Loan modification terms
The terms of a loan modification have the ability to make or break the deal. This might not sound like that big of a deal, but when you think about it, a loan modification could end up being one of the most important dealings of your life.
If it goes wrong, you could end up losing your home, your single biggest investment, that is a big deal. It is important to make sure that both the attorney you are working with and the lender are both operating fairly and their terms are easy to understand and straight forward.
It may sound like the bank is getting the raw end of the deal whenever they are in a loan modification dealing, but that is not always the case. Just because they are agreeing to accept lower monthly payments now does not mean that they will not get it back and then some later. Make sure that you look over the terms of the banks loan modification agreement to see if they have any tricks up their sleve such as a hike in the interest rate they charge on the principal of the loan in the future.