Should you go for a Fixed or Variable Rate Mortgage? #bankrate #mortgage #rates


#variable rate mortgage

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Contact moneysupermarket.com at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. Moneysupermarket.com Ltd 2013

Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

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Cookies are harmless files which can help improve the experience. Cookies allow websites to respond to you as an individual. The website can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

By accepting cookies, MoneySupermarket is able to provide you with a better service and customise your experience with us.

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Should I Refinance Calculator #home #mortgage


#refinance mortgage calculator

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Refinance Calculator – Should I Refinance My Mortgage?

Should you refinance your mortgage?

Whenever interest rates drop, the appeal of refinancing your mortgage grows. But it’s important to know the real costs — and potential savings — before making a move.

To help, U.S. News has teamed up with HSH.com, a leading publisher of mortgage and consumer loan information, to offer this easy-to-use, interactive refinancing worksheet. Homeowners can see how their existing mortgage payments might change if they were to refinance, and, just as important, how long it would take to recover any closing costs associated with refinancing.

Instructions. Just fill in the non-colored boxes with the requested information. As you tab or mouse-click through the boxes, your results will appear automatically in the colored boxes. You can change any of your entries, in case you want to try several different scenarios, but you must tab or mouse-click to another box to update your results. To use the worksheet, JavaScript must be enabled on your browser.


Mortgage Refinance Calculator – Should I Refinance #car #mortgage #calculator


#mortgage refinancing calculator

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MORTGAGE REFINANCE CALCULATOR

What does this possibly mean for me?

Based on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you could achieve by refinancing your existing mortgage at the terms you selected. It’s important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt is extended over a longer period.

You selected an adjustable rate mortgage or ARM. The amount above can give you an idea of the estimated monthly reduction in your mortgage payment you could achieve during the initial, fixed rate portion of your loan period* by refinancing your existing mortgage at the terms you selected. It’s important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. In addition, you may want to discuss with a Discover mortgage banker any potential effects of changing from extending the term of your loan(s). Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate.

Call our helpful mortgage bankers at 1-888-866-1212 to start the conversation about whether refinancing is right for you.

* For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.

MORTGAGE REFINANCE CALCULATOR

Sorry! We re unable to calculate your result.


Should you go for a Fixed or Variable Rate Mortgage? #mortgage #payment #calculator


#variable rate mortgage

#

Contact moneysupermarket.com at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. Moneysupermarket.com Ltd 2013

Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

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Cookies are harmless files which can help improve the experience. Cookies allow websites to respond to you as an individual. The website can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

By accepting cookies, MoneySupermarket is able to provide you with a better service and customise your experience with us.

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Cash Call Loan Default – SHOULD YOU REPAY? #what #is #the #mortgage #rate #today


#cash call mortgage

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Repay Your CashCall or Western Sky Loan?

I have a loan with a company called Cash Call that I am behind on, they are not willing to work with me. What are my options?

My question is I have a loan with a company called Cash Call that I am behind on two months actually and I have tried to call and make arrangements with them and they are not willing to work with me. What is the minimum amount of money I could send them to where they could not garnish my wages? I did contact a lawyer and wanted to file bankruptcy and I did previously in 2000 they said because it has not been 7 years I would have to wait until next May 08. I am not denying the fact that I owe the money I am just in a bad situation and want to try and just deal with there harassment until next may. If you could please let me know what I will need to do I would appreciate it.

Read full question

Published: Nov 7, 2007 Updated: Dec 18, 2013

  • Loans from Cash Call and Western Sky are similar to payday loans.
  • Internet loans are among the highest-interest consumer loans available.
  • The CFPB filed a lawsuit against CashCall and Western Sky in December 2013.

CashCall and its affiliate Western Sky lend from $850 to $10,000 to consumers with rates ranging from 90% to 343%. A typical CashCall or Western Sky loan of $10,000 costs more than $60,000 to repay, and a $2,600 loan will cost you $13,840 over a 4-year period.

New York Settles with CashCall Western Sky

Source: NY Attorney General

In January 2014, the New York attorney general announced New Yorkers need to repay only the principal (and not interest) on their Western Sky and CashCall loans. New Yorkers who repaid more than the principal plus the legal interest rate of 16% should apply for a refund with the refund administrator .

