Mortgage Law, Fraud & Loan Modification
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Loan Modification in Massachusetts
Are you late on your home loan payments? Is your home worth less than your mortgage? Are you having trouble affording your monthly mortgage bill? If you answered yes to any of these questions, you may be a candidate for a mortgage modification. A Massachusetts loan modification attorney can guide you through the process of changing your mortgage so you can avoid foreclosure and remain in your home.
Massachusetts Loan Modification Basics
If you're struggling to make your mortgage payments, you've probably realized that you run the risk of foreclosure unless you can find a way to reduce your monthly bill. But lenders don't make it easy to refinance a loan—particularly if your credit is less-than-perfect.
Fortunately, you have another option: mortgage modification. When you modify your home loan, the lender is agreeing to change at least one aspect of the loan, resulting in lower payments. Your lender may agree to modify:
- The interest rate
- The amount of principal you owe
- The length of the loan
Changing any of these elements will lower your total monthly payment. Your lender may also be willing to temporarily stop your monthly payments if you simply need a little time to get back on your feet.
A Massachusetts loan modification lawyer can review your mortgage as well as your finances, determine your home's current value, calculate how much you can afford to pay and help you obtain a mortgage modification. Learn more about navigating the loan modification process.
Avoiding Massachusetts Mortgage Modification Scams
Legally, you do not have to hire a Massachusetts mortgage modification attorney to help get your loan changed. But homeowners who try to do it themselves run the risk of getting scammed by criminals and con men who are eager to take advantage of desperate homeowners. The Massachusetts Attorney General warns:
"The Attorney General's Office has also seen misleading advertisements that promise false success rates to help consumers avoid foreclosure or obtain a loan modification. Individuals or businesses will illegally solicit the payment of advance fees for loan modifications or other foreclosure avoidance services....Add to this, some of these advertisements have come from companies claiming to be affiliated with the government or a bank, when in fact that is not the case. Be suspicious of anyone who approaches you by letter, by phone, or who simply shows up on your doorstep."
Questions to Ask When Hiring a Massachusetts Loan Modification Attorney
Before hiring an attorney, you'll want to interview each Massachusetts mortgage modification lawyer you're considering for the work. Most attorneys offer a free or low-cost initial consultation, which is a brief meeting intended to help you learn more about the lawyer and tell the lawyer a bit about your problem.
Come to the meeting with a written list of questions you'd like to ask. Also bring some writing material so you can take notes. Focus your questions on topics that help you decide whether to hire the lawyer. Questions to consider include:
- How long have you done mortgage modification work? Are all of your clients seeking loan modifications, or do you also do other types of legal work?
- Where did you attend law school? How long have you been in practice?
- Are you the only person who will handle my mortgage modification or will other lawyers or paralegals work on it, too? Can I meet those who will be involved?
- How often should I expect to receive updates from you? Are you most easily reached by phone or email?
- How much do you charge for your services? What is the total amount I can expect to pay, including legal fees, expenses and other costs?
Find & Hire a Massachusetts Mortgage Modification Attorney
If you're ready to start fixing your mortgage problem, then now is the time to hire a Massachusetts mortgage modification lawyer—and you've come to the right website. That's because Attorneys.com offers a free service that can quickly connect you to attorneys in your area.
To use our service, call us at 877-913-7222 or fill out the form on this page. After you answer a few simple questions, we'll match you with a local Massachusetts loan modification attorney.