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: 7276
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: 3 years ago.
Category: Real Estate Law
Expert:  Irwin Law replied 3 years 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 3 years 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 3 years 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.

 

Related Real Estate Law Questions