• DYE CULIK PC | Consumer Protection Division

Why You Need a Loan Modification Attorney

Updated: Jan 31

Lenders have been known to override their requirements for loan modifications for people who are backed by a loan modification attorney . Most of those who are looking to have their mortgage modified don’t realize just how big of a help a loan modification attorney can be.

The unfortunate truth is most lenders are less open to homeowners who are trying to get the loan modification on their own. Whether they see it as a lack of effort or the homeowners just don’t know how to talk to the lenders about it is unknown, but it is proven that someone who approaches a lender with a loan modification attorney has much higher chances for approval.

Why You Need a Loan Modification Attorney
Why You Need a Loan Modification Attorney

It would seem like a no-brainer that any qualified homeowner would be accepted, but it’s not rare for a perfectly qualified homeowner to get denied. Whether it’s because they made a small mistake on the application or the hardship letter just didn’t say what the lender wanted it to – it can be for any reason. Lenders are not bound legally to instantly approve qualified borrowers, so the homeowner needs to put their best foot forward to getting the modification.

A loan modification attorney knows how to talk to a lender.

A homeowner may need a loan modification more than anything in the world, but if they do not know how to explain themselves to their lender and properly follow up with their application, they could be applying for nothing.

Depending on a homeowner’s circumstances around getting a modification, it could take a loan modification attorney a very short or a very long time to talk it out with a lender. However, the success rate is much higher, which is huge for homeowners who are not quite qualified or are not sure if they are qualified.

Usually a loan modification attorney will charge you a fee after consultation (anywhere from nothing to $3,000 dollars), and a fee if they are successful. Usually the successful modification fee is around 1 percent to 3 percent of the homeowner’s loan.

If this seems high to some: Think about the amount your mortgage is now, and then think about how much you’ll be saving after a modification. It’s much cheaper than continuing with a $2,000 dollar mortgage payment when it’s possible to get it down to $1,000 dollars.

Anyone who is serious about getting their loan modified should seriously consider the services of a loan modification attorney. It might seem like a waste of time and money initially, but there is a huge difference in results.

DYE CULIK PC (previously Culik Law PC) represents clients in negotiating for mortgage loan modifications. We have been protecting homes since 2008 and advocate strongly for clients against mortgage servicers and banks.