Mortgage Law, Fraud & Loan Modification
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Loan Modification in Louisiana
If you're like many Louisiana homeowners, your house is worth less today than it was worth five or 10 years ago. And if you're like many in Louisiana, your wallet is probably lighter today than a decade ago. The poor economy combined with falling real estate prices has put many homeowners in a tough spot. But foreclosure or a short sale isn't the only option. You may be a candidate for a Louisiana mortgage modification. Attorneys can guide you through the process.
The Basics of Louisiana Mortgage Modification
When you finalized your mortgage, you probably signed a pile of paperwork agreeing to a long list of terms and conditions. Normally, it's tough to change these details unless you refinance your loan. But in recent years, lenders have become more willing to allow loan modifications—or changes to the details of your home loan.
Among the pieces of a mortgage that can be modified:
- Lowering the interest rate
- Changing the length of the loan
- Forgiving some of the principal—or base amount—that is owed
In some circumstances, lenders will also agree to cap your monthly payment or allow you to temporarily suspend your loan payments.
Reasons to Hire a Louisiana Loan Modification Attorney
Legally you're not required to work with a Louisiana mortgage modification lawyer, but there are a few reasons that you should hire a lawyer if you want to modify your loan.
When you hire a Louisiana loan modification attorney, you get the benefit of the lawyer's experience. The lawyer will be familiar with the available modification options, and the pros and cons of each choice. The attorney will also understand the paperwork that accompanies a mortgage modification, which can often be dense, with a lot of legal jargon.
The loan modification business has become overrun with con men and scam artists. Using a Louisiana loan modification lawyer can also protect you from becoming a victim of mortgage modification fraud. The U.S. Department of Housing & Urban Development warns:
"Are you having trouble with your mortgage? Have you recently lost a job or had a reduction in income? Are you facing a possible foreclosure? Loan modification scammers are targeting you...Each day, scam artists posing as financial advisors and/or debt relief consultants take advantage of vulnerable homeowners whose homes have been threatened by economic difficulty. These scammers will often make promises that seem too good to be true."
If you think you may be a victim of a mortgage modification fraud, contact a lawyer immediately. With an attorney's assistance, you may be able to reverse the damage and recoup some of your losses.
Find & Hire a Louisiana Mortgage Modification Attorney
If you want to modify your home mortgage or think you're possibly the victim of a loan modification scam, you must hire a Louisiana mortgage modification lawyer immediately. And if you need help finding a local lawyer, then Attorneys.com can help. We offer a free, no-obligation service that can quickly connect you with a local loan modification lawyer, whether you live in New Orleans, Shreveport, Baton Rouge or elsewhere in the state. To get started, call us at 877-913-7222 or complete the form on this page. We'll ask you a few easy questions, then quickly connect you with an attorney in your area.