Your Loan Modification: Questions to Ask Your Loan Modification Attorney Before You Sign an Agreement

You have just received a complaint: your lender is about to foreclose your home. What do you do now? Calling on your loan modification lawyer can guide you on what you have to do next. Most likely, you may have to try foreclosure defense. This pertains to defending your property against your lender. Before you proceed, ask your lawyer to explain what foreclosure defense is all about. You can also ask your lawyer to file a Motion to Dismiss.

In 23 U.S. states, the foreclosure process is done under the supervision of a judge. During the process, lenders are required to show evidence that they have the right to foreclose your property. This gives your loan modification lawyer an opportunity to examine your lender’s files, look for specific documents, loopholes, and question its employees about the loan. There are basically two documents you sign when getting a real estate property loan – a mortgage and a promissory note. A mortgage is a security interest granted to your bank. This is often recorded at your county recorder’s office. This promissory note is a form of evidence you signed that granted a mortgage to your bank.

These are two of the basic documents your loan modification lawyers will require. If your lender can produce these, it will tell whether your lender really does own the note and mortgage. Questions whether your lender has legal standing to file a foreclosure lawsuit or can they produce the proper evidence to prove a transfer between entities that possesses the loan (in case the mortgage was sold) can also be answered. These issues can affect a lender’s right to foreclosure by delaying it or preventing them from doing so all together. A loan modification attorney who can effectively expose deficiencies of your lender, such as “robo-signing” documents or failure to provide the note, can give owners a chance to live in their houses without paying mortgage for months or even years. Errors done by your lender that were caught by lawyers can stall the process by compelling lenders to prove their case.

There are cases when even lawyers cannot help in getting a loan modified, ask some clients whether or not the attorney offers additional assistance in other foreclosure prevention alternatives such as forbearance, short sale, or deed in lieu of foreclosure. Are you informed about the steps being taken during the whole process of modifying your loan? An attorney is obligated to keep their clients informed, ask if their rights are being upheld while in the care of a certain lawyer. If the attorney acts in a manner not in accordance with the law, you might want to look for another.

The BBB does not recommend your loan modification attorney; it can only supply information to the general public. If you want to have the best lawyer to handle your foreclosure case, it is better to look for one in the most reliable agencies in the country rather than trusting your home to some readily available attorneys who may or may not be fake. The stake on hand is too high that is why you need to be extra careful.

Learn more about Obama Mortgage Relief Plan Qualifications.