A Long Island loan modification closely resembles mortgage refinance. Both have the same objective of finding you a more affordable and easier way to pay your mortgage. The only difference between the two is that in loan modification, you do not need to look for a new loan provider to offer you a better way to pay mortgage. You only need to modify the terms of your current loan.
The U.S. government has answered the call for help of the thousands of families who were in trouble of losing their homes. These families were facing possible foreclosure. The government created several programs to save the homes of the said families.
To qualify for the program, you need to show evidence that you are having financial trouble, and you can get back on the right track if you can get a loan modification. A Long Island loan modification attorney can help you put together the documents that you need to secure and prepare your case. He or she will be the one to negotiate with your bank for you. The attorney will examine the mortgage agreement that you have signed together with your lender and see if the lender has committed lending violations that are predatory in nature. Your attorney will see if there is anything that he or she can use to support your case.
Things that Usually Happen when Meeting a Loan Modification Attorney
You and your chosen loan modification attorney will sit down and prepare the proof that you are having trouble with your mortgage. He or she will help you write your letter stating, your reasons for wanting to have a loan modification. This is your opportunity to explain to your lender the particular financial trouble that you are facing, as well as your ability to pay your modified loan.
The attorney will also assist you in gathering all the needed financial documents including your monthly pay stubs, statements of account from your savings bank, newest tax return, and an appraisal of your home.
Your chosen Long Island loan modification attorney will also assist you in arranging your monthly budget to let the lender see that you will be able to pay your modified loan. Your attorney will present all your income (from work and other sources) and your expenses for the month, and make your lender realize that all you need is a modified loan so you can make regular and on time payment.
As stated earlier, the government has come up with various programs that can help you save your home. Your loan modification attorney can also help you choose which program suits your situation.
A Good Lawyer
No one understands the law better than a lawyer. He or she can help you avoid foreclosure by assisting you with his or her expertise as a lawyer. Understand that different lawyers have different fees. A lawyer who has a high rate does not necessarily mean that he or she is good, unless he or she is already famous.
A good lawyer discloses first the competitive rates and everything before you pay. There should be no hidden charges.
It is prudent to choose a legit law firm with licenses and credentials to prove they are not a fly by night company. A legitimate law firm strictly follows the legal and ethical guidelines.
A good lawyer for loan modification must have a strong real estate background who has years of experience to back him or her up. It also helps if the lawyer can present reviews (good or bad) from past clients. You will be able to weigh things just by reading the reviews.
It is important that the lawyer lets you know that he or she will do most of the work and not you. You should only provide some of the needed documents (on your possession). He or she will act on your behalf to save your home.
A good lawyer will tell you the best course of action to take to avoid foreclosure if it becomes inevitable to let go of your home. However, he or she must be able to give assurance that he or she will do everything in his or her power to get you a Long Island loan modification.
Young Law Group borrowers who tried to modify their mortgage without a professional’s help. Statistics showed that 85% of the said homeowners did not get an approval from the bank.