Loan Modification in Michigan
Michigan has one of the highest foreclosure rates in the nation. Falling salaries and high unemployment mean that many people can't afford to pay their mortgage. And plummeting real estate prices mean that others are reluctant to put money into a home that's "under water," or worth less than the value of the mortgage. If you fit either of these descriptions, you may be a candidate for a mortgage modification. A Michigan loan modification attorney can review your finances and loan documents, and help you lower your mortgage payments.
Understanding Mortgage Modifications
When you signed your mortgage paperwork, you agreed to borrow a certain amount of money (known as the principal), repay it within a specific amount of time (known as the term) and pay a specific interest rate on the principal's balance.
Normally, if you wanted to change any of these conditions, you've had to refinance your mortgage. But refinancing isn't for everyone. In some instances, there are steep fees to refinance a loan. And if your job situation has changed (you're unemployed or your income has dropped), you may not qualify for a new loan, even if it would result in lower monthly payments. Bad credit can also hike the interest rate.
In recent years, however, mortgage companies have become more willing to offer mortgage modifications, which allow you to lower you loan's interest rate, change the length of the loan or even reduce the amount of principal that's owed. The end result: Lower monthly payments.
But sometimes it's tricky to qualify for these loan modifications. The bank may give you the runaround, deny that you're eligible or simply fail to respond to your requests. That's why many homeowners turn to the experts, including Michigan loan modification lawyers, for assistance.
Reasons to Hire a Michigan Loan Modification Attorney
Legally, you're not required to hire a Michigan mortgage modification attorney to handle your loan modification. But there are a few reasons you should consider hiring an attorney:
- Expertise: Many homeowners have lost their homes to foreclosure while trying to modify their mortgage. It's a tricky process that's best left to the experts. A Michigan mortgage modification lawyer will have worked with countless clients just like you. Your attorney will understand what steps must be taken and help save you as much money as possible.
- Avoid Scams: Unfortunately, loan modification scams are commonplace. Con men make big, impossible promises to lure in victims. But the only who benefits is the fraudster. And homeowners end up losing their hard-earned money and even their homes. When you work with Michigan loan modification attorneys, you have the confidence of knowing you're working with a licensed professional who is bound by certain rules and ethical requirements.
- Peace of Mind: When you hire a Michigan mortgage modification lawyer, you'll have comfort of knowing that you're in an expert's hands. Your attorney will read and review the loan modification paperwork, file all required documentation with the lender and ensure that all deadlines are met.
Find & Hire a Michigan Mortgage Modification Attorney
If you're ready to modify your Michigan mortgage, then it's time to hire a local loan modification attorney. And whether you live in Detroit, Grand Rapids, Warren or elsewhere in the state, Attorneys.com has you covered. We offer a fast and free service that can connect you with qualified attorneys in your area. To get started, simply call us at 877-913-7222 or fill out the form on this page.