Just the thought of foreclosure is enough to strike horror and fear in the heart of any homeowner. But just because you have missed a mortgage payment or your lender has fulfilled his duty by sending you a foreclosure letter doesn’t mean you are out of options and have to deal with the wrath of foreclosure.
One of the best options that you have is to apply for a loan modification. Loan modification is a method of changing the terms of your mortgage agreement so that mortgage payments can become affordable. Many things are done during loan modification, from extending the loan term to reducing the interest.
If you find the mortgage payment an arduous task because of your current financial situation, and if you wish to deter foreclosure by using the power of loan modification, a lawyer can help you navigate the process to get back on track with your finances.
But before you begin your hunt for the best loan modification attorney in New York, here are the top 5 reasons you should overlook choosing a loan modification lawyer.
All loan modifications are not granted
Just because you read a couple of articles online and submitted the loan modification form doesn’t mean it will be granted. Even if you have analyzed your situation and come to terms that seem reasonably fair. This still never means that the lender will easily grant you a loan.
You should also know that only a small percentage of the Hamp fund is used to modify loans. This means that most people who have been led to believe that their loan modification will be granted are set for disappointment. This is why you need a loan modification attorney in New York.
An experienced loan modification lawyer in Nassau County is eligible to negotiate with the lender on your behalf. This increases your chance of getting a loan modification and avoiding foreclosure.
The lender might be working against you
Lenders are not virtuous people, especially those currently facing foreclosure. Suppose you don’t have a loan modification lawyer in Nassau County and don’t have any idea of loan modification papers. In that case, the lender will trap you in his tips and tricks and push you an inch closer to foreclosure.
In many cases, lenders offer loan modification to the homeowner without an attorney loan modification so that he will stop fighting against foreclosure. This paves the way for the lender to move forward with foreclosure.
There have been many cases where the homeowner is only aware of what is happening once they see a foreclosure letter on their door. This means cases, where homeowners are offered loan modification only to be foreclosed on anyway are common.
Only a good attorney loan modification can help you protect your rights; they even know how to step up to the plate and use the law to avoid foreclosure.
No worries of the paperwork
Suppose you have never dealt with legal paperwork and have never worked with a loan modification law firm. In that case, you will have difficulty dealing with the paperwork for a successful loan modification.
There is always a lot of paperwork involved in a loan modification, and only a good loan modification law firm can help you with this. If the paperwork is not done correctly, it can lead to several issues, and in the end, your loan modification application can even be rejected.
Successfully applying for a loan modification is much more than just filling out a couple of forms with the lender. This is why everyone needs loan modification services to deal with the paperwork seamlessly and to file a loan modification application successfully.
The lender may get a default judgement
The loan modification milieu is much more complicated than you think. According to you, if the lender goes against his virtuous principles and forecloses on the home after applying for the loan modification process, the worst that can happen to you is you will lose your home. But loan modification is more complex.
If the lender is successful with foreclosure, he can even go to extreme extents and get a judgement against you. And when a lender is successful with it, the homeowner can be held responsible for even paying the missed mortgage payments. This will make things worse for you. The loss of property will accompany a new financial burden that will be hard to bear.
A loan modification is a complicated process, but since it is your only respite against foreclosure, you should be bold in using it. But instead of making it a DIY project and ruining everything, you should appeal for a loan modification after choosing professional loan modification services.