What is Loan Modification?
What we can do:
- Lower Your Payment
- Forgive Past Due Payments
- Fixing Your Interest Rate
- Reduce Your Principal Balance
- Stop The Foreclosure Process
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's
loan, allows the loan to be reinstated, and results in a payment the mortgagor can
afford. This is not a refinance as we will negotiate with your current lender to
modify (make changes) to your existing loan that will allow you to have a payment
better suited for your financial situation. The attorneys and trained negotiators
that we partner with will work directly with the decision makers within your lender
to get them to change the rates, terms, or other components of your mortgage to
find a way to make it more affordable for you to save your home.
This complex world can be made a little more simple with the right advice and professional
representation.
An experienced attorney can provide a safety net to protect your interests and negotiate
on your behalf.
A loan modification can be complicated and frustrating. Having a legal staff who
is dedicated to negotiating the best possible resolution for you, is of the utmost
importance during this stressful time.
Let our team work with you and organize your loan modification proposal in such
a way that it makes the bank want to say yes in a timely and beneficial manner.
We will ensure that your lender works with us in order to provide you with a loan
modification settlement that works for your individual situation.
Who qualifies for a loan modification?
Almost every homeowner in America can qualify for a loan modification with their
lender. As long as you can show that you are having a tough time making your mortgage
payments, your lender will be open to hear your story.
Do I have to be behind on my mortgage to qualify for a loan modification?
Falling behind on your mortgage payments is an obvious indicator of a financial
hardship. However, lenders are aware that many homeowners who are facing financial
hardship are using their cash reserves or credit cards to keep their mortgage payments
current. Therefore, as long as you can convince your lender that you are in financial
hardship – even if you are current on your payments – you can qualify for a loan
modification.
I owe more than my house is worth. Can I still qualify for a loan modification?
Yes. The basic formula is to have a reasonable financial hardship. However, if your
home loan is greater than the value of your house, it will be even more attractive
for the bank to keep you in your home and continue receiving payments from you than
to take the home back through foreclosure. This is because if they take the home
back, they will have to sell the home for much less than the value of the loan.
The banks are trying to avoid this as much as possible. Loan modifications have
become the best solution for them to help reduce the potential losses they are facing.