In these difficult economic times, some homeowners are not searching for just a loan alteration from their lender, but are searching for a modification. Permanent modifications can be awarded to home owners in a number of ways, including loan reinstatement and alterations to mortgage payment amounts. A modification is similar to the lender providing a clean slate, and a new start for the homeowner with the renegotiated terms.
Because there are so many people who are now attempting to modify their loans, there are also plenty of scams promising to help you lower your mortgage right now! Unfortunately, these scams will ask for personal information, or money upfront, and never deliver on their promise, leaving you in an even more vulnerable position. One of the most recommended steps to modifying your loan is the first, and that is to get an attorney that can help you through the process and help you avoid all of the scams on the market.
Your attorney can help you to file paperwork properly, negotiate with your lender and ensure that your rights as a homeowner are always maintained. Because a loan modification process can take time and you may have already defaulted by more than 90 days it is important to take action and hire an attorney to help you sooner, rather than later.
For more information regarding how Nishad Khan P.L. can assist with property acquisitions, contact us today!