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Loan Modification
Backed by 25+ Years of Excellence
Gwinnett County Loan Modification Services for Homeowners
Protect Your Home with Effective Loss Mitigation Strategies
Are you behind on your mortgage payments? Do you think that lowering your interest rates could significantly improve your financial situation? Are you worried that foreclosure could be on the horizon if something is not done, and done fast? First and foremost, know that you are not alone, and the professional Gwinnett County loan modification attorneys at Schuyler Elliott & Associates, Inc. are here to help you.
Loan Modification: Your Best Foreclosure Prevention Option in Georgia
If you are struggling with your mortgage payments, you may modify the terms of your original loan to reduce the payment via a loan modification. The disadvantage to this option is that it may damage your credit, however, less so than an actual foreclosure on your home. By opting for a loan modification, you have the ability to keep your home and avoid foreclosure altogether.
Understanding Loan Modification: Key Benefits for Homeowners
Some examples of loan modification are:
Extending the term of your mortgage
Changing your interest rate from a variable one to a fixed rate
Reducing the interest rate temporary or permanently
A loan modification may work for you if you are unable to refinance and you are facing a hardship that may go on for an extended period of time. With our 25+ years of experience, an attorney for loan modification at our firm can discuss your legal options and discover the best way for you to stop or delay your foreclosure.
Be sure to contact our team right away – time is of the essence in these cases. Call (770) 400-9102 to speak with a loan modification lawyer in Gwinnett County.
New CFPB Regulations: Hope for Homeowners Facing Foreclosure
In the past, you might have heard people claim that there is nothing that can be done to modify a loan and otherwise prevent your losses as you get behind on mortgage payments. It is true that banks and lenders are hard-pressed to budge or negotiate, often backed by detailed contracts, but new forms of regulations may be changing all that.
The Consumer Financial Protection Bureau (CFPB) has recently enacted new mortgage servicing guidelines aimed at assisting homeowners in need. While many of these have not yet been tested in court, we are excited to say that our firm has already prevented a foreclosure based on the lender’s failure to follow the CFPB’s newly-defined regulations.
Navigating the Loan Modification Process with Expertise
Even in the worst-case scenarios, there may be a way to find peace of mind and stability again through requesting a loan modification, especially now that the CFPB is stepping in. No matter how you look at the situation, nothing will be done if you do nothing.
When you team up with our loan modification attorneys in Atlanta, we can help you with all aspects of your request, including:
Reanalysis: We will want to totally reexamine your finances, necessary expenditures, and your loan or mortgage. This also includes collecting clear documentation that can be used as evidence of these aspects.
Devising a plan: Your lender is not obligated to meet you halfway and do some of the work for your loan modification; all of the responsibility falls on you. This means you need to be the one to plot out what should be modified, why, and to what extent. Keep in mind that you have to set realistic expectations and remember that your lender is looking to make a profit. In short, do what is fair for both of you.
Meet and greet: The best laid plans will not mean anything without proper execution. Oftentimes, this means being able to meet with your lenders in person and persuasively argue for the plan you have created. If you do not have an in-depth understanding of foreclosure law, this could be an uphill battle better left in the hands of a professional lawyer.
Keeping up to speed: There is nothing that says that your loss mitigation strategy is going to be a huge success right away. Expect to have to negotiate or go through a back-and-forth with your lenders. Stay in touch with them and touch bases frequently.
Ready to Modify Your Loan? Contact Our Gwinnett County Attorneys Now
If you want to avoid foreclosure, you have to be prepared to work on your side of the arrangement. However, you do not have to bog yourself down with stressful decisions and heavy lifting. Instead, let our highly-experienced Gwinnett County foreclosure lawyers deal with the legwork and red tape on your behalf, freeing you up to focus on other matters, such as your family or your business. This is our passion and one of our greatest areas of practice, and we would be happy to show you what that sort of familiarity and commitment can do you for through a free initial consultation.
Do not hesitate to call 24/7 at (770) 400-9102 or contact us online for a free consult and take the first step towards saving your home!
Commonly Asked Questions
Can a loan modification prevent foreclosure in Georgia?
Yes, a loan modification can be a viable option to prevent foreclosure
in Georgia. By adjusting the terms of your mortgage, you can potentially
lower your monthly payments to a more affordable level. This can help
you catch up on overdue payments and maintain your mortgage moving forward,
thereby avoiding foreclosure. It's important to act quickly and consult
with a loan modification attorney to explore your options and increase
your chances of a favorable outcome.
How does a loan modification differ from refinancing?
Refinancing replaces your existing loan with a new one, usually with a
lower interest rate or different terms. A loan modification, on the other
hand, changes the terms of your current loan without replacing it. Loan
modification is typically used when homeowners are struggling to make
payments and cannot qualify for refinancing.
Will a loan modification affect my credit score?
Yes, a loan modification can impact your credit score, but generally less
so than a foreclosure. It’s important to weigh this against the
benefit of being able to stay in your home and avoid foreclosure.
Client-FocusedBacked by 20+ years’ experience, our foreclosure lawyer is always available to start on your case right away.
