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Were you promised a loan modification and then surprised with a denial?
Did the bank tell you to miss your mortgage payments?
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Did the bank foreclose without proper notice or take payments and still foreclose?
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What Is A Loan Modification?

Loan modification is the process which allows homeowners and lenders to work together to change the terms of their loan in order to stop a foreclosure; it is NOT a new loan. A loan modification allows the homeowner to simply restructure the terms of their current note. For a homeowner who is behind on their mortgage or has low credit, a loan modification is often the only option available. It also applies to homeowners whose property values have dropped below the loan amounts, thus making it nearly impossible to sell the home in order to repay debts.

Many of our clients are suffering financially and have attempted to negotiate new terms on their own. A majority of clients come to us for help after their own attempts have failed and seek alternative remedies. Call our firm today to schedule a free attorney consultation. We can discuss a loan modification and an overall game plan for success!

How Can A Loan Modification Help?

A modified loan protects the credit rating of a borrower and it also helps you lower your payment without having to refinance. Our attorneys and underwriters will negotiate with your lender to get you a lower interest rate and sometimes lower your principle. Loan modifications help you if you have or are suffering hardship, such as losing equity in your home, loss of income, death, divorce, etc.

Do I Qualify For Loan Modification?

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Why use A Law Firm?

Law firms are private professional organizations who can help you the most. Mortgage documents are both complex and tedious to favor lenders over borrowers. This includes federal laws, state regulations and production of documents. Law firms have academic preparation and extensive work experience to deal with all those requirements and more. In addition, loan companies maintain large number of attorneys to back-up and defend their rights; by retaining the services of a law firm, you are bringing balance to your loan modification process. Finally, retaining law firm warrants against future losses of rights and damages. Law firms will follow-up with your lender and ensure that all paper work is updated and complete in order for your lender to approve the modification

What Is The Loan Modification Process?

The loan modification process includes several steps, which differ depending on the party initiating the modification. Also, depending on size and type of loan, this process may take up to two years. If a borrower initiates the modification process, the borrower will start by contacting the lender and requesting a modification to the existing mortgage agreement. Lenders will respond by evaluating the property in question to examine possible gains and losses under foreclosure or REO sale. If the profit margin from a foreclosure or REO meets certain requirements, the lender will not offer a modification. Lenders base their decision on a collection of documents which include income taxes, statement of hardship and a questionnaire package, in addition to previous agreements with investors. Loan modifications initiated by borrowers usually take the longest time to reach a settlement.

If lenders initiate modification process, they are usually trying to either avoid financial losses due to foreclosure or they are trying to confirm to agreements with the Federal government. Those agreements are the direct result of the financial collapse of the mortgage market and offer limited protection to distressed borrowers. Lenders will require tax returns, statement of hardship, a questionnaire package and proof of income. Lenders will often attempt to trick borrowers into signing and accepting modification agreement that favors lenders over borrowers in both the short term and the long term.

If a law firm initiates the loan modification process, the process tends to become more organized and systematic. Borrowers sign a retainer with the law firm, the law firm sends authorization to the lender, and law office negotiate with the lender on behalf of borrowers. In all three types, lenders will require borrowers to complete a trial period of at least three month. During this period, lenders will monitor borrowers’ monthly income and payment habits to assess potential risk. Borrowers are required to submit updated documents once a month to their lenders, until a permanent modification is offered.

Why Can't I Just Apply By Myself?

When a loan modification application is submitted by a homeowner, it is thoroughly reviewed to determine the profitability to the investor or the likelihood of loss. The "Net Present Value Test" is used to determine what will create more cash flow to the investor-Foreclosure or Modification. Their decision has nothing to do with what is in the best interest of the homeowner. It is solely based on what is more profitable to the investor. If modification is not in the economic interest of the investor, they will decline your application.

Our firm doesn't work for big investors. WE WORK FOR YOU!

How Long Does A Loan Modification Take?

Loan modification maintains an average life cycle of twelve month. The actual length differs from borrower to borrower and property to property. There are many variables that affect loan modifications, including borrowers’ income, reasons of hardship and nature of the borrower’s employment. In addition, lenders often lend investor’s funds. Those investors maintain their own schedules and commitments (which may differ from those of the lenders) that prolong the modification process. Ultimately, there is a period of negotiations between borrower and lender, followed by a preliminary trial period, then followed by an affirmed trial period that concludes with a permanent modification offer.

How Do I Get Started?

Just enter your information in the contact form above or call us directly at 888-888-8888. The Consultation is FREE. One of our law firm professionals will work with you to find out the best approach to modify your loan. Do it now! You have nothing to lose but that high mortgage payment.

Success Cases
Here are just a few examples of the thousands of success
cases we have helped homeowners with over the years.

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