Many people who experience financial difficulties seek to modify the original terms of their mortgage agreement. Sometimes, a mortgage modification1 may be sought simply to lower a person’s monthly payments. At other times it may be necessary in order to allow a homeowner who is facing foreclosure to keep his or her home. There are many ways that a mortgage agreement could be modified in order to make its terms more favorable to the borrower. These include lowering the interest rate, reducing the amount owed, reducing the monthly payment, or lengthening the term of the loan.
In many cases, hiring an attorney can significantly improve your chances of being able to successfully modify your mortgage. To discuss your situation with one of our Seattle mortgage lawyers, please call our office today at 206-621-1110 or 253-572-1000.
While it is not necessary to retain a lawyer to obtain a mortgage modification, there are some circumstances in which it is highly advisable, some of which are discussed below.
If you are facing foreclosure – If you are facing foreclosure, you should discuss your situation with an attorney. While a loan modification may be able to help, there are also other ways in which an attorney may be able to help you avoid foreclosure and stay in your home.
If you do not understand the terms of your loan – The language contained in most mortgage agreements can be difficult for people without legal training to understand. If you have any questions regarding your mortgage loan agreement, you should talk to an attorney.
If your lender denies your request for modification – If your lender has denied your request for loan modification, you may have the right to appeal. An attorney can often have a significant impact on the outcome of an appeal, so borrowers who are considering appealing an adverse decision should do so with the assistance of a lawyer.
Contact a Seattle mortgage attorney for a free 15-minute phone consultation
For many homeowners, obtaining a mortgage modification can result in a significantly better financial situation and may be the difference between keeping their home or losing it to foreclosure. The Seattle mortgage lawyers of the Dickson Frohlich Phillips Burgess are dedicated to helping homeowners obtain the best possible agreement with their mortgage lender. For a free 15-minute consultation with one of our attorneys, please call our office today in Seattle at 206-621-1110 or in Tacoma at 253-572-1000.