Home Loan Modifications

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Home Loan Modifications

Post  Admin on Wed Oct 27, 2010 5:01 pm

Are you struggling to make your mortgage payments? Working with your lender to secure a loan modification can be a source of real benefit, but there are some pitfalls that you should know. If you are seeking a loan modification, it is important to consult an experienced attorney before seeing us to make sure you are protected.

Common Pitfalls to Watch For
When you are seeking a loan modification, lenders will compare the financial information you provide with the information you provided when applying for the loan. If there are discrepancies, the lender may file a fraud claim against you which could result in an even more critical financial situation.

What You Need to Do
Provided the consulting attorney with copies of all notes and documents related to the loan including:
• Purchase contract
• Title report
• Deeds of trust
• Mortgage
• Truth in lending disclosure
• Loan application
• Credit report

The attorney will review all documents before submitting them to the lender on your behalf. This allows them to ensure you are not incriminating yourself or laying the foundation for a fraud claim to be made against you.

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