Can a Lawyer Help You Get a Mortgage Modification?
Many people end up filing bankruptcy petitions because they fall behind on their mortgage payments and can't foresee a way to get caught up. For most people, a Chapter 13 or Chapter 7 bankruptcy petition may be the best way out of a tight spot with their mortgage companies. Nevertheless, it is always a good idea to first try to negotiate a mortgage modification with your mortgage lender.
You are not required to hire an attorney to help you with mortgage modification, but it is a good idea. There are many legal issues which require a trained legal eye to consider. Lenders often require homeowners to sign a release of any and all legal claims related to the loan as a condition of the loan modification. It makes sense to have your mortgage reviewed to make sure you are not waiving important claims or rights.
Beware of Scams! Thousands of homeowners across the country have fallen victim to loan modification scam artists, losing their money and homes in the process. These outfits are not law firms and are not bound by the strict legal and ethical rules that a licensed Michigan attorney must obey.
A good bankruptcy lawyer should help you try to negotiate a mortgage modification as part of the services he or she provides in the period before you decide whether to file a bankruptcy petition. We know who to speak to and how far the lenders will bend.
There are four primary types of loan modifications that may be available:
- Reduction of your interest rate
- Forgiveness of the past-due amounts
- Conversion of the past-due amounts back into principal
- Reduction of the principal amount due
At the small southeastern Michigan law firm of The Shaw Group, P.C., we are available to negotiate on our clients' behalf with their mortgage companies. We attempt to reach an agreement with your lender on a mortgage modification. If we are unsuccessful, we can continue to give advice about other debt relief options, up to and including bankruptcy.
We have more than 20 years of experience representing southeastern Michigan families who are facing serious financial troubles. Our law firm is led by attorney Edward Shaw, a seasoned lawyer who is a member of the National Association of Consumer Bankruptcy Attorneys. Mr. Shaw works directly with each client of the firm, providing practical and reasonably priced advice about home loan modifications and bankruptcy petitions.
Contact us today to schedule an appointment at one of our four Michigan offices: in Ann Arbor, Novi, Livonia or Plymouth.
