How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Irwin Law Your Own Question

Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4963
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
18215332
Type Your Real Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

I have a real estate mortgage (investment property condo) that

Customer Question

I have a real estate mortgage (investment property condo) that I am struggling to pay due to loss of income and that he property has chinese drywall. I obviously have difficulty renting the property and Therefor it a huge financial burden to carry. Is it possible to have an attorney represent us with the Morgan company and modify the terms of he mortgage in orde to make the payments more manageable? Lower interest rate, deferred payments until condition is remedied, lowering principal, etc.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

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.



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.

 



Customer: replied 1 year ago.
Is this somthing better handled by an attorney or personally with the lender? If an attorney. What type. Realestae or foreclosure
Expert:  Irwin Law replied 1 year ago.

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.

 

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions

Chat Now With A Real Estate Lawyer
Irwin Law
Irwin Law
1174 Satisfied Customers
Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.