A home is a person’s most valuable asset.  It only makes sense that you would want to protect your asset. If you are falling behind in your mortgage payments or facing foreclosure, a loan modification attorney can protect your interests and help you stop foreclosure through loss mitigation.  Loss mitigation is a process that the lender and the federal government have gotten together to help homeowners find other options to keep their homes.

Loss Mitigation Process

Since most homeowners are not familiar with the loss mitigation process, it is extremely important that they hire a real estate attorney who can guide them through the process easily and quickly. You may only get one opportunity at loss mitigation so you want to do it right the first time. An attorney is experienced with negotiating loss mitigation resolutions with lenders and have a greater success rate than a homeowner who attempts to do so on their own.

Loss mitigation involves the following alternatives to foreclosure:

• Reinstatement
• Payment program
• Forbearance
• Deed in Lieu
• Short Sale

A mortgage modification can take 3-6 months to get approved. The attorney will prepare the application, authorization, hardship letter and submit the financial information required by your lender to help you negotiate the best rate and terms for your modification.

Why Choose a Real Estate Attorney to Help?

Real estate foreclosure defense attorneys can help negotiate the right solution for your financial situation by introducing you to programs that can help save your home. They also can represent you in court proceedings, write letters on your behalf and prepare the proper documentation as well as explain all your legal options to save your home from foreclosure.

Can You Afford a Lower Payment?

If you can afford a lower payment, then a mortgage modification is the right choice to save your home. A loan modification attorney has many years of experience negotiating with lenders, and knows how to get your payments lowered to ones that you can afford so you can keep your home.

If you don’t think you can afford a lower payment, the attorney can find another solution for you. A short sale may be the appropriate option in that case. The short sale takes awhile to get approved, but your attorney can negotiate that you just walk away after the closing without owing your lender any more money.  This way you can focus on more important things in your life.

It’s foolish not to at least speak to a foreclosure defense attorney .Many offer free consultations or reduced rates for initial consultations. Why risk losing your home when a foreclosure defense attorney can help you keep it or at the very worst delay the foreclosure proceedings so you can stay in your home and not have to make any payments.