In Maryland, consumers who are facing foreclosure have several options to avoid this law action. Among them are bankruptcy, quick sales, and loan modification. To restart the mortgage loan, however, consumers often choose a loan modification. The following are details about what to expect from loan modification lawyers in Hagerstown offering this form of legal assistance.
A Review of the Mortgage
The first step of a loan modification is to identify any predatory practices that are included. These terms are against federal laws and could lead to hefty fines for lenders. Upon the discovery of these terms, the attorney can take immediate legal action against the lender. This could provide the consumer with a more affordable loan product overall.
Modifying the Payment Values
If the lender didn’t establish affordability, the attorney can request a modification for the loan value. All loans must be based on the consumer’s ability to pay. If they cannot afford the loan, the lender must deny them access to the funds. By violating this law, the lender must provide the consumer with a more affordable loan product or face penalties.
Exploring Interest Rates
Loan modification lawyers in Hagerstown explore interest rates that were available to the borrower when they accepted the loan. If a lower interest rate was available, the lender must follow federal laws and provide this lower rate. If they violated the loan, the attorneys can demand a modification of the mortgage to reflect these rates.
Eliminating the Late Charges for Now
In these circumstances, the late charges and additional finance fees are often moved to the end of the mortgage. This gives the borrower a clean slate and gives them more time to correct existing issues. It can also improve their credit score if the lender removes the original loan from their reports.
In Maryland, consumers facing foreclosure acquire access to loan modifications based on the violation of federal laws. They can also acquire this option through their attorney who files a request to avoid foreclosure. Consumers who need to speak to loan modification lawyers in Hagerstown can visit Law-margulies.com and acquire more details about these opportunities and cases today.
