5 Questions to Ask Your Loan Modification Lawyer

Trying to obtain a home loan modification through a mortgage company often proves difficult. There are forms to fill out, faxing and jumping through endless hoops. Then comes the letters claiming you never sent in all the paperwork and the process starts all over again. In addition, terms are often complicated with special rules, prepayments and odd financing terms.. This is where a Loan Modification Lawyer comes into play. They have the experience to know how to go to battle with mortgage companies and get you approved for a home loan modification without all the hassle. However, before hiring a lawyer to help with your modification, ask a few questions that will help you decide if this is the best lawyer for your needs.

1. How much experience do you have with loan modifications? Your home is probably the most expensive item you will ever buy, so it is important to hire the right lawyer who can help get a good modification. Most firms will be happy to contact previous clients and ask if you can call them for a reference.

2. Have you had success with my mortgage company and if so with how many cases? Some companies are more difficult to work with than others. The attorney you are choosing may have had lots of success working with one company but not so much with yours. If he already knows how to get through the hoops of your company, it is more likely your modification will be approved. In addition, your lawyer would have the names of people he needs to contact in your mortgage companies chain of command which speeds up your modification.

3. What are your fees? Lawyer fees can creep up real fast and result in a high unexpected bill. Most attorneys have a flat fee for their mortgage services such as foreclosure assistance and modifications. Knowing the fees up front saves any surprises later. Also verify if there are any hidden fees such as costs for copying paperwork or faxing items.

4. How long will the process take? Mortgage companies will only wait so long on a loan modification before wanting to claim the property. If the process has run into issues, a loan modification lawyer can generally buy you more time before the company proceeds with foreclosure. It is important to know this upfront.

5. How do you know if you will be able to help me? They should be able to tell what they look for in order to help a client. They generally have a set list of criteria that tells them whether or not they can assist a client, such as how late their mortgage is. The more information you can get, the better to help decide if you should hire the firm.

If you live in Great Neck, Nassau County, Suffolk County, Queens or New York, contact us at Radow Law Group,P.C. for a free consultation. Help is available for those who are in need of a loan modification.

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  • Radowlaw Team