Mortgage Law, Fraud & Loan Modification
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Loan Modification in Alabama
Has the bad economy made it tough for you to make your mortgage payments? Are you concerned about losing your home to foreclosure? An Alabama loan modification attorney can work with your lender to modify your mortgage, reduce your monthly payments and help prevent foreclosure. Alabama loan modification attorneys can also help you if you're the victim of a loan modification or mortgage scam.
Are You a Candidate for an Alabama Loan Modification?
A mortgage or home loan modification allows you to change the original terms of your home loan. With the lender's agreement, the loan can be changed in several ways:
- The interest rate can be reduced
- The interest rate can be changed from an adjustable (floating) rate to a fixed rate
- Penalties and fees can be reduced or removed entirely
- The length of the loan can be extended
- The total principal that is owed can be reduced
- The monthly payment amount can be reduced
You may be a candidate for Alabama mortgage modification if:
- You're unemployed
- You're facing financial hardship
- You're having difficulty making your mortgage payment on time or you're behind on your monthly mortgage payments
- Your home is worth less than the amount you owe on your mortgage
An Alabama loan modification lawyer can review the specifics of your situation, explain the Alabama loan modification requirements and help you decide which type of mortgage modification program is right for you.
Avoiding & Addressing Alabama Loan Modification Fraud
Millions of homeowners have been hard hit by the declining economy and falling home prices. Unfortunately, unscrupulous lenders have used this as an opportunity to take advantage of people in desperate situations. The poor, elderly, people with bad credit and non-native English speakers are often targets of mortgage modification scams.
Signs of a potential scam include:
- Foreclosure consultants ask you to pay big fees upfront before doing any work
- A "foreclosure rescuer" suggests you transfer your home's title to them, remain in the house as a renter and then buy back the home
- A mortgage consultant or real estate broker suggests you make your loan payments directly to them and they'll send them on to your lender
- You've signed real estate documents without first reading and reviewing them with an Alabama home loan modification attorney
To keep yourself from becoming a victim, talk to Alabama loan modification lawyers before you agree to a new mortgage or loan modification.
If you think you've been scammed by a lender, foreclosure consultant or real estate broker, you may be able to recoup some of your losses through a civil lawsuit. A loan modification attorney in Alabama can review the specifics of your situation and explain your legal options.
Find & Hire Loan Modification Attorneys in Alabama
Before you sign any home loan modification documents, you should talk to a loan modification lawyer in Alabama. Your attorney can help ensure you get the best possible mortgage modification while also protecting you from scam artists and fraudsters who prey on desperate homeowners.
If you need to find loan modification lawyers in Alabama, you've come to the right website. Whether you live in Mobile, Birmingham, Huntsville or elsewhere in Alabama, Attorneys.com offers a free service that can quickly connect you to a loan modification lawyer in your area. Simply complete the short form on this page or call us 877-913-7222. We'll ask you a few easy questions, then put you in contact with a local lawyer.