Do I need a lawyer to get a loan modification, and if so, why?
- Welcome to Bjornson Law Offices, P.C.
We are here to assist the legal concerns of homeowners with stressed loan situations in Montana and Washington. Whether that be a loan modification, short sale, deed in lieu of foreclosure or litigation. Our law firm is here to address the legal needs of homeowners that are suffering as a result of the mortgage and housing crisis. We believe there are clear advantages of working with a law firm when dealing with lenders.
- Why do I need a lawyer?
Many homeowners have collateral issues of which that they may be unaware of, such as bankruptcy and deficiency judgments. Lenders also often require homeowners to sign a release of any and all legal claims based on the origination and servicing of the loan as a condition of the loan modification. It is prudent and responsible to have your mortgage reviewed to make sure there are not relevant claims being waived. For this reason, we perform a detailed mortgage and document review on the file at the beginning of every loan modification. An attorney can facilitate the process by dealing directly with the loss mitigation department which provides a more expedient process.
- What is the purpose of a loan modification?
A loan modification is a permanent change to a loan contract agreed to by both the lender and the borrower. The lender modifies an existing loan in an effort to help the homeowner in a time of documentable hardship. The ultimate goal is to make the loan affordable for the long term. Usually loan modifications come in the form of a rate reductions and fixing the interest rate for a certain period of time.
- Free Consultations (406) 721-8896
Are you struggling with your mortgage? Please provide us with your contact information and our law firm will contact you shortly.