According to studies by consumer groups, these high-interest loans are pitfalls for consumers. Due to their high rates and fees, studies find that borrowers are better off avoiding the loans, and working out a payment plan directly with the creditor they want to pay with the high-interest loan.

If you default on a CashCall or Western Sky loan, it can, in theory, take the same action as any other unsecured creditor to enforce a defaulted debt. Collection efforts will start with telephone calls, letters and e-mails demanding you pay the balance of the loan. If CashCall or Western Sky refers your accounts to a collection agency such as Delbert Services Corp. you can stop the telephone calls by sending a cease communications letter. commonly called a cease and desist notice. The federal Fair Debt Collections Practices Act (FDCPA) states that collection agents must stop calling you when you notify them in writing to do so.

CFPB Sues CashCall

In December 2013, the federal Consumer Financial Protection Bureau (CFPB) filed lawsuits against CashCall and its two subsidiaries Western Sky Financial and Delbert Services Corp. for unfair, deceptive, and abusive practices, including illegally debiting consumer checking accounts for loans that were void.

The CFPB alleges CashCall and Western Sky loans violated licensing requirements and/or interest-rate caps in eight states, including Arizona, Arkansas, Colorado, Indiana, Massachusetts, New Hampshire, New York, and North Carolina.

The CFPB wants CashCall to issue refunds to borrowers and pay penalties.

If CashCall or Western Sky cannot convince you to pay through standard collection tactics, such as phone calls, it may decide to file a lawsuit against you to obtain a judgment for the balance of the debt. If CashCall or Western Sky sues and obtains a judgment against you, it can then take steps to enforce the judgment as allowed by your state law. The most common methods of enforcing a judgment are wage garnishment, bank account levies, and property liens.

Most lenders do not sue debtors to collect debts. A lawsuit is a worst-case scenario, which you will probably not experience. However, take a moment to learn your state s collection laws so you are aware of what actions your state allows.

Repay a CashCall or Western Sky Loan?

In December 2013, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against CashCall (PDF) and its related companies Western Sky Financial and Delbert Services Corp. alleging the companies engaged in unfair, deceptive, or abusive lending and collections practices. The CFPB is asking the court to order CashCall to refund money to consumers in states where the loans were illegal, and pay penalties.

Do you need to repay a CashCall or Western Sky loan? The answer is unclear. At least five states have filed lawsuits against CashCall in 2013 for offering residents in their states loans with illegal terms. If state courts find the loans are illegal, CashCall may need to return all of the interest and fees borrowers paid to the lender. But what do the pending state and federal lawsuit mean to you if you have a CashCall or Western Sky loan now?

Who can I call for California? I recently got a call from a law office about this silly loan that i took out back in 2013, they wouldnt work with me when i got laid off so i ended up stopping payment and forgot about it. Well i got a call recently that now it is up to 8K (from the original loan of 2500) i told them I would pay if they got rid of the interest but they wont. And they say they will garnish my wages at 600 bucks. Who can I call in the state of California about this. Any help would be great.

Wendell, North Carolina

I received a notice from Delbert Co. that represented CashCall/Western Sky and I received a letter from a law firm in D.C. to pay 10% of my original loan amount and my account would close and I could file my taxes to forgive what’s called a cancellation of debt. After I paid it the state I reside in ( North Carolina) A.G. with other states filed a lawsuit against CashCall back in December 2013. I recently viewed my credit report and it has not been removed. I have no idea when the lawsuit will be settled, however I did receive a letter from the office of the A.G. office from the state of NC back in March 2014, stating it’s getting close to being resolved or it may face a trial.

