What is a Attorney Assisted Loan Modification?

What is a Loan Modification?A loan modification is when your lender modifies your current mortgage because of an economic hardship or because of your ARMS mortgage. The underlying idea is to make your loan more productive, payable and affordable. It is accompanied with rate reduction, fixing the rate for a certain period of time. Prior to this, it was used only for extreme hardship and continuous delinquency. There are recent changes approved by Congress and signed by President where borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages. The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage. If you can afford your home and not just your loan, then you may be eligible for a loan modification.

Your lenders and servicers are very busy with desperate homeowners trying to save their homes from foreclosure. Unfortunately, they do not have the man power or the capabilities to save everyone. Many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender. When your lawyers is invovled, the calls get answered, and the wheels starts moving rapidly. That is where an attorney assisted loan modification can work for you. Do you still trust your previous mortgage broker, loan officer. Please dig out their old business card and find out if they still receive phone calls. I bet they had changed, moved or no longer on the previous business address. Maybe they had changed now, and doing something else. It is better to trust a qualified, and licensed attorney for this purpose. With an attorney involved, you have an important ally in your corner to get you the mortgage help you need, FAST!