7 Costly Misconceptions About Mortgage Loan Modifications


COSTLY MISCONCEPTION #1: You are not eligible for a loan modification until you are late paying your mortgage. Not true. Your lender or loan servicer will probably give you more attention if you are late, but there's no hard and fast rule. Even people who are current on their mortgages occasionally get loan modifications if they go about it the right way.

You can expect your loan modification to take three to six months and involve a lot of phone calls, e-mails, letters and so on. If you have a never-say-die attitude and are good at making noise, you'll probably get the attention you deserve.

COSTLY MISCONCEPTION #2: Nothing you do will increase the odds of getting your loan modified. Not true. Here's an effective first step: Ask a qualified bankruptcy lawyer to conduct a mortgage audit or review of your mortgage loan documents. If your lawyer discovers that the lender broke the law, the lender will likely work with you to modify the loan before your payments are late. When a mortgage lender faces a lawsuit because it violated lending laws - and knows that you're already working with a bankruptcy lawyer - the lender will probably give you a favorable loan modification.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fonfrias Law Group LLC. | Attorney Advertising

Written by:


Fonfrias Law Group LLC. on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.