I have a Western Sky loan for $10,000 that I have been paying on since October of 2012. I filed a complaint with the CFPB and I received a response from Western Sky that had nothing to do with my complaint. I have since disputed their response and am now awaiting a reply. I have also contacted the Ohio AG’s office and I received a lame response that said that Western Sky is a Native American owned business and that I should contact the Bureau of Indian Affairs. The response from the AG’s staff also contained this line: “The Attorney General’s office is the legal representative for the state and all its departments, boards and commissions under R.C.109.02.” I took that to mean that they don’t represent me, the taxpaying citizen. I followed up by contacting an investigator in the AG’s office who I know professionally, and he has never returned my calls or emails. There are currently 28 complaints listed on the Ohio AG’s website against Western Sky. About 90% of those complaints are listed as being referred to another agency for resolution. Unfortunately that other agency appears to be the Bureau of Indian Affairs! The bottom line, unless everyone in Ohio starts contacting the AG’s office about this company, and keeps contacting them until they get an answer, this issue will never be dealt with in Ohio. Mike Dewine’s office apparently has very little interest in helping the citizens of Ohio like the AG’s in other states have done.


Should you go for a Fixed or Variable Rate Mortgage? #how #to #calculate #house #payment


#variable rate mortgage

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Contact moneysupermarket.com at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. Moneysupermarket.com Ltd 2013

Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

Cookie Use

MoneySupermarket uses cookies, small text files which are downloaded to your computer’s hard drive when you visit most websites.

Cookies are harmless files which can help improve the experience. Cookies allow websites to respond to you as an individual. The website can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

By accepting cookies, MoneySupermarket is able to provide you with a better service and customise your experience with us.

Read more


Should You Pay Off Your Mortgage Early? The Simple Dollar #best #mortgage #company


#pay off mortgage early

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Should You Pay Off Your Mortgage Early?

If you have a mortgage on your home, you’ve probably wondered at least once whether it would be worthwhile to pay it down ahead of schedule. And if so, you’re not alone. The debate over whether to prepay your mortgage has persisted in the personal finance world for some time now, and it’s not going away any time soon.

Pay Off Your Mortgage or Invest? The Math Says

On one side of the equation, you’ve got experts who say you should not prepay your mortgage if you are locked in at a low interest rate. Their reasoning: You would be better off investing your money in the stock market where a reasonably diversified stock portfolio can expect to earn at least 7% on average over the course of a decade or more.

Add in the home mortgage interest deduction you can take on your federal taxes and, they say, you would be silly to prepay your mortgage and miss out on those perks.

To this group, the question is just about math. After all, why would you prepay a loan at 3% or 4% and lose out on part of a valuable tax deduction when you could invest that money instead and earn considerably more?

But There s an Emotional Side to Prepaying Your Mortgage, Too

Still, there are plenty of people who ignore the math and forge ahead with their mortgage prepayment plans. My parents fell squarely in that category. Instead of taking the standard 30 years to pay off their mortgage, they paid it off in less than 20 years.

Ask them if they care about the tax deduction they missed out on, and they’ll probably look at you like a crazy person. Why? Because the decision to prepay was never about the math to them; it was about their financial freedom. And math aside, they have never regretted their decision to pay off their home and become entirely debt-free.

And a lot of people agree with that sentiment. For some people, like my parents, it all boils down to the fact that they just don t like debt. It’s as simple as that.

But others prefer a deeper analysis.

Analyzing the Pros and Cons

For starters, let’s take a look at what the home mortgage interest deduction really means.

The easiest way to figure out your home mortgage interest deduction is to look at your effective tax rate. Say your overall tax rate is 22%, for example. On average, the home mortgage interest deduction reduces your taxes by $22 for every $100 you pay in mortgage interest.

That s a pretty nice perk, but there’s a caveat. Your home mortgage interest deduction is only valid for the amount you deduct over and above the standard deduction, which is available to taxpayers who don t itemize their returns. The standard deduction for married spouses filing jointly was $12,400 in 2014.

So what does that mean? Simply put, if you don’t itemize your taxes. your home mortgage interest deduction is worth nothing. And even if you do, it’s only worth what it helps you save over the standard deduction that anyone can take. In many cases, this drastically reduces the value of the home mortgage interest deduction to the point where it’s barely worth considering.

But what about those lost investing returns? When you ask people whether or not they prepay their mortgage and why, you’ll find plenty of skeptics who balk at the idea of carrying long-term debt in favor of investing their extra dollars in the stock market. And when it comes to who is wrong or right, there are several ways to look at it.

Since the stock market has performed well historically, the math favors those who choose to hold onto low-interest mortgages and invest their extra dollars instead.

