Real Estate Law
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Hello, and thanks for submitting this question to us. I will try to assist you with information on the subject. You asked Is it possible to have an attorney represent us with the Morgan company and modify the terms of he mortgage in order to make the payments more manageable?
Attorneys are permitted to represent borrowers in this effort, especially since this is an investment property and not your principal residence. I am surprised though that the bank hasn't been in touch with you already regarding a loan modification agreement. It used to be that you had to be 3 payments in arrears, but I believe that rather stupid rule has been changed. Reductions in interest, extension of payment terms are all possible, but principal reductions, so far are not. If you have major drywall repairs to make, that should be made known to the bank along with your financial hardship situation.
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Most modifications with big banks are better handled by the borrower directly with the lender. It gets too expensive otherwise because there's so much time spent. With small or private lenders I recommend using a foreclosure attorney - one who understands both the foreclosure system and the reality of the marketplace.
I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Just Answer. Your business is appreciated.