When you’re struggling with a significant debt burden, you may assume that bankruptcy or foreclosure are your only options. However, if your mortgage or other loans have become too unwieldy, you can often change the terms of your agreement by negotiating directly with the lender. If successful, loan modification can make it easier for you to afford your monthly payments, keep your house, and even avoid bankruptcy altogether.
Although it’s not required to hire an attorney for loan modification, there are many instances where an experienced debt relief lawyer can assist you. At The Buchalter Law Group, we’ve been helping our clients find financial breathing room and long-term debt relief solutions for more than 40 years, and we can provide the debt negotiation skills you need to be successful.
How Can a Lawyer Help with Debt Modification?
Lawyers are trained negotiators, and those who focus on bankruptcy and debt solutions are often as well-versed in the jargon of loans and mortgages as the lenders who offer them. From helping you understand all your options to actively bargaining with the loan servicer, our debt relief lawyers can help you at several different points in the process.
Here are some of the main ways a lawyer can help with loan modification:
- Filling out the paperwork accurately. Applying for a loan modification can be overwhelming, and the process is designed to be that way. If you’re at a loss on your application, an attorney can help you understand the full scope of its requirements, find appropriate documentation, and explain your particular situation, especially if you’re claiming financial hardship.
- Fighting back when the lender has violated federal or state laws. If you defaulted on a loan, but the servicer has already begun the foreclosure process, your lender could be violating federal laws about loss mitigation. You are entitled to a grace period of 120 days after defaulting to explore all your options for a mortgage, such as debt modification. An attorney can help you recognize this and other signs of illegal activity, and use it as leverage during the negotiations.
- Helping you understand your legal rights. Many loan modification companies and “foreclosure rescue” organizations are scams, and will purposely obscure your legal rights in order to profit from your personal crisis. Working with a qualified and experienced attorney means you will be far more likely to receive a full and transparent explanation of your legal rights, and to know about each step in the loan modification process.
- Negotiating a new agreement with more favorable terms. In many cases, your loan modification can result in lower interest rates, forbearance on some of the original balance, and extended term lengths – meaning a greatly reduced overall debt burden. With the right attorney, you will be far more likely to maximize the full benefits of loan modification.
Need to Modify Your Debt? Call The Buchalter Law Group (321) 320-6088.
If you have insurmountable debt and need to change the terms of your debt, do not hesitate to reach out to the lawyers at The Buchalter Law Group. We have more than 40 years of shared experience and are ready to answer your questions during a free initial consultation. Contact us online or call our firm today!
Ready to speak with our Brevard County debt relief attorneys? Contact us at (321) 320-6088 for a free case evaluation with our skilled legal team.