Planning To Apply For Loan Modification? Here Are A Few Things You Should Know

• 23 Dec 2018
• Long Island Personal Injury Attorney

Introduction

The moment you are about to face foreclosure, the mortgage lender has to offer you a loan modification. If you want to keep your home, then the idea is appealing. The good thing is that you end up paying less each month. The primary challenge is to convince your lender to agree to give you a loan modification. In case you are thinking about a loan modification, here are some things you need to put into consideration.

1. The Government has Some Programs to Assist You

Most of the time, the lender does not want you to find out about the government programs. Get yourself good modification lawyers in nassau county who will advise adequately. You can get the best lawyers from Radow Law Group since it has a superb reputation. The government has forced lenders to assist you in keeping your home. A good program like FlexMod offers excellent options when it comes to loan modifications. To understand government programs, carry out intensive research and be patient.

2. If you have a Loan that is backed up by a Private Investor, They have to follow Some Rules

The private investor needs to review your application early enough. A complete analysis of your financial situation has to be done. Let them provide you with the timeline, your rights, and the process of foreclosure. If you feel like your lender is not adhering to all the rules, you have a case against them. Look for modification lawyers in nassau county from the Radow Law Group who will deal with lenders that do not comply with all the stipulated rules.

3. You may have been Pre-approved by your Lender

Some people waste time waiting for their lenders to give them a call, but they do not. Sometimes people get approval without having to undergo a financial review. Therefore, it is your responsibility to call your lender and check whether or not you have been approved.

4. A Minority of Loans are Approved

That should not discourage you, but you need to understand well what you are working against. It is all about the amount on your loan payment and how much you earn. According to the law, your loan payment should be less than 33% of your income. To get to get the best package, get the best modification lawyers in Nassau county from Radow Law Group to take you through the whole process. A good lawyer will help you get an interest rate that will lower your payment. Additionally, the lawyer should help you adjust the term so that you end up paying a small amount of money for an extended period.

5. Approval may not Always be the Best Option

When you get an offer from your bank to modify your mortgage loan, sift through it. In most cases, these agreements start with excellent terms and later on become unfavorable. Therefore, most people are advised to go through the whole agreement carefully.

Conclusion

If you are in the process of getting a loan modification, go through all the steps discussed in this article to ensure that you are on the safe side. Do not let yourself face a difficult financial situation, understand well what loan modification entails before embarking on it.