To help homeowners avoid foreclosure, state and federal law often requires lenders and servicers to offer loan modifications to qualifying borrowers. Federal programs like the Home Affordable Modification Program (“HAMP”) are designed to get monthly mortgage payments down to an affordable amount (HAMP aims for your payment to be 31% of your income).
While the concept is simple, the process often is not. Loan modifications require an enormous amount of time and communication with the lender and servicer. Often, documents get “lost in the shuffle” and require follow-up calls.
As a foreclosure defense attorney, one of my services is assistance with loan modifications. As I tell every potential client, unlike many of my other services, you can do a loan modification on your own. But, if you do not have the time or understanding to do it right, you are often better off getting the assistance of a professional.
In need of assistance? Contact me today.