Homeowners throughout the nation are struggling to meet their mortgage obligations and are at risk of facing foreclosure. While some homeowners’ financial problems stem from job loss, cuts in overtime pay and other financial troubles, many homeowners’ predicaments originated with the terms of their mortgages. Adjustable rate mortgages that suddenly spike can cause a tough mortgage payment to be unmanageable. Other homeowners struggle with an upside-down mortgage – a home in which the property value has dropped significantly lower than the balance on the mortgage.
The sad truth is that very few homeowners who have attempted mortgage modifications have actually obtained them. There are resources available online that provide information for homeowners pursuing a modification of their mortgage. But, even with this information, mortgage modification programs can be confusing. It can be frustrating and difficult to try to reach your servicer or lender by phone, fax or e-mail. Completing the necessary documents can be as complicated as preparing your own tax return. Lenders often misplace documents, drag the process out, and are unresponsive to the homeowners’ needs. Many homeowners ultimately give up.
The problem with your mortgage, the reason you may want to have it modified may well be that it was just a bad mortgage to begin with. You need an attorney who understands mortgage lending to review it with you. Only then can you make an informed decision.
Foreclosure Issues
An effective modification could result in a reduced interest rate, a transition to a low, fixed rate or other negotiated terms that ultimately make your mortgage more affordable.
But a failed modification attempt could result in your lender declaring a default on your loan and threatening foreclosure. You could loose your home through foreclosure while trying to modify your mortgage.
Experienced Legal Help For Homeowners Facing Foreclosure
Is your residence or other real estate threatened with foreclosure? Since 1993, our firm has helped homeowners resolve real estate issues. Additionally, Ann Shaw was involved in the promotion of the Protection of Homeowners in Foreclosure Act (PHIFA). This law provides homeowners threatened by foreclosure with a number of rights. The firm also represents clients under Maryland’s new foreclosure mediation law.
Your Best Intersts
Your Lender is not looking out for you. Your Lender is working for its best interests, not yours. You need someone who is your advocate.
There are online, out-of-state companies that will greedily take your money and make you fruitless promises. But these companies do not know Maryland law, cannot represent you in court, and will be useless in Maryland’s mortgage mediation program.
You need a local Maryland lawyer who can consider all of your alternatives with you and who is working in your best interests.
As a first step, we will review your finances with you and outline your mortgage mitigation options. This is a face-to-face one-on-one process. We get to know you as a homeowner and as a person, and give you personal mortgage mediation options, counseling, and legal advice. We tailor our services to meet your needs.
All Your Alternatives
When faced with mortgage problems your need to know all your alternatives, including mortgage modification, mortgage forebearance, mortgage mediation, exit strategies, short sale, and other options.
Contact Us
Contact our Firm if you have questions regarding mortgage modifications or for solid legal advice and representation. We are conveniently located one block from the Salisbury courthouse. To contact us for experienced legal services close to home, call 410-202-8029 or 866-986-2096.
