Loan Modification Assistance

Negotiating a loan modification - And then re-negotiating the loan

Some things are best left to the experts and loan modification assistance falls into this category. Yes, you could try and negotiate your loan modification by yourself. You could also appoint a dubiously qualified representative to handle your negotiations for you.


However, this may prove very problematic even if your loan modification has been approved. Now, some may consider this a somewhat bizarre assessment. After all, if the loan has been modified, why would anyone have a problem with the mortgage? Is not the issue settled?

Here is some serious information that must be understood: there is no such thing as perpetual financial stability. Free market systems and economic issues can change based on a number of flux factors. That is why you always need the services of a qualified professional in your corner.

One of the key points to having a loan modification approved, the individual must show that his/her financial situation will be able to maintain the new monthly payments. After all, what would be the point of modifying the loan to a new amount that is equally unaffordable?

Clearly, such proof would be based on detailed statements of income. But, what would happen if the loan modification was approved and the individual’s income was reduced several months later? This is not a completely impossible scenario.

A person who is gainfully employed could lose a new job via another layoff. A small business owner could discover revenues declining unexpectedly and rapidly. In both situations, the need for a second loan modification will be required if the inability to afford the retooled monthly payment. This will create an incredibly complex scenario when a new request is required. This is why loan modification assistance needs to be handled by professionals.

Namely, the issue of being able to afford the new monthly payments will be in serious question. And, if one cannot prove the ability to make those new monthly payments, it will be very difficult to compel the lender to modify the loan terms. This means nothing will stand in the way of foreclosure unless and extremely well presented case is put forth. This is why it is paramount to have an attorney represent you in such a situation. 

Without proper and experienced legal representation in a second negotiation phase, the probability of being approved will be very difficult. In fact, it will be made even more difficult if the first negotiation was botched and did not take future negotiations into consideration. That is why it is key to work with an attorney in the loan modification process from the start.