Most Important Roles of a Mortgage Modification Lawyer

• 9 Jul 2019
• News

Buying a dream home is the ultimate goal of every person. But the price of owning a house is mostly over the budget of a common person and that’s why they go for the mortgage. Opting for a mortgage may look like a very good choice but you should know that if you will not be able to pay your mortgage or have fallen behind, then you might lose your house. In such situations, mortgage modification comes as a savior but its approval depends on your situation.

Mortgage modification is a process in which the terms of the mortgage are changed on the agreement of the lender and the borrower. In layman’s language, any modification in your loan is known as mortgage modification but it is very different from refinancing. In refinancing, your loan is replaced with a new mortgage while in mortgage modification; the existing terms of the loan is changed.

The changes in the terms depend on the situation and are agreed only after the mutual concern of both lender and borrower. Through mortgage loan modification, the interest rate can be lowered down and even the length of the term can be extended. There are many cases in which the variable rates have been changed to a fixed rate of interest through mortgage loan modification. But in most of the cases, people go for the lowered monthly payment through mortgage loan modification.

Dealing with foreclosure

In cases where you miss to pay three mortgages continuously, your lender has the right to file NOD or Notice of Default. In such cases, most of the people fear that they will not be able to stop the foreclosure process but if your financial condition is not allowing you to pay the mortgage then you can easily apply for the mortgage modification and stop the foreclosure process with the help of a mortgage modification lawyer. With the help of an expert lawyer, you can easily stop your foreclosure as they will guide you through the complete process of stopping foreclosure through mortgage modification.

Understanding your rights

There are various eligibility criteria and rights under the mortgage modification process which you need to understand and a good lawyer can help you to know your rights and eligibility criteria. Following are some of the rights and eligibility criteria for a mortgage modification.

• You should know that not everyone finding it difficult to pay their mortgage qualifies for a mortgage loan modification.
• In order to apply for a loan modification, you must be delinquent for more than 60 days. If they are not delinquent for 60 days then they must be in imminent debt which means that they are not delinquent yet but there are high chances that they will be.
• The loan modification will only be applied if you have got your mortgage before January 1, 2009.

In order to apply for the mortgage modification, you should provide proper documents for your reasons like loss of job, disability or illness. All these situations must have acted as a hindrance in repaying your mortgage fees.

Completing the modification process

If you are not able to pay your mortgage on time then you can contact your lender for the different options of mortgage loan modification. The application process of the modification varies from lender to lender as some of the lenders asks for proper documents while others demand a letter explaining your reason for the modification. If your modification is denied then you can file an appeal with your servicer and the best way to do it is through a lawyer because they have the know-how of successful mortgage modification if you fulfill all the criteria.

If you are looking to go through a seamless process of mortgage modification then you should never forget to hire a professional lawyer for this purpose. You will need to provide documents and prove various things in order to successfully modify your mortgage and for that purpose, choosing a lawyer is the best option.

You can hire some of the best lawyers from the Radow Law group and get highly professional service. At every step of your mortgage loan modification, you will need the assistance of a lawyer and by choosing from the pool of some of the best lawyers from Radow Law group, you will be able to file and successfully complete your mortgage loan modification process. Many people think that hiring a lawyer will turn out to be a money-guzzler for them but that not true as the fees of the lawyer will be nothing in comparison to the modification which you will get in your loan.