If you are facing a possible foreclosure or about to fall behind on your mortgage payments and are interested in keeping your home one of the best options to consider is a loan modification. Loan modifications allow homeowners who are struggling to afford their mortgage payment to become or remain current on their payments either through extending the loan, lowering the interest rate or various other methods. While a loan modification is something an individual can apply for on their own, the process can be time consuming and take months before it is completed. Accordingly, it is in the homeowner’s best interest in most cases to obtain assistance with the process.
The Risk with Loan Modification Companies
You can get an out of state loan modification company to help you; however, we have found that many non-lawyer modification companies can charge significant amounts of money while not providing much if any help. These companies have also been the target of numerous lawsuits and you should check with the Better Business Bureau before hiring one of these companies. Most importantly it can be very hard to recover your funds, and hard to reopen your case if your property is now scheduled for sheriff’s sale because the company you hired has not provided adequate service. For this reason, we recommend if you are going through the loan modification process in Ohio that you hire an attorney licensed in the state of Ohio to help you through the process.
Help Beyond Completing the Loan Modification Process
In addition to just helping complete the loan modification process, our firm can provide additional assistance that is crucial in the case that you are unable to get your loan modified. These services include defending any foreclosure litigation, attempting to bring federal litigation against the banks to right any wrongs you may have suffered from their handling of the loan, and working to secure a cash for keys, deed in lieu, or short sale to preserve your credit and help prevent having to file bankruptcy.
What Happens if Loan Modification is Not an Option?
If you are facing foreclosure and are serious about saving your home, it is imperative that you take the proper steps to secure a loan modification but also prepare in the case a loan modification cannot be secured. Getting a loan modified is almost always the best way to stop you from losing your home, and an option that should certainly be explored. However, all loans will not qualify to be modified and if you fail to secure a loan modification it is imperative that you have proper representation to help with the other facets of foreclosure defense. If you are behind on your mortgage, have missed a payment or even fear that you may fall behind on your mortgage and will soon be facing foreclosure and want to explore obtaining a loan modification call us today for a free consultation. Alternatively, if you have more questions but still aren’t ready to contact an attorney, check out our information on why it’s not necessary to fall behind on your mortgage in order to qualify for a loan modification.