Getting a loan modification might be the only way for you to save your house, apart from filing for Chapter 13 bankruptcy, but getting a loan modification is not the easiest task to accomplish. Loan modifications are difficult and complex, so here are three reasons you should hire a lawyer if this is something you need or want to pursue in the near future.
To have a better chance of getting it approved
A loan medication is something that allows a person a second chance at keeping their home by changing the terms of the loan. Through a loan modification, you might be able to get a decreased principal balance, a lower interest rate, and an extended amount of time to repay the loan. A loan modification changes the terms of your loan, and it is something that could help you save your home. The problem is that it is not easy to go through the process of getting a loan modification, and it is even harder to get one approved. If you have a lawyer working on your case for you, your chances of getting approved for a loan modification will be much higher.
To have legal help negotiating the modification
One of the steps of the process is negotiating with the lender. The negotiations process involves getting the lender to agree to the modification and convincing the lender to change the terms to be the best they can be. The process of negotiating with a lender is not easy to do, though, which is another reason it is important to have a lawyer helping you. When a lawyer is helping you, he or she will handle the negotiations, and this will benefit you because lawyers know the best strategies to use for this.
To have assistance with all the paperwork
Finally, when you hire a lawyer for help with a loan modification, the lawyer will take care of completing and filing all the necessary paperwork and documents. One of the reasons many people are turned down for loan modifications is due to a failure to submit the right paperwork. If you want the best chances of getting your modification approved, you will need the help of a lawyer.
While it is not impossible to qualify for a loan modification without a lawyer, it is much more difficult to try on your own. If you do not want to lose your home but are afraid you might, you might benefit from getting a loan modification. To learn more about this subject, contact a lawyer that offers loan modification services, such as Ellen K Lawson Attorney at Law PLC.