Many people struggle with asking for help from a mortgage modification lawyer when they truly need it. And when it comes to needing financial help, that task is even more difficult. There is a negative stigma associated with financial assistance that makes many people feel embarrassed or ashamed. Some may feel that others will judge them harshly or assume they are poor managers of their resources.
Whether it’s a student loan, a small business loan, or even a car loan, many find themselves in a situation where keeping up with payments is difficult due to circumstances outside of their control. Most commonly individuals need help paying their mortgages. When you find yourself in a position where you are struggling to keep up with your loan, a mortgage modification may be the perfect solution. And in this case, contacting a mortgage modification lawyer will guarantee you find the best option for your unique situation.
What Is a Mortgage Loan Modification?
A mortgage loan modification is when the structure of a loan is modified to allow the borrower to successfully repay the loan. This is not available only to individuals who have completely defaulted on a loan. If you find yourself getting behind, speaking with a mortgage modification lawyer can put you in a position to get caught up before it’s too late.
A loan modification on a mortgage can occur in several ways, including:
- Lowering interest rates
- Reducing the principal
- Converting to a fixed-rate mortgage
- Extending the term of the mortgage
- Postponing payments
Questions to Ask Your Mortgage Modification Lawyer
Before hiring a mortgage modification lawyer, here are some important questions to ask to make sure you find the best fit for you and your situation.
1. Have you ever worked with my mortgage company?
- Some mortgage companies are more difficult to negotiate with than others. It’s important to know if your mortgage modification lawyer has successfully modified a loan from your lender.
2. How much will this cost?
- You are seeking help from an attorney because you are in a challenging financial position. You don’t want to get into a tight spot after obtaining counsel because you didn’t ask upfront how much the process would cost. Getting answers to your mortgage modification questions is crucial for your financial stability, but expertise does come at a cost.
3. How long is the mortgage loan modification process?
- Answering this question is important because mortgage lenders may move quickly toward foreclosure if you get behind on your mortgage commitment. This is another reason why hiring a mortgage modification lawyer is so important because they are aware of the timeline of the proceedings and can also negotiate so that you have more time to change your loan specifics.
4. Is bankruptcy a better option?
- At first, it may seem that mortgage modification is a better choice than bankruptcy, but this is not always the case. If you are still unable to keep up with your mortgage payments after it is modified, you are only prolonging the inevitable bankruptcy. Discuss how the two options will affect your credit score and future buying power. Asking your attorney these questions will help you decide what your best option will be to protect your assets and your future.
5. Will you use ‘violations of law’ as a negotiation tactic?
- As is true with many types of negotiations, there is an “easy way” and there is a “hard way.” Typically your loan can be successfully modified using traditional tactics. But occasionally the mortgage lender is unwilling to work with you to find a solution. In this case, your attorney will carefully go through your loan details looking for violations of the law and unjust tactics in the original contract. If any violations are found, your mortgage agreement could be declared null and void. Whether or not your situation could come to this, knowing that your attorney is willing to take these steps assures you that they will do whatever it takes to reach the best possible outcome for you.
Mortgage Modification Experts at Sawin & Shea
If you need to renegotiate the terms of your mortgage, contact the attorneys at Sawin & Shea, LLC. We can answer all of your mortgage modification questions and protect you and your assets from creditors. We’ve helped numerous Indiana residents modify their home loans, and we’re ready to help you.
Contact us today at 317-759-1483, or you can schedule a FREE consultation with an attorney here.