If you are struggling to pay your mortgage and are afraid you may soon be facing foreclosure, there are options available to you. A mortgage loan modification may help you bring your mortgage up-to-date and avoid foreclosure. However, a mortgage modification is a complicated process which is why you need to speak to a qualified modification lawyer before reaching out to your mortgage company.
Saedi Law Group employs a full service Loss Mitigation Department to help Georgia consumers modify their mortgage loans.
The department includes a team of loss mitigation specialists, real estate specialists, and loan modification attorneys. Our team has handling hundreds of Loan Modification and Foreclosure Prevention cases and will work with you to receive the results you want.
Why Use A Law Firm to Modify Your Loan: Experienced Loss Mitigation Techniques to Save Your Home
Like most issues that arise today, you are more than able to attempt to handle your loan modification yourself. You are not required to have an attorney to modify your loan however many consumers feel mortgage comfortable retaining a law firm to not only process their modification directly with the lender but to also review the terms of the proposed modification.
A loan modification obligates you to pay a large amount of money, secured by your home. It is critical that you understand all of the terms of the contract.
It is almost always worth the relatively small expense of having an experienced lawyer do a review of your documents before you sign. You will want to make sure you understand the deal you are making, and make sure you can make the payments, since your chances of getting another modification after a default are far less likely.
Unlike the mortgage crisis in 2009 and the loan modification mess that followed, today’s loan modifications can be processed quickly and efficiently. Our firm works with lenders directly on their private loan modification portals to process your modification and ensure that nothing falls through the cracks. Once a modification is approved our team will review terms with you to ensure that you understand the new mortgage loan you are entering into.
Stop a Foreclosure with a Loan Modification or a Chapter 13
If you’re looking for ways to stop foreclosure immediately, it’s important to act fast. The Consumer Financial Protection Bureau stipulates that lenders put a pause on the foreclosure process while your loan modification application is pending, but it doesn’t always happen the way it should, particularly when you’re dealing with your lender on your own and don’t have an attorney involved in the process.
If you have started the loan modification process early then you may be able to modify your loan before a foreclosure occurs.
The good news is that even if you are too late to modify your loan BEFORE the foreclosure you can still file a Chapter 13 bankruptcy to immediately stop the foreclosure process, then apply for a loan modification.
We have many current Chapter 13 clients that modify their loans while in their bankruptcy case.
New Regulations Are Forcing Lenders to Help Those in Forbearance Plans
A forbearance plan is an agreement that allows homeowners experiencing a temporary hardship to make a reduced mortgage payment (or no mortgage payment at all) during the plan’s term and is aimed at helping homeowners get their financial footing.
Hardships related to COVID-19 are causing millions of Americans to look at a forbearance plan as a way to stay in their homes and avoid foreclosure.
If you receive a forbearance plan, you will eventually have to repay any amounts that were not paid during the plan. Right now, many homeowners are confused about how they’ll be required to pay back the amounts not paid while on a forbearance plan.
There are several options for dealing with these missed payments during the forbearance period:
Option 1: Reinstatement
A reinstatement means that you pay the total forbearance amount all at once.
Option 2: Repayment Plan
A allows you to bring your mortgage current over a period of time (up to 12 months). A repayment plan is an agreement that provides you with an opportunity to repay the forbearance amount on your mortgage by making additional monthly payments along with your regular monthly mortgage payments.
Option 3: COVID-19 Payment Deferral
A COVID-19 payment deferral allows you to bring your mortgage current by delaying repayment of forbearance amounts without changing other terms of your mortgage. This option may be available if you cannot afford a reinstatement or repayment plan. You will not be charged interest on the forbearance amounts, which will be due and payable at the maturity of the mortgage loan or earlier whenever you sell or transfer of the property, refinance the mortgage loan, or pay off the interest-bearing unpaid principal balance.
Option 4: Loan Modification
A loan modification will permanently changes the terms of your original loan. It is intended to make your payments or terms more manageable, and typically results in a lower monthly payment.
Option 5: Refinance
If you have resolved or are in the process of resolving your forbearance plan, you may be eligible to refinance your loan.