Mortgage modification becomes necessary when a homeowner cannot make the monthly payments that were initially agreed upon. Any number of circumstances can arise to where this would become a reality. Although modifying mortgage payments is possible, there are some things to know about the process.
Laws on the Books
The Mortgage Assistance Relief Services Rule has been in effect for several years now. This rule essentially makes it mandatory that companies dealing with modification must disclose all pertinent information about the alteration to the client before it can actually be made. This allows consumers to make the best financial decision possible.
Laws Regarding Attorneys
It can be highly beneficial to hire a lawyer to help mediate conversations with your loan provider to help increase the likelihood of getting a more favorable arrangement. Attorneys who take on this work need to be qualified in four separate areas.
- They need to actively practice law
- They need to be fully licensed in the state of Wisconsin
- They need to comply with all state laws concerning mortgage modification
- They need to put any client fees into a trust account
It can seem daunting to try to ask your lender for a modification on your own. Have someone in your corner by contacting The Law Offices of John A. Foscato in Green Bay at 920-432-8801.