However, unlike the stock market, which is not guaranteed, the interest you save by prepaying your mortgage is a sure thing. Many people are happy prepaying and banking the extra money they save on interest, even if it’s less than they may have earned by investing their extra dollars instead.

A Balanced Approach

As someone who loves math but despises debt, I see both sides of the issue. And that’s why my family takes a balanced approach. Our only debt is a small 15-year mortgage at 3.75%, and we choose to prepay it somewhat, but not as heavily as we could. My strategy involves maxing out our retirement accounts first and foremost and then throwing a few extra hundred dollars at the mortgage every month. I just don’t see the reason to choose between investing extra money or prepaying my mortgage, so I choose to do a little of both.

That seems like a good compromise to me. Still, there is nothing wrong with taking sides on this issue.

When you hate debt, you want to put it behind you once and for all. and that’s understandable. But it’s also understandable for someone to make their decision based solely on the numbers. After all, it s hard to argue with math. At the end of the day, we all have to do what is best for our families and what helps us sleep best at night.

So, should you prepay your mortgage? It is, and always has been, up to you. Just make sure any decision you make is an informed one.

Do you prepay your mortgage? Why or why not?

Recommended For You

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How to Buy a Server #should #i #buy #a #server


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How to Buy a Server

Even in the age of cloud computing, hosting your own server can make a lot of sense, but getting started can be a daunting task. We break down the basics of buying your own small business server.

  • October 7, 2010 12:00PM EST
  • October 7, 2010
  • This may be the age of cloud computing when more business are shifting to Internet-based services for many operational tasks; but, make no mistake on-premise servers are still an integral part of a small business’ network. Servers can help to streamline a network, especially an expanding one. A peer-to-peer network may be fine for a home or small business with maybe three or four computers connected to one another, each sharing files and perhaps a few devices like a printer, a wireless router, or a NAS box. When a network starts to grow, either in number of users or in the amount of data that’s kept on it, a server can help a business stay organized and efficient. But there are a wide variety of servers available, all of them highly configurable.

    First, you need to understand what servers are good at. Servers can be used to house files and manage printers. Better yet, they can manage which users on a network can access which resources. They can serve as machines handling a company’s website, email, databases, remote access and other tasks. Servers can range from simple, inexpensive tower PCs to sophisticated boxes designed to handle heavy workloads and provide disaster recovery with backup, data redundancy and fault tolerance. Sifting through the vast options in the server market need not be a headache, if you have a good understanding of what your business needs are, how scalable you need a server to be and how critical it is to have that server stay operational in the event of a disaster. Here is a breakdown of key considerations when shopping for a server for your small business:

    • Price: Of course, your budget is going to have a lot to do with which server you select. Small business servers typically range from $500 to $5,000. Pricing depends on the configuration of a server. If a business has simple server needs, for example, requiring only a file and printer server with backup capability, remote access, and some limited disaster recovery capabilities, then a lower-end server would be fine. Keep in mind, however, that cheaper servers are often not as scalable as they usually have one drive (two at most) limiting total storage capacity and fault tolerance capabilities. They are also not designed for heavy workloads. Just as with desktops, higher-priced server configurations, give higher-end options like multiple drives, more memory and a faster processor. If you have a lot of data processing going on in a business users accessing billing systems or databases you’re going to want to look into the highest-end system you can afford and not sacrifice on performance, especially if the server will be running mission-critical appliations.
    • Day-to-Day Operations: Understanding your company’s day-to-day needs is crucial. Does your company need to run a database on the server? Will employees need remote access? Perhaps the server will handle e-mail if so, take into account the number of user accounts that will access the server. Remember, a specific server can come in different configurations for different business purposes. For example, Lenovo’s ThinkServer TS200v ranges in price from $299 to $1,000 depending on what feature you choose. Light server needs would do fine with a lower-priced ThinkServer while businesses that have anticipate highly-trafficked websites, many database transactions, or any other resource intensive workloads would be better served by by the higher-end configuration.
    • Scalability: Have five or fewer employees in your business currently? A server that might suit that small number of users will not be as efficient in supporting twice as many. If you expect to add users and data, especially large data like images, video, or database record, opt for a server with scalability. This means maximum storage capacity, support for multiple drives (drives that can be added as a business scales), room for expansion inside the chassis (for memory upgrades and cards) and a capable processor. The HP Proliant ML330 G6 is a good example of a scalable server.
    • Data Redundancy/Fault Tolerance: Some businesses cannot afford any interruption in productivity due to server problems and downtime. Or, maybe complete data loss would mean complete ruin for a business. Others may have more forgiving data requirements. Data redundancy and fault tolerance are ways to keep data intact and servers functioning in the event of a disaster such as disk drive failure. Fault tolerance and data redundancy are achieved through a server technology known as RAID.

