4 Reasons Why Attorneys Can Be Your Biggest Allies if You are Getting Your Loan Modified

If you have fallen behind on your mortgage payments, you might have heard about loan modification options that are available. These modifications can be offered by the mortgage company on their own, or through one of several government programs designed to help keep people in their homes when going through financial difficulties.

Mortgage companies tend to try to work with you directly on these types of things, which on the surface may seem like a good idea. A mortgage modification however is a legal document, and in order to ensure everything goes smoothly for you, it is a good idea to have an experienced attorney on your side. The following are some of the most important reasons why having an attorney throughout this process is important.

Timeliness

Whenever working on a loan modification, timeliness is essential. The longer the modification process takes, the more potential problems can occur. In some cases, the foreclosure process will move forward even while the modification application is being reviewed, which could leave your home at risk. There are a lot of papers that need to be reviewed and signed by both you and the mortgage company. Trying to read, understand, and sign them all on your own can cause difficulties later if you don’t understand everything it says.

Negotiation

While most mortgage companies won’t tell you this, there is some level of negotiation that can take place when completing a modification. The mortgage company would rather just set the terms of the modification and have you accept them because that will allow them full control over the future of the loan. With an attorney, however, it may be possible to secure better terms for your financial future. You can work to get a better interest rate, different length of the loan, and much more.

Fiduciary Responsibility

There are many businesses out there that claim to be able to provide you with an effective loan modification. While some of them are legitimate, it is not always the case. Too often, these companies will do very little for you and still charge you a lot because they are putting their own profits first. An attorney is professionally and legally bound to always put your best interests first, including when working on a mortgage modification. This can help reduce your risks and maximize the potential for the future of your mortgage.

Reduced Stress

Seeking a modification is something you’re going to be doing during an already stressful time. The terminology and documents you’ll need to deal with are going to be written in “legalese,” which can cause further confusion and anxiety. When you have an attorney, you will always have someone there who you can reach out to for clarification or other assistance throughout the modification process.

We are Here for You

Whether you have already started the mortgage modification process, or you want to see if it is a good option for you, we are here to help. Contact the Law Office of Ray Garcia to discuss your situation and see what we can do for you.