When Do You Need a Loan Modification Lawyer: 5 Situations to Consider

• 13 Jan 2022
• Loan Modification

For most people, a loan acts as a savior when one’s life is inundated with financial problems, and this is why everyone accepts the loan with alacrity. By choosing the right type of loan, one can quickly fulfill the quick cash requirement and then repay the loan in mortgages.

That might sound like the easiest way to deal with any financial problem, but if you lose your job and go through financial hardship in the future, even paying the mortgage becomes a financial challenge. And when you keep falling behind the mortgage payment, your credit score starts falling below the average score. 

In the worst-case scenario, the lender might go for foreclosure after 90 days, but this doesn’t mean that you should lose hope as there is still a way through which you can come out of this situation, and that is through loan modification through the help of a lawyer. 

There are many situations where a loan modification lawyer in Nassau County can help you overcome the mortgage issue, but when should you hire a loan modification lawyer to reap the maximum benefits? Let’s find out through this blog post. 

#1 When you are not aware of the situation or what to do in that situation

If foreclosure is knocking on your door and you don’t know what to do next, you should always contact a loan modification lawyer in Nassau county to know your options. 

An experienced and skilled attorney can let you know about your legal rights and suggest some of the best loan modification options amidst all the challenges hovering over you. After analyzing your situation and your intention, the attorney might suggest pursuing loan modification, giving up the property in a short sale, or fighting the foreclosure in court. 

An attorney continuously analyzes a handful of legal options for the client according to the situation. Based on his experience, he picks the best option that can aid the client in getting rid of the mortgage dilemma. 

#2 When you have no idea of filling out the modification paperwork

Many people know that they have the loan modification option, and they are pretty sure about pursuing a loan modification. Still, they are not aware of the application process or are currently dealing with a complicated situation. For example, it might be the best decision to choose a loan modification attorney Nassau country if you have discussed the option of loan modification but are not sure about;

• The process of filling the application 
• The type of documents you might need along with the application 
• How do you need to explain your financial hardship 

So instead of griping about the situation and feeling groggy in front of the loan system, you should find an attorney and file the proper papers while explaining your financial limitations in the best light. 

#3 When your loan servicer infringes the state or federal loss mitigation laws

There are many situations when the loan servicer does not comply with federal laws or applicable state laws related to the loss mitigation process. In such a situation, you can help an attorney enforce your rights. 

For example, according to the law, there is no way the servicer can go for foreclosure if the 120 days period of non-payment of the loan has passed. The system has given this long gap to seek an alternative like modification. Similarly, a service can’t go for foreclosure if your application is still pending. 

Most people are not aware of this compliance from the servicer’s side. That is where a loan modification attorney in Nassau county can enlighten you on the current situation. It is always better to know what rules the loan servicer violates before you lose your house in foreclosure.  

#4 When your loan servicer does not obey the foreclosure laws

The state government governs the foreclosure process, and no one can act out of this law, not even the loan servicer. Suppose your loan servicer is violating even a single law related to foreclosure. In that case, this opportunity can be used by a loan modification attorney in Queens, NY, to go for a loan modification. 

Mistakes made by loan servicers during the loan application process or the foreclosure process are not rare. Therefore, you must have a loan modification attorney by your side to use the lawyer’s intended or unintended mistakes for getting a loan modification. 

#5 When your servicer declines your modification requests, and you wish to make an appeal

Even if the loan servicer is not accepting your request for modification, you still have an option to appeal for it. But you can’t do this on your own as you need to prove that the loan servicer is making a mistake by not accepting your application. 

A loan modification attorney can prove that the servicer used the wrong terms to decline your loan modification request in Queens, NY. It increases the chances of loan modification without setting foot on an arduous journey.

Why choose us?

Radow Law Group has extensive experience in the loan modification realm. We even have familiarity with current and pending legislation, different types of loan services, and even the criteria of the federal program. All this allows us to offer a package that maximizes the chances of your loan modification application getting accepted by the loan servicer. 

In the past, we have successfully negotiated loan modification on behalf of our client for many loan servicers. Therefore, loan modification approval is inherent in the skillset of our specialized lawyers. 

So, loan modification lawyers might have become ubiquitous on the internet, but working with the respectable law group is still crucial, and this is why you choose Radow Law Group and make your loan modification process free of any obstacles and delays.