Dallas Home Loan Modifications Attorneys

Texas Home Mortgage Workout Lawyers

If mortgage payments have become unmanageable and foreclosure seems likely, there is help available to save your home. Though some may choose to pursue bankruptcy, a workable alternative to foreclosure or bankruptcy is loan modifications.

A loan modification is a permanent change in the terms of a loan to make the mortgage more affordable for homeowners without refinancing. It is also helpful for those who do not have significant equity or who have low credit scores. Because a modification is simply adjusting the interest and payment amounts on a current loan, applying for a new loan by refinancing is not necessary.

At the law office of Bailey & Galyen, our real estate lawyers are experienced in handling a variety of commercial and residential property matters, including transactions and closings, foreclosure defense and landlord/tenant issues. Contact our firm to schedule a free initial consultation to discuss loan modifications or other real estate concerns. Se Habla Español.

Avoiding Foreclosure Through Loan Modifications

Foreclosure, though sometimes inevitable, often can be prevented if the right measures are taken early enough in the process. One of the first steps is to contact a Texas firm experienced in real estate law to discover and to discuss your options.

Because foreclosure will remain on a credit report for at least ten years, it is often in a homeowner's best interests to pursue other options, such as loan modifications. Bailey & Galyen works to negotiate new terms with mortgage lenders so our clients get affordable fixed payments, avoid foreclosure and enjoy the benefits of homeownership.

In working to reduce mortgage payments through loan modifications there is a multistep process we work through to achieve an interest rate reduction, a principle reduction or a fixed interest rate. The steps in this process include:

• A client completes a debt-to-income (DTI) worksheet to determine if he or she is a good candidate for loan modification.*
• If a client is considered a good candidate, the attorneys at Bailey & Galyen gather documentation and assemble an information package for the lender.
• Our attorneys work to have the modification assigned to a specific loan representative and then work to negotiate a specific amount of reduction and loan terms to benefit our clients.
• The lender will make an offer. Then we work with our clients to either accept or counter offer and to agree on the final terms and conditions of the loan modification.

Though the loan modifications process can take, on average, two or three months to complete, our real estate attorneys work to expedite the process by building compelling cases and leveraging relationships with top services, including lenders and banks, to resolve mortgage problems.

Contact Bailey & Galyen for a Complimentary Consultation

If you are unable to remain current with your mortgage and are concerned about losing your home, contact Bailey & Galyen, Attorneys at Law, to schedule a free consultation to discuss loan modifications. By starting the process early, you improve your chances of negotiating a payment that you can manage. With offices in several convenient locations and phone lines answered 24 hours every day, our legal team is ready to help you.

* Not all borrowers will qualify for a mortgage loan modification through our firm, and our firm does not guarantee any specific modification results. Enrollment and modification results are subject to qualification and acceptance into the loan modification program. Actual results will vary based on individual situations and lenders, the current terms of your mortgage, and your ability to meet the terms of your modified mortgage. A loan modification is not a guarantee against foreclosure if you fail to meet the terms of your modified mortgage.

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