Loan Modification

You must use every tool in your arsenal of weapons when dealing with a lender in seeking a mortgage modification. All lenders today have loss mitigation services.  These loss mitigation services are designed to minimize the lender's loss. A lender's loss mitigation's goal is to get you to pay as much as possible without having to go through foreclosure. Your goal is to pay as little as possible without having to go through foreclosure. 
      
In order to get the best possible benefit from a loan modification you should know the lender's weak points.  The lender's weak points, such as violation of the Truth in Lending Act becomes your strong points and increases negotiating power with your lender.  Therefore, you must know your legal rights by determining whether the lender has violated any federal or state law.  A lender who knows that you have a valid defense to a foreclosure claim will be more likely to modify a loan than a lender who faces no defense.  This is where a loan modification lawyer is key.  Not only will a lawyer inform you of your rights, he or she will assert these rights against the lender.

At the very minimum, your should:

The types of loans link takes you to examples of how loan variations make money for the lender and ultimately wind up costing you thousands, tens of thousands, and in some cases, hundreds of thousands of dollars.  In every example given, the only person that benefited was not the borrower, it was the lender.  Remember that the lender that you are dealing with today may be the lender who has already violated your rights and the law.
      
If, upon reading the various types of loans, you have anything other than a conventional loan, ask yourself the following questions: