| It can be very confusing and frustrating for | | | | repeatedly declined, or when there is evidence of |
| desperate homeowners trying to get a loan | | | | fraud or other lending violations, a homeowner may |
| modification with their lender. Between harassing | | | | benefit from the services of an attorney who |
| phone calls from their bank and receiving solicitations | | | | specializes in loss mitigation. There are laws that have |
| from all different types of companies and attorneys | | | | been enacted to protect borrowers from unfair |
| offering to represent you for a fee, how do you | | | | lending practices. An experienced attorney can |
| know which option is best for you? This is an | | | | review your loan documents and possibly discover |
| important decision-your families home may depend on | | | | evidence that a violation has occurred. |
| it-so now is not the time to take chances. You need | | | | A violation in lending law is taken very seriously by |
| to get some good, accurate information about how | | | | the lenders. They are subject to severe penalties if |
| the loan modification process works and what you | | | | found not to be in compliance. Legal action can be |
| can expect so that you will be able to make a wise | | | | brought against your lender if you have been a victim |
| and informed decision. | | | | of this type of lending practice. An attorney who is |
| Many loan modifications can be done very effectively | | | | experienced with this type of action can offer you a |
| without the services of a company or attorney. An | | | | very effective strategy for getting your lender to |
| informed and prepared borrower can get a loan | | | | cooperate with your loan modification request. This is |
| workout with their bank by learning and following | | | | really a tool to gain leverage with your bank and |
| step by step directions. This is not brain surgery, but | | | | convince them to cooperate. |
| there are some important qualifying tips you need to | | | | The down side to retaining an attorney to pursue |
| know to increase your chances for success. Some | | | | these more complex strategies is a big one-Money! |
| homeowners may be faced with a more complicated | | | | Most attorneys require a large, upfront retainer to |
| set of circumstances, and do not feel that they will | | | | start the legal paperwork necessary to pursue this |
| be able to get results without the help of a | | | | type of action. This retainer is almost always |
| professional. | | | | non-refundable and there is no guarantee of success. |
| The federal stimulus plan features a loan workout | | | | Struggling homeowners who cannot pay their |
| program with standard guidelines for everyone. This | | | | mortgage payment may be hard pressed to come |
| makes the approval process much easier to | | | | up with the thousands of dollars required to begin the |
| understand, so that the average homeowner can | | | | legal process. The loan modification process may be |
| work directly with their lender and be successful. The | | | | extended and take more time to resolve once an |
| only thing that you need to understand before | | | | attorney becomes involved. |
| beginning the application process is what those | | | | Homeowners really need to understand their options |
| approval guidelines are. This way you can work on | | | | and know what the best course of action to take is |
| your financial statements ahead of time and be able | | | | for their particular situation. Let's face it - loan |
| to make the necessary adjustments to qualify. Be | | | | modification - companies and attorneys are in |
| sure to learn about the approval guidelines for the | | | | business to make money-it is up the homeowner to |
| Home Affordable Modification before you contact | | | | make sure that they are pursuing the best course of |
| your lender. Most borrowers can easily apply for this | | | | action for themselves. Once you have a good, |
| program on their own without the expense of an | | | | general understanding of how the loan modification |
| attorney. | | | | process works and what to expect, you will be able |
| Is your lender being extremely uncooperative? Do | | | | to make wise and informed decisions that will give |
| you feel that you were a victim of predatory lending | | | | you the best chance at saving your home. |
| or even fraud? When a loan modification application is | | | | |