The thought of foreclosure is enough to strike fear in the heart of any homeowner. If you have missed mortgage payments or your lender has already sent notice of foreclosure, it is important to remember that you have options. One of these may be applying for a loan modification with your lender. You are not required to work with a Fort Lauderdale loan modification lawyer when entering into these negotiations, but it is important that you do. Below, our attorneys outline the top seven reasons you should consider hiring a loan modification lawyer.
Many Homeowners are Foreclosed On After Being Granted a Loan Modification
Banks are not allowed to foreclose on a home during the loan modification process. Unfortunately, that does not mean they never engage in the practice. Far too many homeowners have been led to believe the lender has granted a loan modification, only to learn that the bank is moving forward with foreclosure anyway. A skilled attorney will prevent this from happening and will ensure the lender upholds their promises.
Loan Modifications are Not Always Granted
You may think that a loan modification can greatly help your situation, and you may have even come to terms that are reasonably fair. That still does not mean that the lender will agree to grant the modification. A loan modification lawyer can negotiate with the lender on your behalf and give you the best chance of obtaining a loan modification that is more affordable than your current situation.
The Lender May Be Working Against You
Sometimes, lenders offer loan modifications simply so the homeowner will stop fighting back against the foreclosure. That makes it easier for them to move forward with the foreclosure process and many times, homeowners do not realize it is happening until it is too late. When this happens,
you may end up relinquishing your rights, and eliminating options that may have been available to you otherwise. A loan modification lawyer in Fort Lauderdale will protect your rights and ensure you are not caught in this situation.
The Lender May Obtain a Default Judgment
You may think that even if the lender acts dishonestly and forecloses on the home during the loan modification process, the worst that will happen is that you lose your home. Unfortunately, it is not that simple.
If the lender is successful with foreclosing on the home, they could go one step further and try to obtain a default judgment against you. If they are successful with this, you could still be held responsible for paying the missed mortgage payments. This will place you in an even harder financial position. A loan modification lawyer will ensure the lender waives the right to pursue a default judgment in the future.
An Attorney Will Ensure the Paperwork is Completed Properly
There is a lot of paperwork involved with a loan modification and if it is not done properly, it could cost you a great deal of money, or even the loss of your house, in the future. Applying for a loan modification is a much more complex process than simply filing a form with your lender. An attorney will make sure all of the important paperwork is filed properly and structure your case properly so you are protected and have the best chance of obtaining a loan modification.
Banks are More Likely to Negotiate when You Work with a Lawyer
Banks understand that when borrowers work with a loan modification lawyer, they are not going to be able to simply obtain a summary judgment against the homeowners. Lenders know that they will have to go to court, and comply with the law, because the attorney will make sure they do. A lawyer will also have the necessary experience with negotiation tactics so you get the best deal possible.
An Attorney Will Get You a Better Deal
Even in the rare cases in which lenders do grant a loan modification, their priority is still focused on their own profits, and not working with you to reach an affordable agreement. As such, they may include terms and conditions within the agreement that protects them, and not you. A lawyer will know how to negotiate the best terms and conditions for you and secure a deal that looks after your best interests.
What will a Loan Modification Lawyer Do for You?
Many people are hesitant to hire a loan modification lawyer without realizing the many benefits legal counsel can bring to the case. When working with an attorney, they will:
● Review the details of your financial situation and obtain the necessary information that will maximize your chances of successfully obtaining a loan modification
● Compare your financial information with the programs offered by your lender
● Review your household income and expenses to determine if you are eligible for the programs offered by your lender
● Determine the monthly mortgage you are able to pay, so you know what to ask for during the loan modification process, and to make sure you will be able to continue making the modified payments going forward
● Negotiate with the lender for the best terms and conditions that will protect your best interests
● Hold the lender accountable for fulfilling any promises they made you
● Ensure the lender does not move forward with the foreclosure process after they have agreed to a loan modification
Call Our Loan Modification Lawyer in Fort Lauderdale Now
It is easy to imagine the worst-case scenario when you have missed mortgage payments or your lender has initiated foreclosure proceedings. Fortunately, you do have many options available to you. At Loan Lawyers, our Fort Lauderdale loan modification lawyer can explain those options to you and negotiate a fair deal that is affordable and that will help save your home. Call us now at (954) 523-4357 or fill out our online form to request a free consultation with one of our seasoned attorneys and to learn more about how we can help with your case.
The post Why You Need to Consider Hiring a Loan Modification Lawyer appeared first on Loan Lawyers.
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