Home loan modifications help people struggling to pay their mortgages to lower their interest rates and extend the loan’s length to obtain a more affordable payment.
Often people choose to modify their loans because they’re not in a position to go through a traditional refinance to obtain their goals. Not everyone needs an attorney to go through the process, but there are times when it’s a good idea to hire Woodridge home loan modification attorneys.
1. Complete the Loan Modification Application
Loan modification applications require a lot of paperwork and detailed information. Applications with missing information can delay the modification process. Attorneys make sure the paperwork is done correctly from start.
2. Ensure Lender Follows the Rules
Lenders are required to follow federal and state laws, but not every lender does this. Some cut corners and illegally deny modification applications. A lawyer acts as a watchdog and will file an appeal if a modification is denied because a lender didn’t follow the law.
3. Submit an Appeal
Loan modifications get denied for many reasons. If the lender denies one’s application, it might qualify for an appeal. The attorney will spearhead the appeals process.
4. Help Homeowners Decide If It’s Worth the Effort
As previously stated, the loan modification process is tedious and time-consuming. Lawyers help their clients decide if the process is worth it and explore alternatives that might suit their situation better.
Contact a Home Loan Modification Lawyer Today