In this ever growing recession, homeowners are familiar with the concept of loan modification
. A loan modification is a transaction which takes place between the borrower and the lender. This transaction is on the borrowers mortgage. The rationale behind a loan modification is to help the borrower to pay his debts and monthly payments like before. For obtaining a loan modification, the borrower has to justify the inability to repay the original loan. A borrower can apply for loan modification on the basis of loss of job, divorce or any other justifiable financial hardship. Many borrowers try to save money which will otherwise be charged as fees by a loan modification attorney. This can prove to be costly both, in terms of time as well as money and above all the facts, this generally ends up in a rejection.
The Need of a Loan Modification Attorney
Lenders are tough to deal with primarily because of two reasons: Firstly, different customer service representatives answer you each time you go there and this is why you cant create a good rapport with any one of them. Secondly, the representatives who deal with you are not experts on the subject and hence are unable to assist you properly. They are mere sales people. To get the best deal for loan modification, you need to take legal help from an attorney.
They are experts: A loan modification attorney knows your exact needs and will always analyze your case from a legal angle. They have enough experience in dealing with lenders and this will help you in getting a better deal.
Best Deals: Loan modification attorneys negotiate the best deals with the lenders as they already know the whole process. They use the information as leverage to get you better prices and lower monthly payments.
Better Loan Structure: If a loan modification attorney negotiates with the lender on your behalf, they generally ask for more time and a better loan structure which is manageable by you.