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By Burt Workman
In these tough economic times, homeowners who took out property loans find themselves in dire financial and worse, facing foreclosures. Anyway, if you are facing a foreclosure, then it is very important for you to consider hiring a home loan modification lawyer to stop the process.
Goal of Home Loan Modification:
Well, the goal of loan modification for your home is to turn reverse a mortgage into an affordable loan for you as the borrower. The lender may do this by decreasing the interest charged on the loan so as to lower your monthly repayment to about 30% of your gross income per month. The loan modification is offered through the HAMP which has the capacity to lower your interest up to 2% in a year. Essentially, this saves you money on your current debt.
A Home Loan Modification Can Help You Keep Your Home:
Besides lowering your debts significantly, a home loan modification is also instrumental in stopping a foreclosure. The modification is simply a re-writing of the loan afresh and, thus, it gives you the power to make payments on time while retaining ownership of the home. It is possible to halt a foreclosure and save your home when you apply for loan modification on time.
The good thing about loan modification is that it allows you to work on clearing the existing mortgage without having to take a new loan. The best part of it is that you can enjoy reduced rates though the repayment period may be extended. Even so, is still worth it because you will not lose the sense of ownership over your property. Consequently, you will have the peace of mind and a workable solution to fixing your financial issues while still fulfilling your financial obligations to the lender in a reasonable way.
You need a home loan modification lawyer:
If you are planning to pursue modification so as to restructure your mortgage, then you must be ready to hire a loan modification attorney. Indeed, you need legal representation when negotiating new terns of repayment and when handling all legal matters. The attorney that you hire will determine the feasibility of your case and counsel you on how you can be assisted in the process and to what extent.
Modification actually presents the best option as your lawyer will advise you. Make sure that you get the right interpretation and legal implications from the lawyer on the new terms as shall be availed by the lender.
Present your Legal Documents for Home Loan Modification:
As you embark on a modification process, you will be required to submit a hardship letter to the creditor to justify why they should consider your request for modification. This is a key requirement which you should be able to comply with. Take note that the reasons presented in the letter should be valid. Besides presenting the reasons, you should also submit accompanying documents which clearly show that you are facing financial difficulties. These are tax forms and bank statements. You might also be required to sign an affidavit, if you have trouble with your mortgage.
These documents should be sourced from qualified mortgage attorneys. Your attorney should help you out here. These documents might save you money and put you on the path to financial recovery as you restructure your loan.
It is a fact that entire process of modification is complex, but with the help of modification expert, you can fix your financial mess. In view of this, it is important to get solid advice and counselling before you apply for loan modification. Your attorney should be able to create a feasible plan at a convenient time once you contact them.
About the Author:
Home Loan Modification
The Attorney will definitely help those people if they have filed for bankruptcy so that, the common people do not get over burdened with the debt which will be impossible for them to pay back. Click here for
Government Home Loan Modification
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