost, and more.