A loan modification is a term very unfamiliar to the public, but will not be for long. What most homeowners are beginning to recognize is foreclosure is becoming a real possibility even for those that did not do anything “wrong.” Home loan default is at a record high and is affecting many homeowners that never believed they could lose their residence to foreclosure. It is estimated that over three million homes will be foreclosed within the next three years. We are feeling the burden of higher interest rates, devaluation of home prices, greater fuel costs, and a sluggish economy. For those of us that accepted an Adjustable Rate Mortgage – the reset of that loan can be disastrous as well.
If you are struggling to make your mortgage payments or you are worried you might lose your home to foreclosure because you lost your job, recent divorce, death in the family or simply can’t keep up with payments, you should call the experienced staff at Schiller Law Offices about a Loan Modification and defending your home from foreclosure.
A loan modification may be the only way for a struggling family to retain their home. The attorneys and staff at SchillerLaw Offices have a great deal of experience with the loan modification process. When you meet us for a free consultation, we will help you figure out if loan modification is the right option for you. If it is, then you will have our extensive expertise on your side as we analyze your situation and negotiate a better deal for you with your bank. (In case we assess that your case will not qualify for a loan modification, we will advise you on other options such as Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, Short-Sales, and Foreclosure Defense.)
A Loan or mortgage modification means negotiating with your bank in an effort to come up with an affordable payment plan. This can be accomplished by temporarily or permanently reducing the interest rate of a loan, rolling in all late payments on a loan, and changing an adjustable rate mortgage to a fixed rate mortgage. In a few instances, the lender may also agree to reduce or suspend the principal balance of a loan. Each of these options for a loan modification will serve to create a lower payment for the borrower.
A successful loan modification also means that you will not lose your home to foreclosure. The goal is a permanent fix, a change of terms, it is not a temporary solution!
Of course you can negotiate with your mortgage company yourself. Just as some people act as their own accountants or legal representation, some people are knowledgeable enough about their mortgage delinquency and loan documents that they are comfortable negotiating with their mortgage company.
However, for others, phrases like “partial claim”, “loan modification” and “special forbearance” are intimidating and confusing terms. Many find dealing with their mortgage company to be a dehumanizing experience as they are shuffled along the assembly line-like process, never sure if the representative they are talking to is truly looking out for their best interests or merely reading from a script.
When you are on the phone with your mortgage company and they tell you there is nothing that can be done for you, how do you know if this is the truth or if it is simply what the representative chooses to tell you as a result of their inexperience or apathy? These representatives are typically call center employees with low-paying, high-turnover employment. Our negotiators have more experience in mortgage retention than most of these representatives.
Our office has seen a variety of clients who have attempted to handle the modification process on their own, only to come to the conclusion that it was ultimately denied and subsequently too late for us to intervene. If you are considering any type of modification of your current note, short sale, forbearance or deed in lieu, please do not hesitate to contact our office immediately.
Unlike loan modification companies that are not licensed or offer guarantees, we are a law firm that is experienced and licensed to handle loan modifications. Our staff will assist you in keeping your home, protecting your rights with your lender in structuring a modification that is affordable and reasonable for you.
Lenders and service providers are very busy with desperate homeowners trying to save their homes from foreclosure. Many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender. Unfortunately, lenders and servicing companies do not have the manpower or the capabilities to save everyone. A lender or a servicing company may inform a borrower they are not agreeable to a change in loan terms unless the borrower is behind on their mortgage payments. This may be overturned with an Attorney’s representation.
Loan modification negotiation is a complicated process that requires the understanding of all applicable laws as well as all the details and options relating to mortgages. Additionally, when you are negotiating with a bank, having a lawyer as your representative gives you much greater leverage since you also have the option of defending a foreclosure action which most banks would prefer that you avoid.
There are a lot of people and companies out there who are taking advantage of homeowners facing financial troubles. You’ll see entities that call themselves “housing counseling agencies” or offer help with mortgage or loan modification. They may even be sponsored by the U.S. Department of Housing and Urban Development (HUD). While some are legitimate, many are scams. Additionally, many of them are not lawyers and they cannot help you with bankruptcy filing or any other legal issues such as defending foreclosures. There are many non-lawyer services that offer assistance with loan modification, but they can’t help you file for bankruptcy if that’s what you need to do and more importantly are not licensed within the state of Indiana to defend a foreclosure. As a result, it’s in their interest to steer you away from bankruptcy or foreclosure defense, even if it ultimately makes sense for you to do so.
A Loan modification may be the best option to help stop foreclosures on your home. We, at Schiller Law Offices , will make sure you understand all of your options including loan modification, short-sales, defending foreclosure, or filing bankruptcy.
The earlier someone gets Schiller Law Offices involved, the better their chances are of negotiating a fixed rate and a payment that they can manage. Call Schiller Law Offices today and we will provide you with a free assessment of your case. We will also advise you on other options such as Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, Foreclosure Defense, and Short-Sales. We will make sure you will be able to keep your home. The sooner you call, the safer your home will be.
Schiller Law Offices is a law firm that is experienced in handling loan modification matters and understands the current and pending legislation that affect homeowner’s rights throughout the state of Indiana.
We serve clients who are in need of obtaining a loan modification or need assistance in defending foreclosure in Indiana including Indianapolis, IN| Carmel, IN | Noblesville, IN| Fishers, IN | Plainfield, IN | Greenwood, IN | Franklin, IN | Richmond, IN | Anderson, IN | Muncie, IN | Marion, IN | Kokomo, IN | Lafayette, IN | Terre Haute, IN | Bloomington, IN | Columbus, IN | Martinsville, Lebanon, IN | Ft. Wayne, IN | Evansville, IN | South Bend, IN | Hammond, IN | Gary, IN | Hammond, IN | Bloomington, IN| Zionsville, IN | Frankfort, IN| Elkhart, IN | Lebanon, IN | Shelbyville, IN | and the counties of Marion County, IN | Hamilton County, IN | Boone County, IN | Hendricks County, IN | Morgan County, IN | Johnson County, IN | Shelby County, IN | Hancock County, IN | Madison County, IN | Allen County, IN | Bartholomew County, IN | Elkhart County, IN | Henry County, IN | Vanderburgh County, IN