Refinance Home Loan

Have you tried to get a loan modification, either by yourself or through a loan modification company and they denied you? There are many reasons a loan modification can get denied, but the most common reason is income. If your lender does not think you can afford to make the payment even after they were to lower it, they will not give you a loan modification. Regardless of the reason you were turned down, you still have options.

If you find the right legal representation, they can help you. A real estate attorney who knows what he/she is doing can actually take legal action against your lender and suspend the foreclosure procedure. Basically, they will challenge the lender based on several factors such as: your ability to repay the loan, the existence of any violations made by the lender or its agents, misrepresentations made by the lender or its agents and whether or not your home has any remaining equity in the property.

When an attorney challenges your lender, your mortgage is immediately put on hold while the dispute process takes place. If their are any errors on the way your lender did your loan, you may also be due relief on those errors. If there are not errors on the loan, you have gained the time necessary to rectify your financial situation.

While in the dispute process, you may go months or years without having to pay your mortgage, just like many others have in this type of situation. This will provide you with:

1. Time to stay in your home, save your money and decide the best course of action.

2. Cause for the lender to renegotiate your loan to payments you can afford.

Also, during this dispute by law the lender CANNOT:

1. Demand payment

2. Charge interest

3. Charge any late fees

4. Negatively report you to credit bureaus

This is perfect if you are 1, 2 or even 3+ payments behind on your loan. Even a homeowner who has received a notice of default can benefit from this legal dispute. If you were turned down or denied a loan modification, contact a qualified real estate attorney to see if you qualify for this program.

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