Get Legal Help When Refinancing or Modifying Your Mortgage Loan

Get Legal Help When Refinancing or Modifying Your Mortgage Loan

Low interest rates are continuing to prove attractive to homeowners looking to refinance an existing mortgage. In addition, refinancing can also help you move from an adjustable rate mortgage to a fixed rate mortgage, which gives many borrowers peace of mind knowing what their monthly mortgage payment will be for the long-term.

Homeowners who struggle with paying their mortgages may also be looking into a loan modification as a way to save their homes from foreclosure. Whether you want to refinance or need a loan modification to stay in your home, the assistance of an experienced real estate attorney is essential to understanding the process.

Legal Help for Loan Modifications

The loan modification process is extremely complex and most people find working with a lender directly both frustrating and confusing. If you need a loan modification to save your home from foreclosure, you should consult with a real estate attorney for these reasons:

• As you negotiate with your lender, you could become a victim of dual tracking, which is where the lender continues both the negotiation and the foreclosure process.
• Even if the lender tells you that you are likely to get a loan modification, nothing is final until it is in writing, presented to you and signed. A verbal agreement is no agreement at all, and you can still lose your home.
• An attorney can help present the best possible case for modification, ensure all the necessary paperwork is executed properly, and is often more successful than you would be on your own in negotiating with the lender and getting you the best possible deal.
• Lenders are more inclined to pay attention to a loan modification request when an attorney represents the borrower.

Legal Help for Refinancing

While refinancing an existing loan is not as complex as a loan modification, it is still a complicated procedure involving several legal documents. Lenders are required by law to provide you with these documents, including a Truth in Lending Statement that provides details on the new loan’s annual interest rate, the amount being financed, details on your monthly payments and information on what you will have paid in total during the life of the loan. An experienced real estate attorney can help you make sense of these legal documents and represent you for the closing of the loan.

Jurado & Farshchian, P.L. assists homeowners who are dealing with distressed loans, refinance transactions. and foreclosures. Contact one of the experienced Florida real estate attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com.

 Share

The post Get Legal Help When Refinancing or Modifying Your Mortgage Loan appeared first on Jurado & Farshchian, P.L. Business Lawyer, Real Estate Lawyer, Immigration Lawyer.