If you are facing problems making your mortgage payments, you may consider applying for a home loan or mortgage modification to avoid foreclosure. Divorce, unemployment, loss of income, and several other situations render people unable to pay their mortgage, resulting in the loss of one’s home due to foreclosure. Mortgage modification will allow you to work with your lender and revamp the conditions of your loan. This may include reducing the interest rate, increasing the length of the mortgage period, eliminating late fees, and waiving some of the principal. A foreclosure defense attorney can help ensure the entire process goes smoothly.
How an Attorney Helps in Mortgage Modification
There are several situations in which one should consider retaining legal counsel:
- You are unfamiliar with the mortgage modification process
An attorney will assist you in filing out the application, preparing a list of documents you will need to submit to your lender, and will further guide you in writing a hardship letter to explain your unique situation to the lender.
- You do not know what to do about your unique situation
If you are unsure as to whether a home loan modification is the right option for you, an attorney can provide the guidance necessary for determining your best course of action. Your attorney may recommend that you pursue a home loan modification, fight in court to avoid foreclosure, or work out another alternative that benefits your individual circumstances.
- Your mortgage servicer has denied your request
If your lender has denied your request for a modification, you may wish to consult an attorney to assist in your appeal demonstrating that the mortgage servicer wrongfully denied your application. This will give you another chance to modify your home loan.
- Your lender is dual tracking
Dual tracking means that your lender is seeking foreclosure while at same time considering your modification request. If your mortgage servicer or lender is dual tracking, under new federal and other mortgage servicing laws and regulations, you have options in fighting the bank.
Consult with Jackson Abdalla Law Group Today!
Applying for a mortgage modification requires due diligence to ensure everything is presented in the correct order and within time constraints and that the lender is not able to take advantage of your situation. For more information, call the Jackson Abdalla Law Group at (773) 550-3853. We represent clients throughout Chicagoland, including Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will Counties.