Should I Consider Hiring a Mortgage Lawyer to Help With My Mortgage Modification?
In life, no two people are going through the exact same situation. That’s why when you’re deciding if you should seek the help of a mortgage lawyer, you shouldn’t just do what the person next to you did. Their needs could be completely different from your own! But in general, seeking help from a mortgage lawyer is beneficial if:
You Don’t Know What to Do in Your Situation
If you’re completely lost in your situation—for instance, maybe you’re facing foreclosure, but you aren’t sure if you should modify your mortgage—and want to know about all of your options, a mortgage lawyer can help you understand your legal rights and what your options are depending on your unique situation.
You Don’t Know How to Fill Out the Modification Paperwork
Mortgage modification paperwork can be difficult to understand; they write it that way for a reason. And on top of that, if you’re in a particularly difficult situation, it can make the modification process even more difficult. Sometimes having a professional, helping hand can be extremely beneficial. A mortgage lawyer can
- Fill out your paperwork
- Help you present your situation in the light most favorable to you
- Figure out your next steps
- Connect you with real estate investors who can help sell your house fast
Your Loan Servicer Violates Federal or State Loss Mitigation Laws
For example, under federal law, the servicer usually can’t start a foreclosure until 120 days after you default on the loan. This time period is supposed to provide you with sufficient opportunity to seek an alternative to foreclosure, like a modification, before the foreclosure gets rolling.
So if your servicer starts the foreclosure early, in violation of the law, an attorney can help stop it.
And it’s important to take care of this before a completed foreclosure because it’s very difficult to get your home back after the fact.
Having a mortgage lawyer in your corner can make all the difference!
Your Servicer Denies Your Modification Request and You Want to Appeal
In the event that your modification request is denied, you’ll be able to make an appeal. Sometimes that’s when people seek help from an attorney. This way the mortgage attorney can explain how or why the servicer made an error in denying the application so that you are more likely to get approved the second go-round.
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