Mortgage Modifications

The last several years have seen many people struggling to be able to keep up with their mortgage payments. In response, many are pursuing mortgage modifications, which are permanent changes to the structure of an existing mortgage, usually with the goal of making them more affordable.  Though some people feel comfortable negotiating these changes on their own, the complexity of the legal language and forms ad the importance of successfully staying in your home may make you feel more comfortable hiring an attorney. Whether you need help understanding your rights, want to feel more comfortable while signing new revised contracts, or are concerned that your lender is acting unethically, the experienced mortgage modification attorneys at Reinherz Law can help.

A mortgage modification can take many different forms, all of which have the goal of reducing the amount that you owe each month. Among the available options are a reduction in your interest rate, an extension of the loan’s term length, conversion from a variable interest rate to a fixed interest rate, and even forgiveness of some of the principal balance. The process of modifying a mortgage generally begins with an application to the company to whom you make your mortgage payment, and may require that you also submit documents that prove changes in your circumstances or the reason why you are asking for a modification.  Our attorneys can help you with the application process, helping you assemble all of your supporting information and putting together a compelling argument for allowing you to make the changes you need. We understand how stressful a mortgage modification process can be, so we take the time you need to explain the process and make sure that you understand what is going on at every step along the way.

Although a mortgage modification may seem like the most attractive option, there are other alternatives available that we will also take the time to discuss. These include giving up your property in a short sale or deed in lieu of foreclosure. You may also find yourself needing to fight a foreclosure in court. Reinherz Law has extensive experience in assisting homeowners in these situations, and will go over all of your options with you so that you can make the best decision for your individual circumstances. We will also advise you of your rights in order to make sure that you are protected from unethical or illegal actions on the part of your servicer.

In some cases, homeowners who have applied for a mortgage modification may find that before they have received a decision, their servicer or lender begins a foreclosure action. This is called dual tracking, and it is a violation of federal mortgage servicing rules. Once a lender’s foreclosure process has begun it can be difficult to reverse, so it is essential that you have representation from a mortgage modification attorney who can represent your interests and make sure that you are protected. Reinherz Law’s compassionate attorneys are committed to doing what is best for you and helping you with every aspect of the mortgage modification process.