At The Law Offices of Richard B. Rosenblatt, PC, we are committed to helping people obtain fair and reasonable mortgage modifications as an alternative to foreclosure. During the foreclosure crisis, a number of programs were created by the federal government to help homeowners stay in their homes. Many were simply left holding the bag when the market dropped off. Others were subjected to unfair lending practices and even fraud. Still more had borrowed responsibly but could not withstand plummeting home values.
Unfortunately, many banks and mortgage lenders were reluctant to work with their borrowers at first. Today, most lenders have become more willing to work with homeowners to solve mortgage problems. Keep in mind, however, that the sooner you ask for a loan modification, the more options will be available.
We have the experience to spot potential traps and pitfalls in advance so we can make sure the loan modification we negotiate for you is really workable for you. Contact us online or call 301-637-0402 to schedule a free initial consultation with a lawyer who has handled numerous loan modifications before.
Working With Your Lender to Protect Your Home From Foreclosure
What is a loan modification? In negotiations with your lender, we will seek changes to important terms in your existing mortgage, such as the interest rate and monthly payment. Depending on the exact changes, you should end up with a lower interest rate and/or a lower monthly payment — with no ballooning payments.
One common loan modification solution is to roll your past-due payments into the balance of your loan and then recalculate your payment at a lower interest rate. As a result, you are no longer considered in arrears and can pay off missed payments over the course of the loan. You may even end up with a lower payment over the entire course of repayment.
At The Law Offices of Richard B. Rosenblatt, PC, we know how to effectively negotiate loan modifications, both directly with lenders and through government foreclosure assistance programs like HAMP and HARP. Our legal team is highly skilled at helping our clients effectively express their need for a loan modification based on specific financial hardship. We have also helped clients arrange forbearance agreements to catch up on missed mortgage payments.
As your advocates, we will provide the informed guidance and dedicated representation you need to get your mortgage terms changed in your favor.
Why You Need an Attorney to Help With Loan Modifications
You may have already tried applying for a loan modification on your own, but were met with confusing processes, complex terminology and miles of red tape. If you are frustrated by being given the runaround or by seemingly countless delays with your application, it may be time to consult an attorney.
We have the experience to determine not only whether you qualify to seek a loan modification but also to ensure that your application is received and considered. We know how to present that application in the way that puts you in the best position to get approval. We will work with you to make sure your application includes all the information your lender requires — and what your lender needs in order to accept your loan modification proposal.
For answers to some common questions about modifying mortgage loans, check out our Loan Modification FAQ.
Get Started With a Free Initial Consultation
If you could afford your house if it were not for unfavorable terms in your home loan, The Law Offices of Richard B. Rosenblatt, PC, may be able to help. Contact us online or call 301-637-0402 to schedule a free consultation about loan modification and other available foreclosure prevention options.