What a Finance Lawyer Can Do For Me
If you’re behind on your mortgage payment, chances are you’ve got a lot going on. There are any number of reasons for financial complication, and there are a number of ways to get out of the complication. A financial lawyer can help you regain control of your situation by showing you your options and helping with your mortgage loan modification.
What is Mortgage Modification?
If you have fallen behind or can’t make your mortgage payments, a mortgage modification may be the right route for you to ensure that don’t lose your home to foreclosure. A mortgage modification is a restructuring of your mortgage payments so that they become possible and affordable for you. There are a few ways the lender can modify the arrangement to reduce your monthly payment. These depend on the lender, but could include extending the length of the loan term, thus lowering monthly payments, reducing the interest rate on the loan, switching to a fixed interest rate, or forbearing part of the principal balance.
How Does Mortgage Modification Work?
In short, to get a mortgage loan modification, you apply to your servicer through a series of paperwork and document submissions. It sounds simple, but with many details, it can become complicated.
How Can A Finance Lawyer Help Me?
There are a few situations in which a finance lawyer would be very helpful for you in dealing with your mortgage modification.
If you aren’t sure the best route for dealing with your financial situation or feel overwhelmed or intimidated by the process, a financial lawyer can help by informing you of your options and counseling you on which option would be most helpful and fitting for your situation. A financial lawyer also knows the best way to talk to your bank or servicer, so can be a big help in negotiating with them and helping you understand the process. A financial lawyer can make sure that you aren’t taken advantage of if you aren’t as familiar with all the terms, processes, and leeway possible.
If you are wanting help with the application process, a financial lawyer could assist easily. Having gone through the process many times, they are well equipped to deal with filing the application and gathering the proper documents to submit. Having all your documents and paperwork in order can really smooth the application process. Especially if you are in a complicated situation, a financial lawyer can help you sort out the details and will present your situation in the way that’s most likely to get you the results you’re looking for. If you do it on your own and you miss something, it can take extra time for the bank to get back to you to let you know what’s missing, and more time after that for processing. In a time sensitive situation such as foreclosure looming in the distance, timeliness is important! Also, with assistance, the stress of the job will be lessened.
Finally, service providers and banks frequently make mistakes in processing modifications. A financial lawyer can help enforce your rights and ensures that the bank is not violating protocol or breaking any laws in dealing with your case. They will be aware of details you may not, and will catch details that seem out of the ordinary in your favor and protection.
A financial lawyer at Bartifay Law can expedite the application process with the bank, ensure that you aren’t missing any details, and take away part of the stress of the situation by knowing that your finances are in good and very informed hands. If you’d like assistance with your mortgage, or to explore your options, give us a call today!