Loan modifications seem to be advertised everywhere these days by non-attorney
businesses seeking to capitalize on homeowners in foreclosure. Abuses in this
field as well as in the mortgage industry have been well documented and have
made it difficult for homeowners to know who to trust. Whether you choose our
firm or another reputable law firm it is advisable to seek the help of an
attorney. Even with new government legislation it is difficult for homeowners
to navigate the ever changing procedures and programs to obtain the help
they need. All loan modifications are not created equal and some provide no
real relief at all but only a temporary solution that can lead to foreclosure
in the near future. Consult with an attorney to help negotiate your loan
and defend any possible foreclosure.
There has been a constant media frenzy concerning the foreclosure crisis
and the governments alleged attempt to help homeowners by introducing new
legislation but homeowners find it difficult, if not impossible, to obtain a
loan modification on their own and the foreclosure process usually continues
making time in short supply during this process. Many homeowners have lost
their homes while believing the mortgage company is helping them though
their foreclosure. Do not rely on a customer service agent from a mortgage
company to ensure your home is protected. You should seek professional
advice immediately so that you know your rights.
The truth is that even with the new legislation those who know their rights
and know the procedures will be more likely to negotiate a solution to their
foreclosure. Lenders have always had programs to assist homeowners but the
problem has been the amount of time it takes to obtain a loan modification
and the continued action in court to foreclose on the property while these
negotiations take place. You need a foreclosure defense attorney to defend
the lawsuit while seeking a loan modification. Legislation and new procedures
are always changing and one must stay on top of the process.
Typical loan modifications involve changing an adjustable interest rate and
fixing it at a reasonable rate, lowering the interest rate, extending the
term of the loan, and lowering the monthly payment. Principal reductions
are more difficult but may still be possible depending on the specific case.
These options do not require the homeowner to file for bankruptcy but if no
agreement can be reached it may be possible to force the mortgage company
to take late payments in a bankruptcy.
Do not rely on the media or new legislation stop the foreclosure. Seek the
help of a competent and aggressive foreclosure defense attorney immediately
when a problem arises. An attorney can assist you through the process
and can help protect your rights.
Contact Tiller Law today to discuss your rights. Take action today!
Free Consultations and Flexible Payment Plans are available at Tiller Law