Many Americans are finding themselves in a financial crisis because of the current economic situation. A good number of people are starting to fall behind on the payment of their monthly dues. If you are among the many experiencing this, it is time to seek the help of a loan modification attorney.
What is a loan modification lawyer?
They are legal professionals that assist individuals with the modification of contracts pertaining to loans or mortgage payments. You can hire them if you are facing trouble with a house, car, or personal loan.
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Engaging the services of such professionals is not necessarily your only option. Matter of fact, you can visit your bank anytime to renegotiate your contract. It is easy to talk to lenders and file paperwork for yourself. The only problem is that unless you are an attorney yourself, you probably will not land the best deal. A loan modification attorney can deal with your lender or bank's loan mitigation department in settling any concerns that both parties might have.
Keep in mind that there are many companies offering similar services. Many of them claim to have "attorney backed" practices. Be wary of these companies. Although they might make use of the said practice, they might not be a valid law office. Avoid believing that they can legally represent you in court. For the most part, these companies process paperwork that you can prepare on your own. Additionally, some of them might require you to pay fees for services that you do not really need. Working with a loan modification lawyer is the best way of ensuring that you get sound advice and make the right decisions.
How do I know if I qualify for their services?
By most standards, qualifying for loan modification involves a concept called "hardship." A hardship is any situation or circumstance that affects your capacity to fulfill you financial obligations. These can include losing your job, a reduction in monthly income, or even the death of the primary income earner. Additionally, you can qualify if you are falling behind on payments or are unable to refinance your mortgage.
What are the documents I need to prepare for my loan modification attorney?
The following is a partial list of documents that your legal counsel might require you to provide. Although it is not exhaustive, these are the ones commonly asked for. Remember to submit recent papers, as dated ones might not have the precise information needed to support your case.
- Mortgage Statement
- Homeowners Insurance Report
- Credit Report (You can obtain a free copy once a year from each of the three nationwide consumer reporting companies. Be sure that what you provide is authentic.)
- Income Tax Returns (Be prepared to furnish paperwork from at least the past two to three years.)
- Bank Statements
- Utility Bills (Include those for electric and water consumption, as well as other necessities such as telephone and internet bills)
- Doctor and Hospital Bills (Include only those that your insurance package does not cover.)
Apart from these documents, you should also be ready to present other records like birth and death certificates, or divorce and bankruptcy papers. These materials will assist your loan modification lawyer in securing revisions to your existing contract.
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