Loan Modification lawyers-helping you pay for your home
|
|
Posted On :
Jan-11-2012
| seen (430) times |
Article Word Count :
640
|
|
Loan modification lawyers could actually help those who find themselves struggling with their mortgage payments. This post talks about who they are and the benefits of using them.
|
|
Loan modification lawyers are heaven-sent for those who are behind their mortgage payments and are facing foreclosure. They work as a mediator between the person and the bank, putting the client in the best situation to get his loan modified. But wait, exactly what is a mortgage or a loan modification anyway?
Mortgage and loan modification for dummies
To understand the way a mortgage and a loan modification works, we should first understand what they mean.
A mortgage is a loan a homebuyer gets to pay the seller for a piece of property. The would-be homeowner then owes the mortgage lender or in many instances, the bank, the total he borrowed plus the interest.
If the homeowner is not able to meet the agreed terms of payment, he or she is most likely to face a foreclosure where a bank will repossess his home. Your house can be auctioned off and the profits that will be acquired from that auction will be utilized to recoup the bank's lost investment.
A loan modification, on the other hand, is a term used when banks modify existing mortgage loans. Loan modifications, generally known as "loan-mods," are done through various programs depending on the individual's circumstances and finances.
These programs are sponsored by banks themselves or via programs of the government such as the Home Affordable Modification Program (HAMP).
If the loan modification is accepted into a program, the bank could agree on lessening monthly mortgage payments. It can also limit the interest rates for as low as 2% of the portion of the loan till the whole payment is paid off.
So, why hire a Loan modification lawyer?
Borrowers normally have difficulty applying for loan modification. The process drains them physically and emotionally. Bank representatives have them go to various departments and give different answers to basic questions. They need applications, bank statements and pay-stubs. They don't only do that once-- they repeat the request over and over.
By the time you reply, the application has expired and will need to be resubmitted. This process drags on for months and in some cases, even years. While this is taking place, your foreclosure persists. Sometimes the applications may even get denied or lost-who wouldn't have a nervous breakdown?
Call an experienced loan modification attorney. They may help you comprehend the whole process and ease the burden. They are going to review your financial situation and explore your possible options.
Loan modification attorneys know how to deal with banks and loan modifications. They are going to prepare your application, in the bank's desired format , to make sure of a speedy process. Loan modification lawyers will continue to work through the numbers, and present your application in a good fashion. They will be able to use their know-how and experience with talking with the banks.
Once a loan modification lawyer accepts you as his client, he will provide an in-depth analysis and review.
Documents to be examined include: financial documents (pay stubs, bank statements, income, expenses), real estate taxes, insurance policies, and debt as opposed to your income. They are going to figure out what your targeted monthly loan amount ought to be, depending on your finances.
Once the application is sent in, the loan modification lawyers constantly follow up with the banks to ensure the application of the customer won't get "lost" or "misplaced".
Eventually the client application will be approved and the bank will put him in a "trial" period. This period will let the client pay a lowered loan amount. After this trial period, the lender will completely modify the loan to the new, lessened amount.
Loan modification attorneys can help save your home, plus allow you to afford your home payments.
|
|
|
|
Article Source :
http://www.articleseen.com/Article_Loan Modification lawyers-helping you pay for your home_132336.aspx
|
|
Author Resource :
Imelda is a real estate agent that knows loan modification attorneys and the great things about hiring loan modification lawyers
|
|
Keywords :
loan modification attorneys, loan modification lawyers,
Category :
Finance
:
Loans
|
|
|
|
