5 Questions to Ask About Loan Modification

5 Questions to Ask About Loan Modification

Distressed homeowners often find loan modification frustrating and confusing. If you are considering a loan modification, getting as much information as possible before you contact your lender can help you prepare your case and get you the results you need. To help you get through the loan modification process, here are the top 5 questions you can ask your lender:

  1. How can loan modification help me avoid foreclosure? Your lender should explain that loan modification can help you find a solution to making your loan current and halt the foreclosure process at the same time.

  2. Do I qualify for loan modification? Your lender should assess if you will be able to afford the modified payment in the long-run, by looking at your income and expenses. Other factors considered are the number of payments missed, if bankruptcy was filed or if you are facing a financial hardship.

  3. What are the criteria for a financial hardship? Financial hardships are circumstances that cause you fall behind on your mortgage payments. This could include sudden illness, divorce, loss of job/income, death of a family member, military service and other compelling reasons that can cause financial strain.

  4. What steps do I need to take to start loan modification? Contacting a loan modification attorney can get you one step closer to lower mortgage payments. A loan modification attorney can review your case, deal directly with your lender and help you prepare your application so that it gets processed in a timely manner.

  5. Should I hire a loan modification attorney? A loan modification attorney can get you the best loan modification and the results you want from your lender. Attorneys use legal information to strengthen your case and can help stop the foreclosure proceedings so that you can focus on saving your home.

Depending on your current situation and your lender, the loan modification process can vary. Speak to a loan modification attorney today to find out if loan modification is right for your case, if you qualify for any programs and what long-term benefits it has to offer.

If you have any questions about the information provided above, please contact Attorney Search Network.

Contact Attorney Search Network for an Attorney Referral to an pre-screened Loan Modification Lawyer.

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