Rejected loan modifications are seen more often than not. There are many reasons as to why this happens, but usually they fall into two categories:
- It was not granted
- The homeowner could not meet the terms set by the lender
The most common reason that lenders feel that homeowners cannot meet their terms is because they disagree with what they think the homeowner can afford to pay so they disagree with the mortgage loan modification. Lenders expect the borrower to meet unrealistic demands and make sacrifices that are unfair, making their budgets tight and living in affordable.
In some cases where the loan modification has been agreed, rejections have come about due to homeowners not being able to keep to their agreed repayments and demands which are overbearing causing constraints on their budget – this usually happens when an unexpected financial problem occurs, for example, a vehicle breakdown or loss of a job.
Incorrectly structured loan modification case
Loan mortgage modification lawyers are highly experienced when it comes to uniting both parties they are able to get a better terms for the borrower by being aggressive in their approach whilst making sure that both lender and homeowner get the best deal. Loan agreements that are specific to the borrowers needs are something else that modification lawyers are able to achieve whilst making sure that the repayments will also be affordable for the borrower from one month to the next.
Not always an unnecessary expense
So although many people will agree that hiring a loan modification attorney is an unnecessary expense, when you look at how many people are actually successful to those who are not, the borrowers that have got their loan mortgage modification completed have hired a loan modification lawyer. So before you try and speak directly with your lender make sure that you way up all of the options that are available to you because you may just find that the only way to stop foreclosure on your home is by hiring a mortgage modification attorney.
Loan Modification Specialists has over 10 years experience of which thousands of Foreclosure cases have been prevented.
We can Stop Foreclosure. We can lower your payments and we have multiple alternatives to help you get your finances back on track. Get Started Today!