How To Find The Right Loan Modification Attorney

So, you have decided that it is best to hire a Real Estate Attorney But, it’s probably the first time you will have encountered one. If so, what do you need to look for in a loan modification attorney?

Hiring a loan modification attorney can have many advantages. They can fight to get you a lower interest rate; lower your total mortgage payment; re-amortize the loan to include any past due payments; have interest that may have been negatively accrued waived; get your loan balance reduce; or have your mortgage rate fixed if it is currently adjustable.

Even with all of the potential benefits that come with a real estate attorney, there are some other things that you should look for:

Your First Consultation
When you first meet a prospective attorney, it should only last a couple of hours, tops. In addition, you should be able to find a mortgage loan modification attorney who is willing to give you a first consultation for free. In your first meeting, ask them for a detailed fee list for their services. Many modification attorneys will work with you for a flat rate. This is preferable since you can know ahead of time what to expect to pay them.

Ask for Prior Results, Future Expectations
Talk is cheap. Ask them to give examples of prior successes with loan modifications. If you can see evidence of positive outcomes for others, you can feel a little more confident that your case will be handled the best way possible.

Once you have an idea of what they have done in the past, ask them to lay out what your future holds. Request a written a plan of attack from your attorney. It is perfectly reasonable to want your expectations of the process to be laid out before you.

Ask Them to Explain RESPA and TILA
While it’s your attorneys job to understand the law, it’s not a bad idea to ask them to explain applicable real estate law to you. Having at least a layperson’s understanding of the subject is a good idea. The Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) are two important pieces of legislation. Have your mortgage loan modification attorney give you at least the basics on each so are armed with the knowledge.

Hiring an attorney not only levels the playing field in your fight to get your head above water in your finances, it’s also a load off of your back. You can have the piece of mind that an expert in the field is working on your behalf.