A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan and helps make your loan more affordable. Usually it is in the form of a rate reduction, principle reduction and/or a fixing of the rate for a certain amount of time. In the past, this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now, borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages or because of significant reductions in the value of the collateral. The earlier you get started, the better your chances are of negotiating a new low fixed rate and a payment that you can manage. Most importantly, our loan work out programs has no impact on your credit score while helping you avoid foreclosure.

HOW IT WORKS

Our loan modification programs are designed for homeowners, regardless of your equity position. Additionally, if you have suffered a decrease in wages, or divorce and this has impacted your ability to pay your mortgage, a loan modification may be the answer to your mortgage problems.

Our law firm prepares a package on your behalf and negotiates with the lender as to what your monthly mortgage amount needs to be in order to maintain the home. We work with your lender(s) to accept a loan modification so you can get a low fixed payment you can afford, avoid foreclosure, and truly enjoy the benefits of home ownership. Foreclosure is not a good option since a foreclosure remains on your credit record for at least 10 years and becomes public record available to everyone, including future employers. Let our law firm help you stay in your home with a loan modification program that will give you new payments you can afford.

THE PROCESS

The average loan modification project takes 60 to 90 days because of the lenders inability to make a decision without getting approval from their management. Approval is also needed from the investors who own the loan. In some cases the investors may be out of the country or the loan may have been "split" between various investment pools.

Our team of professionals is trained to work this process and to continually follow up with the lenders who are usually too busy to return calls and emails.

Our process is as follows:

Our clients complete a debt to income (DTI) spreadsheet and questionnaire for our review. Our firm will ascertain whether the client(s) are a good candidate for a loan modification, given our immense experience with loan modifications.

If we determine that the client(s) are not a good candidate for a loan modification, we will set up a meeting with our client(s) and we will have in-depth discussion about our conclusion and discuss other alternatives.

If we determine that the client(s) are a good candidate, our client(s) will sign all the paperwork and give us authorization to represent them. Our firm will complete an overview of all documents provided with the client(s) to ensure that all the information is accurate and in accordance with the guidelines of Obama’s Home Affordable Modification Program. If the property is an investment home, we will ensure that the information provided can meet the requirements for a loan modification under another program.

Thereafter, we send the completed information package to the client(s) lender(s). We contact the lender to have the modification case assigned and delegated to a loan representative. We send additional requested information as needed and review all information with the loan representative.

We start the negotiation by requesting a specific amount of reduction and terms. We review client(s) financial state with the lender(s). We discuss all options with the lender(s) and we demonstrate why it is in the best interests of the lender(s) to re-negotiate this loan rather than foreclose.

We spend HOURS and HOURS emailing the lender(s), speaking with the representatives, and leaving voice mails. If the loan representative is unresponsive, we take the case up to higher levels of management

The lender(s) outline what they would like to see from the borrower while we outline the realistic payment needed.

In the event the lender(s) determines that the fair market value (FMV) is more than what the actual FMV is, we will provide the lender(s) with an up to date re-sale value of the property.

The lender(s) resubmit the information to their investor for a decision based on the information we have provided and their perception of the value of the property. The lender(s) make first offer. We discuss the offer with our client (homeowner) and we make a counter offer.

CONCLUSION OF PROCESS

After all parties agree on the loan modification, our firm will discuss the terms and conditions with our client(s). There are generally many hidden terms that a non-attorney will either miss or not understand. This is why it is extremely critical to hire an attorney. You want to know what you are accepting.

WHY OUR FIRM

Your bank will have to be convinced that you deserve to be approved for a modification. Our law firm works directly with your lender’s loss mitigation department to expedite the process. Our team of real estate attorneys, realtors, mortgage professionals, and loss mitigation specialists with over 40 years of combined experience servicing our clients, work frequently with all of the top servicers, lenders, and banks and leverage these relationships to solve your mortgage problems. Our law firm does our best to make the process fast and easy. Upon obtaining a modification, you will personally meet with a real estate attorney to discuss the terms and conditions to ensure you have a complete understanding of the modification of your loan.