For many people, obtaining a loan modification usually involves working with a loan broker to find the best possible financing deal. However, there are instances when it makes sense to retain the services of an experienced loan modification attorney to walk you through the necessary steps while protecting your financial interests.
When a lender modifies a mortgage, they are agreeing to change some aspect of the existing loan. This might include lowering the interest rate, forgiving part of the outstanding principal, extending the length of the loan or changing other possible parameters. The goal for the homeowner is to get a lower monthly payment or create more favorable repayment terms.
Many people go through the loan modification process with few or no problems. But an attorney can be a powerful ally if a homeowner is experiencing one or more of these issues:
Because a loan modification attorney is well versed in lending laws and works with lenders on an ongoing basis, they will be able to bring additional solutions to the table and work with a lender who will be the most sympathetic and have lending standards that will give you the best possible chance at a favorable loan modification.
In those instances where a loan modification may not be possible, an attorney may still be able to help maximize the value of a home by assisting the homeowner in completing a short sale or by exploring bankruptcy as a means of keeping the home.
The Hixson Law Firm serves clients in Mansfield, Arlington, Grand Prairie and other nearby Texas communities.
