There are many reasons you should hire a loan modification attorney in your area if you are struggling to make mortgage payments. When everything converges at once, including medical bills, utility bills, and living expenses, you may find it impossible to stay consistent with your mortgage loan payments. However, you may also qualify for a loan modification in some cases. The right legal representation can make this possible if you apply right away. Read below to learn more about this process.
What Can a Modification Do?
A loan modification can do one of a few things. Firstly, it can help you restructure your loan payments by persuading the lender to modify the terms of your loan agreement. So, if you find that you are struggling to make ends meet, this can be a viable means of reducing your payments and making them more affordable overall.
The best results you can anticipate include the following. Essentially, a bank will lower your interest rate so you can effectively manage your loan obligations without any trouble. The bank may also reduce your principal balance if needed. Finally, another alternative is simply prolonging the loan term.
How to Obtain a Loan Modification
How do you acquire a loan modification? Generally speaking, you need to apply for one with the lender that disbursed your loan in the first place. You also require the necessary documents to prove your financial hardship. It is important to aggressively pursue this option if you intend to keep your home.
Hiring an Attorney
Why should you pursue a loan modification attorney in your situation? Because it is the most sensible option you can take to safeguard your hard earned home. An attorney can give you an added layer of security, especially if you are not particularly confident about your loan modification application. An attorney will put all of the minutiae under a microscope, figuratively speaking. The purpose of a lawyer in this context is to determine if your lender has violated your rights in some capacity.
In some instances, if you have a case, your attorney will pursue a lawsuit against the lender in question, systematically stopping the foreclosure process on a temporary basis. In many cases, in an effort to stop these legal proceedings, a lender will issue a loan modification. An attorney who is highly experienced will absolve you of this situation and readily inform you of all your available alternatives.
Even if your attorney cannot file a substantive case against the lender and pursue a lawsuit, they can assist you in the loan modification process. Hiring an attorney can actually bolster the likelihood of your receiving a loan modification of some sort. Furthermore, they can drastically improve your stress levels, as they can ease the process by which you apply for this opportunity.
Finally, if your attorney notes any violation of your rights at any point in time, he/she can file a lawsuit on your behalf against the lender. So, find a loan modification attorney in Los Angeles to get started.