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A Loan Modification Attorney Can Fix Your Monthly Payment Schedule

February 26, 2012 | Comments: 0 | Views: 149

Owning a home is a big accomplishment. It is a testament of the hard work and dedication you have put in over the years. What happens then when life deals you with other problems? Maybe your child got sick and required expensive medical treatment? Perhaps a younger brother or sister needed your help so you had to give them money? These are instances where the funds to pay off your mortgage are used for other needs. Eventually, these sporadic instances will bring you to a cash shortfall.

You need to get help once you start falling behind on your monthly payments. The answer to your problems lies in the qualified hands of a loan modification attorney.

What does this person do?

A loan becomes unaffordable when you can no longer commit to paying it on a monthly basis. This is where a loan modification attorney can help. He or she will speak to the bank on your behalf. The goal is to get your monthly loan to an amount you can easily afford. The process is a long and complicated one. In fact, if you were to try and do this yourself, you might not succeed.

An experienced mortgage modification attorney on your side puts you in the best possible position to getting your loan modified.

What exactly is mortgage modification?

Mortgage or loan modification is a term banks use to describe the alteration of existing mortgage loans. These are either bank-sponsored, or done through government agencies like the Home Affordable Modification Program (HAMP). The program you apply for will depend on your personal circumstances and finances.

The bank may agree to a number of arrangements once they accept you into a program. One is they will reduce your monthly mortgage payment. Another arrangement involves reducing interest rates to as low as 2%. The bank can also defer arrears and/or defer a portion of the principal. They will do this until you pay off your loan. Only then can they waive any interest on the deferred amount.

Why you need to hire a loan modification lawyer

Banks are known to give borrowers a hard time, especially when they try to get their loans modified. Going through the process can be a tiring experience when you have no one to guide you. Without any help, customer service representatives will make you go back and forth between departments. They will ask you to fill out applications and provide bank statements. Aside from this, they will also request for pay stubs and other pertinent documents.

Be aware that this process gets repetitive. Once they receive this information, they will ask it from you again and again. At this point, things will start to drag. Your home and finances go into limbo and the foreclosure proceedings continue. Sometimes, an application gets lost in the shuffle, wrongly denied, or denied without reason. Break this vicious cycle

It is important that you break this vicious cycle. A mortgage modification attorney with years of practice will help you get the answers you need. This is why you need to schedule a meeting with this person. Your entire case history will go through a complete and thorough review. A qualified individual will also know how to prepare your application in the format that banks look for. This will ensure an immediate application process.

Jade Hay has worked with a { loan modification attorney } and can recommend a good { mortgage modification attorney } in Los Angeles area.

Source: EzineArticles
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