Mortgage Law, Fraud & Loan Modification
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Loan Modification in Georgia
The lousy economy, high unemployment and falling real estate prices have taken a toll on Georgia homeowners. Many are struggling to make their mortgage payments and facing foreclosure. Others can afford their loan payments, but have homes that are "under water," or worth less than the value of the mortgage. If you see yourself in one of these descriptions, you may be a good candidate for a loan modification. And a Georgia mortgage modification attorney can help you through the process.
Understanding Georgia Loan Modifications
When you modify—or change—a loan, you're altering at least one aspect of the loan. You may modify the total amount that is owed, the interest rate, the length of the loan or the monthly payment. In some instances, you may even be able to temporarily suspend loan payments.
Why should you modify a mortgage? There are a few reasons:
- You have financial problems and can't afford the current monthly payments
- Your home is now worth less than the full amount of the loan
- Your loan's interest rate is significantly higher than today's interest rates, either because you locked into the rate at a time when rates were higher or because you have poor credit
- You're unemployed or unable to work and temporarily can't afford to make your monthly mortgage payment
If you are facing any of these situations, you may qualify for and benefit from a mortgage modification.
Beware of Georgia Loan Modification Fraud
It's an unfortunate fact, but scam artists and con men are commonplace in the mortgage modification arena. Rather than placing your trust in a fly-by-night company, play it safe and hire a Georgia loan modification lawyer to help guide you through the process.
The Federal Trade Commission warns homeowners to be aware of loan modification fraudsters, writing:
"Fraudsters use a variety of tactics to find homeowners in distress. Some sift through public foreclosure notices in newspapers and on the internet or through public files at local government offices, and then send personalized letters to homeowners. Others take a broader approach through ads on the internet, on television or radio, or in newspapers; posters on telephone poles, median strips, and at bus stops; or flyers, business cards, or people at your front door. The scam artists use simple – but potentially deceptive – messages, like: 'Stop foreclosure now!'...Once they have your attention, they use a variety of tactics to get your money. By knowing how their scams work, the FTC says you’ll be better able to defend against fraud."
The elderly, those with poor credit and non-native English speakers are at greatest risk of becoming the victim of a mortgage modification scam. If you or someone you know may have been victimized, contact a Georgia mortgage modification lawyer as soon as possible. He or she may be able to help reverse the damage and recoup some of your money.
Things to Consider When Hiring a Georgia Mortgage Attorney
Before hiring a mortgage modification lawyer in Georgia, you should schedule an initial consultation, or preliminary meeting, with the lawyer. This brief meeting is usually free of charge and is your opportunity to interview the attorney, describe your situation and find out if the lawyer can assist you. Then you can make an informed decision about whether to hire the lawyer.
Come to the meeting prepared. Bring paper, a pen and a list of questions you'd like to ask. Also bring copies of any paperwork the lawyer may have requested.
Make a list of the questions whose answers are important to you. You may want to ask about legal fees, possible outcomes and the lawyer's experience.
Find & Hire a Georgia Loan Modification Lawyer
If you're ready to hire a Georgia loan modification lawyer, then Attorneys.com can help you. Whether you live in Atlanta, Athens, Savannah or elsewhere in Georgia, we offer a free service that can connect you with Georgia mortgage modification lawyers in your area.
To get started, complete the form on this page or phone us at 877-913-7222. We'll ask you a few brief questions, then quickly connect you with an attorney in your area. You can call the lawyer immediately, or the lawyer will contact you within a couple business days.