There are all sorts of loans. Car loans, student loans, small business loans…the list goes on. But the one that individuals seek the most assistance with is a home loan. Falling behind on mortgage payments isn’t all that uncommon. Sadly, homeowners still feel a sense of shame when they default on their mortgage and tend to wait until it’s too late to remedy the situation. 

If you’re struggling to stay current on your mortgage, or have received a notice of delinquency, a loan modification could help you reduce your payments and possibly avoid foreclosure. It is best to act quickly before the situation becomes dire. Typically, the longer you wait the less flexibility you will have when negotiating the terms of your mortgage.

You must seek the assistance of an experienced loan modification attorney before contacting your lender. They will be able to assess the details of your loan and offer invaluable insight.

What is loan modification?

Simply put, when a borrower falls behind on payments, a loan modification helps to permanently restructure the terms of the loan so the individual can successfully fulfill their financial obligations to the lender. While modifications can be made to any type of loan, secured loans such as mortgages are the most common.

Since the situation is time-sensitive, it is important that you know what questions to ask your loan modification lawyer in the event you decide to move forward. Remember to be selective when choosing an attorney. Make sure they are best suited for your particular set of circumstances. During the screening process be sure to ask them these questions.

How much experience do you have of a loan modification?

Any attorney or law firm that claims to specialize in loan modifications or foreclosure law should be able to adequately answer this question, but it is worth asking all the same. Your home is arguably the largest investment you’ll ever make. Be sure to hire a loan modification attorney that will fight for you, your family, and home, to realize the best outcome. 

Have you ever negotiated with a Mortgage Company previously? 

Some mortgage companies are more challenging to negotiate with than others. Ask the loan modification attorney if they have ever successfully negotiated a modification plan with your particular mortgage lender. If they have, then it may be easier for them to get you approved for a modification. 

How much do you charge?

You certainly don’t want to let this question go unanswered. The loan modification lawyers' fees can accumulate quickly. If you are already in a tight financial spot, be sure that hiring them won’t exasperate your already fragile financial state. Most attorneys will agree to work with you to find an agreeable dollar amount. Be sure to ask about any hidden fees like faxing items, writing letters, etc. You don’t want to get surprised by unpaid legal fees down the road.

How long will the process take?

Mortgage lenders can be sarky. They may intentionally prolong the negotiation process in an attempt to run down the clock and foreclose on you. This is rare, however. An experienced loan modification lawyer will ensure this doesn’t happen. They can help you buy more time and delay foreclosure until an agreement has been met.