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  • A home loan lawyer can make all the difference

    It doesn’t matter who the home owner is or what the details are of their particular situation, every home owner who has come to the realization that their ability to maintain their original mortgage agreement has been compromised by a major life change should seek help to protect themselves and save their home by applying for a home loan modification program. That application needs to be in the works right now, period. Every day that goes by is another day that could be used to save your home, which is why both time and opportunity are essential components to succeeding in having the home loan modified.

    Why legal help from a qualified lawyer is the best path to take

    The Home Affordable Modification Program and other Make Home Affordable programs can be an involved, detail-oriented and often complicated application process. Most home owners should avail themselves of the help and assistance that a home loan modification lawyer can provide. Not only are modification lawyers both qualified and experienced at working on home loan modifications, but these lawyers are on top of the issues that surround the programs and eligibility requirements.

    There are a number of resources that claim that it is possible to submit an application and receive the desired result, but this is highly discouraged. In as much as buying the home in the first place was, quite likely, the largest financial obligation the home owner made make in their lifetime, it stands to reason that if paying for it has become too big of a burden, that modifying the original agreement is the next largest financial obligation that same home owner will ever make, and it takes a professional with years of experience to do it correctly.

    Recently, the Federal Trade Commission established some regulations to protect home owners who are suffering a financial hardship and have to modify their home loans in an effort to reduce their monthly payments or their balance owing on the home, or both.

    The ruling states that any company offering home loan modification services is not allowed to receive a fee for those services until the home owner accepts a home loan modification from their lender. The benefit that the home owner has in this environment of financial services relief is that the fees for the modification services can be included in the renegotiated plan, and as such, doesn’t have to come out of the home owner’s pocket. Given that every home owner that (successfully) applies for a home loan modification is short on funds, this effectively reduces the barrier to entry and creates a platform of responsibility for the company offering the service.

    The program started by the FTC is called the Mortgage Assistance Relief Services rule and creates a ban on fees in advance of the negotiated agreement, and outlines that all companies offering this service operate in complete transparency and disclose all pertinent information. If a company is not affiliated with the government or government programs, then that company must also state this, and also warn home owners that an application for financial relief through the government programs may not be successful and that any advice with regards to withholding mortgage payments could result in the loss of their home and subsequent damage to their credit score. Fees must also be disclosed when communicating with the home owner, that the fee doesn’t have to be paid if the negotiated offer is denied or rejected, and that the home owner can choose to stop utilizing the company’s services at any time.

    The Mortgage Assistance Relief Service also prevents any company from making claims regarding the success of applications (in the context of a promise or likelihood), requires those companies to provide refund and cancellation terms, whether or not they have ever performed the services promised, whether legal representation will be made available for the application proceedings, alternative programs, and the savings potential of the company’s services.

    It is strongly advised to keep these questions in mind when pursuing financial relief services, regardless of the nature of the service provider. As home loan modification lawyers, we are in the fortunate position and proud to also be required to uphold the code of ethics that govern our industry. We find that this extra layer of protection goes a long way to providing home owners a degree of comfort and peace of mind. Not only are we skilled at this service, but our experiences allow us to bear in mind a wide array of issues facing a home owner’s diverse range of problems, and so we can ensure that the application is submitted successfully.

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