The crash of the mortgage market brought with it an increase in the number of foreclosures brought against homeowners. Facing the loss of your home can be frightening, but there are some simple things that you can do to help preserve ownership of your property.
Mortgage modifications allow your lender to alter the original terms of your loan to help you retain possession of your home. Pursuing a mortgage modification can be a challenging process. Having the assistance of an experienced real estate attorney to guide you significantly improves your ability to achieve a successful outcome.
Here are three ways that having the assistance of an attorney can simplify the mortgage modification process and help you save your home from foreclosure.
1. COMPLETING PAPERWORK
In order to apply for a mortgage modification, you must submit an application to your lending company requesting a financial review. The application process is arduous, and you must ensure that you complete the paperwork accurately in order to guarantee that your application will be reviewed in a timely manner.
Partnering with an experienced real estate attorney gives you the ability to rely on a knowledgeable advisor when it comes to filling out your mortgage application. Your attorney will help you determine your eligibility for all the various mortgage modification programs, complete your application accurately and collect any supporting documentation (like pay stubs, IRS forms proving income and other loan documents) that your lender may require.
Eliminating mistakes in your application by having an attorney assist you with the process allows you to easily pursue mortgage modification and save your home from foreclosure.
2. ELIMINATING DUAL TRACKING
It's essential that you know your rights as a homeowner when pursuing a mortgage modification. According to federal mortgage servicing rules, lenders cannot continue to pursue foreclosure on a property that is being considered for mortgage modification — a process commonly referred to as dual tracking.
Once you have submitted your application for a loan modification, your lender should cease all foreclosure activities until your pending application has been fully reviewed. If you are still receiving foreclosure notices, then having an attorney to help you communicate with your lender and safeguard your rights can be beneficial to the success of your case.
An experienced real estate attorney will monitor both your loan modification application and the foreclosure process to ensure that dual tracking isn't occurring and compromising your ability to save your home from foreclosure.
3. APPEALING A DENIAL
The last thing you need when facing foreclosure is notice that your application for a loan modification has been denied. Finding out that your application has not been approved can be disheartening, but with the help of an experienced real estate attorney you can identify if your request for a loan modification was denied by the loan servicer in error.
By reviewing your qualifications and the justification provided for the denial, an attorney can help you pursue an appeal in an effort to save your home from foreclosure. Your attorney will be able to showcase why your mortgage lender was erroneous in denying your application and help you secure the loan modification you need through the appeals process.
If you are currently facing foreclosure, McGookey Law Offices can serve as a valuable ally in helping you secure a mortgage modification and save your home. An experienced real estate attorney will examine your options, determine if a mortgage modification is the best course of action and help you complete the application process.
Contact McGookey Law Offices to discover some simple ways that you can work together with an attorney to save your home from future foreclosure.