Top Rochester Hills, MI Loan Modification Lawyers Near You

What Mortgage Loan Workouts Are For

A mortgage loan workout, also called a mortgage modification, is a plan detailing how to restructure a home loan when the homeowner is facing foreclosure. Lenders consider the seriousness of the hardship, the balance of the loan, earned equity, and the borrower’s future financial prospects. Lenders may lower the interest rate or extend the loan.

How a Mortgage Loan Workout Lawyer Can Help

If you are considering a mortgage loan workout you should first consult a Rochester Hills lawyer who handles workout cases. The lawyer can guide you through the workout process, advise you about your alternatives, such as a short sale, negotiate with the lender and protect your interests.

Top Questions to Ask When Hiring an Attorney

• How many years have you been practicing law? How long have you practiced law in the local area?
• How many cases similar to mine have you handled in the past?
• What is the likely outcome for my case?

In legal practice, experience matters. An experienced attorney will likely have handled issues similar to yours many, many times. Therefore, after listening to your situation, the attorney should have a reasonable idea of the time line for a case like yours and the likely resolution.

The Importance of a Good Consultation

The goal of an initial consultation is to find an attorney you are comfortable working with and someone who can help you understand your options under the law. Seek to understand the relevant legal experience the attorney brings to your case. While it is not realistic to expect an attorney to resolve your legal issue during an initial consultation, you should gain a level of comfort with his/her ability to do so. A good consultation can clarify issues, raise pertinent questions and considerations for your case, and help you make an informed decision towards resolving your legal issue.

Does firm size matter?

For most consumer legal issues, the size of the practice is much less important than the experience, competence, and reputation of the attorney(s) handling your case. Among the most important factors when choosing an attorney are your comfort level with the attorney or practice and the attorney’s track record in bringing about quick, successful resolutions to cases similar to yours.

Common legal terms explained

Plaintiff – a person or party who brings a lawsuit against another person(s) or party/parties in a court of law. Private persons or parties can only file suit in civil court.

Judgment – A decision of the court. Also known as a decree or order. Judgments handed down by the court are usually binding on the parties before the court.