Being on top of the loan modification laws as they rapidly change, loan modification attorneys can get better rates and use some powerful tools to help negotiate the best possible mortgage terms that will benefit you greatly and most importantly, will allow you to stay in your home.

Loan modification attorneys get better rates because they thoroughly know and will use documents such as the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) to help fight your case.

State and Federal law require mortgage companies to follow these guidelines when originating home loans. Many mortgage loans have violated the TILA and/or RESPA act’s and it will take an extremely knowledgeable and efficient loan modification attorney to be able to find these violations and use them as leverage when negotiating a favorable settlement for you.

Mortgage laws are very clear and must be followed by both the borrower and lender. If the lender is found to have breached these laws, they will be more than willing to work our a solution that will benefit both themselves and you, the homeowner.

In recent years as the housing sector boomed, many banks were careless and executed millions of mortgage loans to unqualified homeowners.

The loans were mostly subprime loans characterized by high interest rates that were mostly interest only coupled with a pre-payment penalty and an adjustable rate that would usually adjust after the fixed payment period expired, usually 2,3, or 5 yrs later.

A respectable loan modification attorney can dissect your loan documents and let you know if the lender has violated any of the mortgage laws. This is what they specialize in and if you do not know what to look for when doing your own loan modification , your chances for success are very minimal compared to what a loan modification attorney can do for you.