Columbus Mortgage Modification Lawyer
Many families today live from paycheck to paycheck to keep up with their bills, and the dream of home ownership can too easily be shattered by an illness, job loss or other setbacks that put homeowners behind on their payments. Sometimes a home started out as affordable, but a reset in an adjustable mortgage rate put the monthly payment out of reach. A foreclosure, short sale, or bankruptcy are all options of last resort that could leave you without a home. Before you let that happen to you, consider whether you might benefit from a modification to your mortgage that makes your monthly loan payment more affordable. Modifying a mortgage is not impossible, but it takes knowledge and expertise to negotiate and navigate the process successfully. The foreclosure defense attorneys at Kohl & Cook have that knowledge and expertise and have successfully helped others in your situation benefit from a loan modification and save their homes. If your mortgage payments have become unmanageable and foreclosure seems like it is right around the corner, call our experienced Columbus mortgage modification lawyers today.
A Loan Modification Can Make Your Home Affordable
In a loan modification, you negotiate with the lender to change the terms of your mortgage so that your monthly payment is more affordable. There are many different ways a mortgage could be modified, including:
- A lower interest rate
- A reduction in the remaining balance on the principal
- An extension of the loan repayment period
- Merging past due payments into the overall amount of the loan
- A lower monthly payment
Banks are often receptive to mortgage modifications because of the alternatives, such as the homeowner filing for bankruptcy or the lender having to go through the time and expense to foreclose. Banks would often rather have a steady paying customer, even if it means lowering the amount owed overall. Not all lenders appreciate this fact, however, and successfully negotiating a loan modification that works for you requires legal help and expertise.
How Kohl & Cook Can Help
We’ll start by reviewing your mortgage and financial situation and determining whether you might qualify for a mortgage loan modification. We know how to analyze the factors that matter and prepare a solid case that shows you are eligible for a modification and could successfully meet the proposed modified payments. We’ll prepare and submit your application to the lender, shepherd your application through the process, and negotiate with the bank to find a solution that works for you. Lenders are required by law to consider a properly filed application. If they refuse or if they don’t handle your application properly, we can hold them liable for their mistakes under a federal law known as the Real Estate Settlement Procedures Act (RESPA) that governs how settlement service providers deal with loan modification requests. Banks are powerful institutions. The Kohl & Cook Law firm has the knowledge, skills and experience you need to level the playing field and negotiate from a position of strength.
A Properly Submitted Loan Modification Application Halts a Pending Foreclosure
If you have a mortgage modification application pending, the lender cannot by law file a foreclosure action until it has resolved your loan modification application. If the bank denies your request for a modification, you have the right to appeal the decision, and the lender must consider and decide on your appeal. Going through this process can add months before the bank can file a foreclosure, giving you time to resolve your financial issues and figure out your options, even if you don’t ultimately get the modification you were looking for.
After an attempt at loss mitigation such as a mortgage loan modification, the lender must give you the opportunity to accept or reject all options before foreclosing. If they fail to do so, they can be held liable for lost equity, attorney’s fees and damages.
Even if a foreclosure has already been filed, you might still have time to apply for a loan modification and halt the foreclosure process while your application is pending. This is a complicated area of the law, and there are many legal requirements that apply for eligibility. The attorneys at Kohl & Cook can advise you on whether you are able to pursue a loan modification after a foreclosure has been filed.
Contact Kohl & Cook Today
Don’t suffer unnecessary stress worrying over money troubles that are keeping you from paying your mortgage, and don’t wait until it’s too late to do something about it. Act now to seek a mortgage loan modification that can prevent or stop foreclosure and keep you comfortably in your home making payments you can afford. Call our experienced Ohio mortgage loan modification lawyers today for a free consultation.