Wednesday, August 19, 2009

Why Use An Attorney To Negotiate A Loan Modification?

Wouldn’t it be great if you could just walk up to your lender and say “Please lower my payments” or “Please restructure my mortgage”? That’s basically how loan modification works—except for the walking up part. Sure, technically you can get a loan modification without help, but it won’t be easy. The fact is that lenders are hard enough to deal with, and more so if you’re on your own.


Lenders are difficult for two main reasons: first, you get different answers from different service reps every time you contact your lender; and second, they are not set up to help you unless you already know exactly what they want. To get the best loan modification deal, you need legal assistance. Read on to find out how a loan modification attorney can help you get real results from your bank.


1. They know your needs. A loan modification attorney will look at your case from a legal point of view. They know the right way to approach your lender, and they’ll help you prepare your application for speedier processing. When you present your case, you’ll be armed with all the supporting documents and the right negotiation techniques.


2. They get better deals. Lenders will take you more seriously when you have a professional by your side. Essentially, your loan modification attorney will be vouching for you. Because they can use legal information as leverage, the modifications they can get are much better than you can get on your own.


3. They have long-term relationships. A good loan modification attorney has established contacts with most of the major lenders. Combined with a good track record, this network helps them get better rates and gives them more options. Your lawyer can get you more attractive offers, such as a lower interest rate, principle balance reductions, or even an extension of your loan term.


4. They can buy you time. If you attempt a modification on your own, there’s a good chance you’ll be passed around from one department to another without really moving forward. And if you’re already facing foreclosure, you can’t afford to waste time. A lawyer can stop closure even while it’s under way, giving you more time to recover your finances while they work on saving your home.


A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in professional representation and get the best mortgage assistance. Mortgage modification won’t happen overnight, but if with a capable lawyer, you can be sure you’re in good hands.

1 comments:

Jualan Barang said...

PERTAMAXXXX

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