Owning a home is a great dream for many people. However, very few people can afford to pay in cash the amount of money that is needed to purchase or build a home. This is why many people resort to mortgages. However, with time, the payments may become quite difficult, especially because with time, the cost of living keeps appreciating. If you have been struggling to make your mortgage payments, maybe you need to hire a Home Loan Modification Lawyer. They will help you determine if you qualify for the Home Affordable Modification Program.
Eligibility for the program
You may be qualified for the program if you meet the following criteria:
* You obtained the mortgage before the first of January in 2009.
* You still owe at least $73000 on your primary residence or single unit rental house.
* You are experiencing financial hardships and are in danger of falling behind on your mortgage payments.
* Your property hasn’t in any way been condemned.
These are the general requirements to qualify. Besides these, you must have a clean criminal record. In case you have been convicted with a felony, larceny, forgery, fraud, forgery, tax evasion or money laundering in a period of ten years prior to the application, you may not qualify.
Why hire a lawyer?
The process of applying for a home modification loan can be quite challenging. It needs the guidance of a person that knows about the rules and regulations of the program. They will help you avoid the loopholes that get many applicants disqualified. They will also organize an evaluation into your financial situation in a bid to establish whether you are eligible or not. In case your circumstances do not allow you to benefit from this program, the lawyer will help you explore other options that are available for you.
The lawyer will also represent you and guide you through the process of making an appeal if you feel that your first application was rejected unfairly. They will help you restart the process and try to fulfill the requirements that will help you qualify. Ledford and Wu are loan modification lawyers in the area. To hire a Home Loan Modification Lawyer near you, go to Ledfordwu.com.
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