With so many homeowners struggling to keep up with mortgage payments, federal government loan modification help through loan modification legal services have become a popular option for borrowers seeking to keep their home. Loan modification legal services is a general term sometimes used to describe the process of hiring a real estate lawyer to negotiate with your lender for more favorable mortgage loan terms including a lower interest rate, a lower payment, or recapitalization of past due payments onto the principal of the loan. The following is a brief description of the loan modification legal services process a lawyer would go through to provide federal government loan modification help.
Analyze Homeowner’s Ability to Qualify for Federal Government Loan Modification Help
The first step of any loan modification lawyer should be to analyze the borrower’s financial situation to determine whether they are a viable candidate for federal government loan modification help. The most important factor is income. The borrower must take home (after taxes are withheld), enough to pay all necessary living expenses (food, utilities, insurance, car payment, gas, etc.), as well as make a reasonable mortgage payment. If there is not sufficient income (with paystub proof) to pay all these things, a loan modification would be a long shot, and generally not worth pursuing until income increased.
Gather All Necessary Government Loan Modification Documents
To complete the loan modification process, the lender will require a stack of documents and information including: paystubs, tax returns, bank statements, a hardship letter and personal budget outline. It is important for the loan modification lawyer to gather these documents up-front to avoid delays later. In order to provide loan modification legal services, the borrower must cooperate and assist the loan modification lawyer. We’ve got to have a team mentality and work together to get the lender what they require.
Follow Up and Evaluate the Federal Loan Modification Contract
With lenders generally overwhelmed with federal government loan modification help requests, it is important to follow up often. They frequently lose documents or don’t have a record of conversations. A loan modification lawyer (who’s paying attention), will keep diligent notes and records and follow up with the lender to ensure things are moving in the right direction. Once a loan modification proposal is received, loan modification legal services include analysis of the contract and its implications. Before you sign anything, it is important to have it explained to you by a loan modification lawyer or qualified federal government loan modification representative.
California Loan Modification Lawyers can Help
McFarlin LLP lawyers help with all aspects of loan modification for borrowers in San Francisco, San Jose, Ontario, Glendale, Fremont, Anaheim and throughout California. Our lawyers are available to provide you with honest reliable advice at our Orange County or Los Angeles offices or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified loan modification lawyer to represent you and protect your interests. Call us today at (888) 728-0044.