Modifying your mortgage is a great way to get yourself out of a financial strain and get a loan payment that you and your lifestyle can handle. Unfortunately, the process is not easy and many people give up when faced with the numerous challenges. Hiring a bankruptcy attorney in Bucks County like William D. Schroeder, Jr. can help you through this process and ensure that you overcome these challenges with the help of an experienced professional. Take a look at some of the common challenges of the mortgage modification process below.
Unclear Rules
Many times when people have their mortgage modification application rejected, they are not told the reasons why. To make matters worse, many lenders will not suggest alternatives or provide any assistance for the situation. This lack of understanding can make it very difficult for mortgage payers to obtain a modification and learn from past mistakes, which is a big reason why having a professional guide you through the process is essential.
Multiple Investors
Despite the fact that mortgage applications are filed with lending banks, many of these banks sell these mortgages to investing banks. There are many different kinds of investing banks and it can be difficult to determine who actually has the final say on your mortgage modification application since typically the lending bank is the only source of which you will have access.
Foreclosure
Even when a mortgage modification application is still in the process of being reviewed, some banks will proceed with foreclosure. In fact, there have been cases of some clients having their mortgage modification application approved, only to have their home foreclosed months later. In situations such as this, it is necessary to have a professional at your side such as a bankruptcy attorney in Bucks County from our firm.
Lost Documents
As frustrating as it sounds, many banks will lose your paperwork and require you to resend applications or documents repeatedly. There really is no way to avoid this aside from choosing a lender with an excellent reputation, so if you apply on your ownbe prepared to fax and send pay-stubs and other documents multiple times.
The mortgage modification process can be complicated and there are plenty of roadblocks that can get your application thrown out. Having a bankruptcy attorney in Bucks County like William D. Schroeder, Jr. working for you through this process is a great way to ensure that everything goes as smoothly as possible and there are no hiccups along the way. For further questions, give a call at(215) 822-2728 and we will be happy to assist you.