One way a home loan modification attorney can help is by taking your case from a legal perspective. Many mortgages fall into default because of poor or illegal lending practices, but few homeowners realize it because the terms are buried in legal jargon. A home loan modification attorney can see if there are any violations in your mortgage contract that you might have missed otherwise, and which you can use to tilt the odds in your favor.
Planning your loan modification with an attorney can also give it more direction. A good home loan modification attorney knows how the local market works and what particular lenders look for, so you can create your game plan accordingly. Some can even give you alternatives in case you get rejected, and advice you can use after you’ve been approved.
When choosing a home loan modification attorney, make sure to check for the following:
Experience: You want a home loan modification attorney who has been in the field for at least two years—that’s enough time to get used to the system and build a useful network.
Approach: Avoid those who get started and make promises even before reading your case. A good home loan modification attorney works according to each client’s specific needs.
Availability: Make sure you’re able to reach your home loan modification attorney when you need to. Loan modifications can take time, and you don’t want to waste even more by waiting on your lawyer.
Reputation: Don’t hesitate to ask for references and contact previous clients for feedback. It’s the best way to find out how well a home loan modification attorney can work with you.