Many Louisiana homeowners are continuously finding themselves in undesired financial circumstances. The economic decline in the past decade has led to homes being worth less coupled with a decline in income. The falling real estate prices does not help homeowners either. This leaves many Louisiana residents in situations where they believe the only methods of recovering from the situation is to allow their home to get foreclosed upon or subject their property to a short sale; however, alternatives are available.
Mortgage modification is a reasonable relief option for many Louisiana homeowners, but one must look into the matter to become aware of how they may benefit from it. The Louisiana mortgage modification lawyers at E. Orum Young Law Offices can guide you through the process.
Mortgage Modification in Louisiana
The loan approval process for a home is often so tiresome that once you receive an approval, you’re just ready to get the keys to your home; but before that could happen, you’re required to sign off on a pile of documents. This likely included your loan agreement and although adjusting loan details has been difficult in the past, lenders have become more willing to do so as of recent. Altering a loan agreement can include the following:
- Adjusting the length of the loan
- Lowering the interest rate
- Partially forgiving principal on the loan
- Temporarily suspending loan payments
- Capping monthly loan payments
Having any of the previously mentioned actions agreed upon can drastically improve your ability to afford the loan payments on your home and although it isn’t required that you have legal representation during this process, it can be highly beneficial.
The Benefit of Having a Mortgage Modification Lawyer
A Louisiana mortgage modification lawyer can be an asset during the loan modification process. Experienced attorneys are aware of the multiple loan modification options available to you and can explain the pros and cons of each. The process also involves extensive paperwork with seemingly endless legal jargon that can easily confuse the average person. Your lawyer can interpret loan agreement details and explain them to you in understandable terms.
Another primary concern for those considering the pursuit of mortgage modification is the relevance of scammers. Many loan modification frauds are out there pitching the notion of expedited financial relief and debt recovery services to struggling homeowners. Your lawyer can help identify such frauds and steer you in the right direction.
Orum Young Law Offices houses seasoned Louisiana mortgage modification lawyers who can help you recover from your damaging financial situation and negotiate favorable loan agreement terms. Contact us today for a free case evaluation. Our Trial Guarantee ensures that we will take your case to trial per your request.