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Learn About What We Do at Tilman P. Larson, Attorney At Law

FAQ'S

Mortgage Law

What is a loan modification?

A mortgage loan modification is a change in your current mortgage loan terms. The modification is a way for you and your lender to mitigate any further loss while allowing you to remain in your home. A mortgage loan modification can reduce your monthly payment to an amount you can afford. Mortgage loan modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or reducing your principal balance.

Do I qualify for a loan modification?

Anyone can apply for a mortgage loan modification. However, to qualify for a loan modification, most lenders require that you are currently experiencing or have recently experienced a financial hardship in your life.  A qualifying hardship may include a job loss, reduction in income, high monthly debt payments that exceed your net income, or bankruptcy filing. 

Can a loan modification stop a foreclosure?

Yes. A fully completed and lender accepted loan modification application will temporarily stop a foreclosure and sheriff’s sale. However, you must successfully complete a trial payment period (usually three months of timely payments) before the terms of the loan modification become permanent and the foreclosure and/or sheriff’s sale are dismissed.

How long does a loan modification take?

Once a complete loan modification application is submitted, the lender has up to 30 days to either reject your application or to offer different options with various terms from which you can choose to accept.

Why hire an attorney to assist me with a mortgage modification?

Sometimes lenders will not cooperate with you or will give you the runaround when you have questions. At Tilman P. Larson, Attorney at Law, we help you cut through any red tape and confusion the lender may have or create to impede you with your application.

Powers of Attorney & Living Wills

What is a living will?

A living will, also referred to as an Advanced Health Care Directive, is a written statement detailing a person's specific desires concerning their medical treatment in circumstances in which they are no longer able to express informed consent.

What is a power of attorney?

A power of attorney is a document where you authorize another individual to act on your behalf while you do not have the physical and/or mental capacity to act for yourself.

What if I have an emergency and need a power of attorney immediately?

At Tilman P. Larson, Attorney at Law, we understand that anyone can have an emergency. That is why we are willing to travel to you when that emergency arises. If you have an emergency and need a power of attorney immediately, please contact us at (717) 760-9227.

Estate Planning

What is an estate?

An estate is all of the debts and assets a person has accumulated at the time of his or her death. Assets include any money, cars, jewelry, and any other personal belongings. Assets also include land and homes, even if the individual still has a mortgage on the home. Debts include credit cards, student loans, mortgages, hospital bills, and any other outstanding bills, including funeral costs, the individual has at the time of his or her death.

What is a will?

Often referred to as a testamentary will, a will is a document that a person, called a testator, drafts in order to ensure that his or her assets are given to the people or organizations he or she wants them to go to, and to ensure that all of his or her debts are paid through his or her assets so that his or her family is not responsible for paying those debts.

Why should I have a will?

Having a will in place provides you with the peace of mind of knowing that everything you worked so hard for during your life will be given to the people you want to receive it.  Without a will, your estate will be distributed according to Pennsylvania intestacy laws, which may result in a distribution that is different from what you desire. 

What is a trust?

A trust is a document that spells out the rules that you want followed for property held in trust for your beneficiaries. Some of the more common objectives for trusts include reducing your estate tax liability, protecting property in your estate, and avoiding probate or administration.

Should I have a trust, a will, or both?

Depending on your personal estate plan, you may need only a trust or only a will. There are benefits to having both in place. Attorney Tilman Larson will be able to advise you based on your unique situation as to what is best for you and your family.

Why hire an attorney to draft my will?

An experienced estate planning attorney will help you understand and draft your will in such a manner so that your assets are protected while minimizing the legal and tax consequences after your death.

How much does it cost to hire an attorney to draft my will?

Costs of drafting a testamentary will vary depending on how complex or simple your estate plan is. At Tilman P. Larson, Attorney at Law, we offer packages so that you have a more complete estate plan while not paying extremely high fees for that estate plan.  Contact us for a free consultation and package pricing.

What if I have a medical emergency and need a will immediately?

At Tilman P. Larson, Attorney at Law, we understand that anyone can have an emergency. That is why we are willing to travel to you when that emergency arises. If you have an emergency and need a testamentary will immediately, please contact us at (717) 760-9227.

Estate Administration

What happens if my deceased loved one didn’t have a will?

Without a will in place, the estate assets will be distributed pursuant to Pennsylvania intestacy law. Intestacy simply means to not have a valid will in place at the time of one’s death. Such distribution is likely not to be what your loved one would have wanted, and the assets may end up being distributed to a beneficiary that your loved one did not intend to receive anything.

What is the difference between an executor and an administrator of an estate?

An Executor is a person, company, or firm specifically named in a will to handle all of the estate matters. The process of an Executor handling the estate matters is called probate.

An Administrator is a person, company, or firm appointed by a court to handle all of the estate matters. An Administrator is typically appointed when there is no will or when the Executor named in the will refuses to act as the Executor or is incapable or unable to act as the Executor. The process of an Administrator handling the estate matters is called estate administration.

Who can probate a will or administer an estate?

Any individual 18 years of age or older who is competent to understand the obligations and responsibilities required by law to handle an estate.

What are the benefits of hiring an attorney or law firm to probate a will or administer an estate?

Immediately upon the death of an individual, complex Federal and Pennsylvania estate laws are triggered. An experienced estate attorney will help you meet the required deadlines that will give the estate the best possible legal and tax outcomes and will ensure that the estate is closed in a timely manner.

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