If you are struggling with making your mortgage payments, you are not alone. Many people in the Duluth area have struggled with making their monthly payments, but failure to do so can result in home foreclosure. One option to avoid this scenario is through a mortgage modification, and the lawyers at Cornwell Law Firm can help. Call or contact us today to learn more.
What is a Mortgage Modification?
A mortgage modification, or sometimes known more generally as a loan modification, is a permanent restructuring of a mortgage from the lender in order to make payments more affordable for the debtor with a lower monthly payment. A mortgage modification allows a person to continue to make payments on their loan and not go into foreclosure. Some of the most common ways in which a lender will modify a mortgage loan includes the following:
- Reduction of the interest rate
- Conversion from a variable rate to a fixed rate loan
- Extension of the term, or length, of the loan, and
- Forbearing a portion of the principal balance on the loan.
When Should You Consider Hiring a Lawyer?
For simple mortgage modification requests, an attorney may not be necessary for the savvy consumer. However, for those who are completely unaware of the mortgage modification process or people who find themselves in the following situations should seriously consider hiring the experienced services of an attorney. If you are unsure if a mortgage modification will help avoid foreclosure, do not understand the application process, the modification is denied, or you wish to appeal the decision a lawyer can be critical to the case. You should also consider hiring a lawyer if you suspect that the lender is violating state or federal laws during the mortgage modification process, or they fail to comply with Georgia’s state foreclosure laws.
How a Lawyer Can Help
An attorney can be incredibly beneficial during the mortgage modification process for many reasons. First, a lawyer can explain the process of mortgage modification and answer any questions that you may have about the application or the steps involved in the process. Second, a lawyer can explain the borrower’s legal rights, options, and responsibilities involved in the modification process so that they can go in fully informed. An attorney can also assist in stopping the foreclosure process, which saves the debtor time, money, and the stress of potentially losing their home. Attorneys are skilled in negotiation, and they may be able to negotiate better terms for a mortgage modification that the borrower could on their own. Finally, a lawyer can ensure that the modification paperwork and related documentation is filled out and filed properly with the lender to ensure that the process runs as smoothly and as quickly as possible. To learn more about how a lawyer can help, talk to our office now.
Talk to Our Office Today
Are you in need of assistance with a mortgage modification in the Duluth area? If so, the experienced attorneys at Cornwell Law Firm are here to help. Call the office or contact us today to schedule a consultation of your case.