Columbus Ohio Loan Modification Lawyers

Ohio Loan Modification Lawyers

Are you suffering a temporary hardship that lead to you falling behind on your mortgage payments? Are you struggling to keep up with your mortgage payments? Have your efforts to renegotiate the terms of your mortgage with your bank or mortgage servicer failed? Is your mortgage servicer keeping you in an endless cycle of submitting additional documents to even be considered for a loan modification? If your mortgage payments are unmanageable and foreclosure seems like it is right around the corner, you need to contact the Columbus, Ohio Loan Modification and Foreclosure Defense Lawyers at Kohl & Cook for assistance.
 

In certain instances the mortgage servicer or bank could be held liable under a federal law called the Real Estate Settlement Procedures Act (“RESPA”) for not properly handling your request for a loan modification. The attorneys at Kohl & Cook will make sure your paperwork is submitted properly to be considered for a loan modification, and will also advise you of your rights should the bank or mortgage servicer improperly handle your application for a loan modification. A properly submitted application for a loan modification could halt a pending foreclosure.

The experienced lawyers at Kohl & Cook may be able to help you avoid bankruptcy, and instead obtain a mortgage modification solution that is right for you.

An Ohio loan modification (or mortgage modification) is much like a mortgage refinance. The whole idea of a loan modification is to match your mortgage payment with your financial situation. The primary difference between a mortgage modification and a mortgage refinance is that instead of looking for a new loan, the terms of your existing mortgage are modified. It is especially helpful for those who may not have significant equity or for those with low credit scores. After a successful loan modification, you will no longer be under the threat of foreclosure as long as you continue to pay your mortgage payments based on the terms of the new, modified loan.

Loan Modifications in Ohio

Your eligibility for a Ohio Mortgage Loan Modification depends on who services your mortgage. Almost all servicers have very similar qualifications. These include:

  • that you experienced a documented hardship or change in financial circumstances.
  • that you own and occupy the property as a primary residence.
  • that your modified mortgage payment meets a certain percentage (%) of your present income.

In order to receive a Loan Modification in Ohio you need to demonstrate to the bank that you will be able to afford the new modified loan terms. The bank will review your income, expenses and debt to income ratio. The equity or lack of equity in your house may also be a factor.

So, why would a bank or mortgage servicer modify your loan? Because, simply put, it is sometimes in the best financial interest of the bank to give you a loan modification. Additionally, mortgage servicers and banks are required to evaluate borrowers for all available loss mitigation options, including modification programs. If the bank or mortgage servicer does not evaluate you for all loan modification options the attorneys at Kohl & Cook may be able to assist you in bringing a claim against the mortgage servicer. Under federal law, you may even be entitled to money damages and to make the servicer pay for your attorney fees.

At Kohl & Cook our Ohio Loan Modification Lawyers are ready to answer any questions you might have regarding the ins and outs of mortgage modifications.

Please contact our office by phone at 614-763-5111 to arrange for a free, initial consultation with one of our loan modification attorneys.