You can prevent a foreclosure if you are able to meet certain criteria established by the lender and the government. A foreclosure prevention attorney can help you through the loan modification process, which you need to go through to stop a foreclosure from taking your house. Here is what you need to know about working with a foreclosure prevention attorney to keep your house.
What is a Loan Modification Program?
A loan modification is a process where you work with a foreclosure prevention attorney and the lender to rework your mortgage loan. When you signed the loan, you agreed to a specific set of requirements, such as when you needed to make a payment and how much you had to pay. Many people fall behind on payments, which is why you need to modify the loan to meet your needs.
How a Foreclosure Prevention Attorney Can Help
Foreclosure prevention attorneys are familiar with the loan modification process and can help you through it. The process involves renegotiating the terms of your mortgage to better fit your current situation. To do this, your attorney has to be familiar with negotiation methods, as well as be able to determine what would be beneficial for both parties. When done right, your mortgage becomes affordable again, while the bank still makes a profit that they are satisfied with.
Managing the Administrative Tasks
A foreclosure prevention attorney can also help manage the documentation and organization that it takes to facilitate a loan modification. There is a lot that goes into the process, including a mountain of paperwork that you have to stay on top of. Having an attorney who is familiar with the system can make a big difference in how well you manage the administrative parts of the modification process.
Helping You Qualify for Loan Modification
There is a chance that you may not qualify for a loan modification. In most cases, lenders require borrowers to meet certain hardship criteria to qualify for a modification. For example, showing that you lost your job and used all of your savings while looking for another one.
Your attorney can help you put together a convincing case for you to qualify for a loan modification. With experience, they know what will sway the lender to consider working with you.
Fighting to Keep Your Home
Most importantly, a foreclosure prevention attorney is a skilled legal representative that can help you fight to keep your home. People fall on hard times, but banks don’t always consider that. Having the right support on your side may be what you need to make them reconsider the mortgage terms.
Work With the Right Attorneys in St. Cloud, MN
Having the right attorney on your side can make all the difference. At Kain + Henehan, we work with clients just like you to prevent foreclosures, manage bankruptcy, and get their heads financially above water again. Contact Kain + Henehan by calling (612) 438-8006 or filling out the online form.