    Lower end business servers usually are capable of performing basic RAID: RAID level 0 for disk striping which aids only in slightly boosting performance of a server and does not provide fault tolerance and RAID level 1 which does provide fault tolerance though mirroring—copying data from either one logical volume on a single drive to another; or from one physical drive to another. Higher-end servers can perform more complex levels of RAID such as RAID 5 and 10 best for organizations that need a high-level of fault tolerance without too much hit on performance. A beefy small business server that can provide the maximum RAID levels that an SMB would need is the Dell PowerEdge T310 server. For more detailed information on RAID check out our guide to understanding RAID levels .

  • Space: Many smaller businesses don’t have dedicated server closets. Be cognizant of what space you have available and the dimensions of the server you are interested in, as well as the form factor. You cannot run a server designed to fit inside a server rack (like the HP Proliant DL380 G5 on top of a desk and expect to run optimally. Air flow and temperature considerations need to be taken into account as well. Even a tower desktop server which is usually a bigger version of a desktop machine, works best in a well-ventilated and temperature regulated room. Consider, too, that servers can be quite noisy when you’re picking one out. If it has to live in a workspace, you’ll want a quieter one.
  • IT Expertise: Whether you have IT staff on hand or not can also influence your server choice. Many servers have remote administration and power-on capabilities perfect if you have the occasional remote IT support call. If you are going to tackle it alone without much help outside from a vendor or seller, an easy to administer server like the Apple Mac mini with Snow Leopard server or the Lenovo ThinkServer TS200v would be good choices.
  • Environment: Have an office where everyone is using a Mac? Then your server choice is easy. Keep administration simple by deploying the Mac mini server or Apple’s Xserve for larger organizations. Used to Windows? Then a server running Windows Small Business Server or Server 2008 (again, for larger networks) would be easier to deploy and administer.
  • Before you start shopping for servers, read our server reviews .


    Mortgage Refinance Calculator – Should I Refinance #best #mortgage #lender


    #mortgage refinancing calculator

    #

    MORTGAGE REFINANCE CALCULATOR

    What does this possibly mean for me?

    Based on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you could achieve by refinancing your existing mortgage at the terms you selected. It’s important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt is extended over a longer period.

    You selected an adjustable rate mortgage or ARM. The amount above can give you an idea of the estimated monthly reduction in your mortgage payment you could achieve during the initial, fixed rate portion of your loan period* by refinancing your existing mortgage at the terms you selected. It’s important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. In addition, you may want to discuss with a Discover mortgage banker any potential effects of changing from extending the term of your loan(s). Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate.

    Call our helpful mortgage bankers at 1-888-866-1212 to start the conversation about whether refinancing is right for you.

    * For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.

    MORTGAGE REFINANCE CALCULATOR

    Sorry! We re unable to calculate your result.


    Should I Hire a Lawyer to Help With My Mortgage Modification? #home #calculator


    #mortgage lawyers

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    Should I Hire a Lawyer to Help With My Mortgage Modification?

    If you’re thinking about asking your lender to modify your mortgage, you’ll need to decide if it is worth paying for an attorney to help you with the process. While you have every right to apply for a mortgage modification on your own, in some instances (say you need help understanding your legal rights or the mortgage servicer violates the law by dual tracking your loan during the modification process), hiring an attorney just might make the difference between getting your mortgage modified and losing your home.

