In Maryland, consumers facing serious issues such as foreclosure need legal assistance. Through an attorney, they can acquire help to prevent the loss of their home. The following are details about how a Bowie loan modification attorney can help consumers facing these circumstances.
Reviewing the Loan Contract
The first step for acquiring a loan modification is to review the loan contract. The attorney determines if the lender added any predatory terms to the contract. These terms often indicate that the consumer couldn’t afford the loan in the first place. They could also indicate that a better interest rate was available, but the lender failed to provide these rates to the consumer. If any of these terms are discovered, the attorney can demand changes immediately.
Identifying a Financial Hardship
Another option acquired through a Bowie loan modification attorney is a release from the mortgage. The consumer’s inability to pay the mortgage defines a hardship. Typically, the reasons for the hardship is the loss of their job or serious reduction of their wages. The attorney can acquire loan forgiveness and eliminate the debt entirely.
Negotiating for More Affordable Rates
The attorney could also negotiate with the lender to acquire better rates. These rates could present the consumer with a more affordable mortgage payment. The attorney could also get any overdue balances shifted to the end of the mortgage to prevent foreclosure. This action stops the lender from starting the foreclosure process and seizing the property, which prevents the consumer from losing their home.
Starting a Quick Sale
The attorney could also start a quick sale to eliminate the debt for the consumer. These sales allow them to acquire the outstanding balance of the mortgage, which stops the foreclosure process and the damaging effect it will have on the consumer’s credit.
In Maryland, consumers acquire assistance from attorneys when they are facing foreclosure. The attorney provides assistance in change the terms of the loan to make it more affordable. They can also provide opportunities to eliminate the debt entirely.