Loan modifications seem to be the preferred strategy for those who are behind with their mortgage and cannot find their way out from under mounting debts.
  Everyone is inundated with advertisements regarding how one phone call will lead to fast and easy loan modifications without any problems.
  Simply put, nothing could be further from the truth.
  Loan modifications are available to those who are in the right position to qualify for one, but even then obtaining one that is fair and equitable is a process that requires professional help and experience in several aspects of real estate, finance and contract negotiations.
  In short, if you are seeking a loan modification, you need to hire an attorney.
  Below are just a few reasons why.

1. The basis of any mortgage is contract law; When you purchase a home, you sign documents.
     These documents are contracts that are enforceable by law, which is why your lender can foreclose on your property.
     Any loan modification begins with a meticulous look at your mortgage terms, as they may govern certain aspects of the type of relief you seek.
   
2. The next step is negotiation; After an attorney has analyzed the tenets of your governing contracts, the process of negotiating the loan modification begins.
     Negotiation involves much more than simply exchanging offers back and forth until a fair number is agreed upon.
     Aside from deciding whether or not you should seek a reduction in your principal, a reduction in your interest rate, a reduction in your monthly payment or any or all of the above, and an attorney will need to position your offers within the limits of governing laws.
     This requires skill and experience, which an attorney will have given the nature of the practice of law.
   
3. Finally, an agreement needs to be executed; After all of the terms have been analyzed and the terms and numbers have been negotiated properly, a new agreement needs to be executed to govern the terms of your newly modified loan.
     Lenders are known for the red tape and fine print that exists in these often enormous documents, and you need to understand all of the terms that bind you before signing any agreement.
     An attorney will be able to advise you regarding these new terms and what is expected of you.