    Understanding Mortgage Modifications

    Before you can figure out if you should hire an attorney to help you with a mortgage modification, you must first understand the basics about modifications. A mortgage modification is a permanent restructuring of your mortgage where the lender changes one or more of the terms of the loan so that it’s more affordable. With a mortgage modification, the lender may agree to do one of more of the following to reduce your monthly payment:

    • reduce the interest rate
    • forgive some of the principal balance
    • convert from a variable interest rate to a fixed interest rate, or
    • extend of the length of the term of the loan.

    In order to get a mortgage modification you usually have to submit an application to your mortgage servicer (the company you make your monthly mortgage payments to) along with certain documents, such as recent paystubs and bank statements. (Learn more about mortgage modifications and other alternatives to foreclosure .)

    When You Should Hire an Attorney to Help With Your Mortgage Modification

    Below are some situations where you should consider hiring, or at least consulting with, an attorney.

    You Don’t Know What to Do in Your Situation

    If you aren’t sure what to do (say you’re facing foreclosure, but you aren’t sure if a modification is right for you) and want to know about all of your options, an attorney can help you understand your legal rights and give advice about the best course of action in your situation. Depending on your individual circumstances, the attorney may recommend:

    You Don’t Know How to Fill Out the Modification Paperwork

    Hiring an attorney may be a good idea if you want a mortgage modification, but you don’t understand the application process or have a complicated situation. For example, it may be worthwhile to hire an attorney if you’ve spoken to your loan servicer about a modification, but are confused about:

    • how to fill out the application
    • what documentation you need to submit along with application, or
    • how to explain your financial hardship or situation in the application.

    An attorney can help you fill out paperwork and make sure you present your situation in the best light possible. (Keep in mind you can also get free help with your application package from a HUD-approved housing counselor rather than hiring an attorney to help you. Go to the U.S. Department of Housing and Urban Development’s webpage to find the contact information for a housing counseling agency near you.)

    Your Loan Servicer Is Dual Tracking

    If your mortgage servicer or lender is dual tracking your loan (pursuing a foreclosure while also still deciding on your loan modification) in violation of new federal and other mortgage servicing rules. an attorney can help you enforce your rights.

    For example, under new mortgage servicing rules, the lender cannot start a foreclosure until 120 days after you default on the loan. This is supposed to provide you with sufficient time to seek an alternative to foreclosure, like a mortgage modification, before the foreclosure gets rolling. The servicer also cannot start the foreclosure while your application is pending. If your servicer starts the foreclosure early (in violation of the rules), an attorney can help stop it.

    Since it is very difficult to get your home back after the lender completes a foreclosure, you want to deal with violations of the laws that prohibit dual tracking prior to the sale. Having an attorney on your side gives you a better chance of getting results before the sale takes place.

    Your Mortgage Servicer Denies Your Modification Request and You Want to Appeal

    If the servicer denies your modification request, in many cases, you’ll also get some time to make an appeal. An attorney may be able help you in showcasing why the servicer made an error in denying your application so that you are more likely to get approved for the modification in your appeal.

    When You Might Not Need an Attorney to Help With a Mortgage Modification

    The following are a few situations where you probably don’t need to hire an attorney to assist with the modification process.

    You Have a Good Understanding of the Mortgage Modification Process

    There’s no requirement that you must have an attorney to obtain a mortgage modification. If you have spoken to the servicer about the modification, have done your homework to educate yourself about the mortgage modification process, and feel you have a good understanding about what goes into the application, you can certainly submit the application on your own. (Learn more about how to apply for a modification on your own in Nolo’s article Do It Yourself Mortgage Loan Modification .)

    You Want to Submit a Modification Application to Gain Time in the Home

    If your main goal is simply to gain some time before the lender completes a foreclosure (perhaps you need time to come up with the funds to reinstate the loan or refinance), you can submit a modification application without an attorney’s assistance. While the application might not be perfect, it can still buy you some time. (And who knows, you might actually get a modification that lowers your monthly mortgage payment.)

    The Bottom Line

    Ultimately, if you find yourself having difficulty with the application or your mortgage servicer isn’t treating your modification request fairly, you should consider consulting with a qualified, reputable attorney who can help you with the process. (Learn more about when you do and don’t need an attorney, how to find and hire an attorney, and other ways you can get foreclosure help in Nolo’s Foreclosure Lawyers Other Foreclosure Help area.)