Becoming a homeowner is one of the most exciting and terrifying moments of being an adult. There are so many things that can change without notice that can hinder your ability to maintain your current mortgage payments.
However, a mortgage lawyer in Santa Rosa, such as at Johnston | Thomas Law, can help save your house through a process called loan modification which aims to reduce monthly payments. Here are five reasons to consider hiring a loan modification attorney.
- Helps Determine the Best Course of Action
Every person’s situation is unique to them, meaning a one size fits all approach simply will not cover the needs of everyone. An experienced attorney will be able to look at your situation to help determine the best course of action, which may include:
- Loan Modification
- Fighting Foreclosure
- Selling the Home as a Short Sale
- Helps Navigate Complicated Applications
Applying for a loan modification can be frustrating if you do not know what you are doing. You have to supply the necessary documents, draft a letter explaining your financial hardship in such a way as to persuade the lender to modify your mortgage terms. This letter alone can be the difference between a lower monthly payment and losing your home.
- Prevent, Detect, and Take Action against Duel Tracking
When you apply for a loan modification, your lender is obligated to stop foreclosure proceedings until a decision has been made. However, lenders have been known to practice duel tracking, which is continuing with the foreclosure while the modification application is pending. A mortgage lawyer in Santa Rosa can help prevent this.
- Helps Secure Lower Monthly Payments
There are a few ways loan modification can reduce your monthly payments, however, which way is right for your situation is dependent on a number of factors. A loan modification attorney can help ensure the right outcome for your best interests.
- Appeal a Denied Application
If you, like so many others, have attempted a loan modification on your own and have been denied, a mortgage lawyer in Santa Rosa can help appeal the decision and hopefully prevent you losing your home.
For more information regarding the loan modification process, or to request a consultation to discuss your options for preventing foreclosure, please contact the dedicated and experienced professionals at Johnston | Thomas Law today.