LOAN MODIFICATION

Did you know that you have the power to change the terms of your current loan?  In this abysmal housing market, many people find themselves caught up in a property that has turned upside down on them (this means that the loans on the property are worth more than the property itself).  Others, whose properties are not necessarily upside down, simply cannot afford paying their mortgage payments, due to the crashing economy.  Whatever your specific case may be, let us turn your lemon into lemonade, by modifying your existing loan. 

The first step to modifying your loan is to understand why your lender would even be willing to negotiate

Is Your Lender or Servicer Not Helping You or Being Abusive...

Lenders and servicers are very busy with desperate homeowners trying to save their homes from foreclosure. Unfortunately, they do not have the man power or the capabilities to save everyone.

Many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender.

However, when a lawyer is involved, it seems as if the calls start to get answered and the letters responded to. Often this can make the difference between saving your home and losing your home.

With an attorney involved, you have an important ally in your corner to get you the mortgage help you need, FAST!

A loan modification re-structures the terms of your existing mortgage to make your payments more affordable. But you can't expect lenders to make it easy. In fact, many homeowners fail to reach a reasonable settlement with their lenders. Most are able to settle a forbearance agreement or a payment plan, but rarely a long term loan modification. That's where our law firms Loan Modification Department comes in.

A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and fixing 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.

The earlier you get started, the better your chances are of negotiating a fixed rate and a payment that you can manage.

If you can afford your home and not just your loan, then you may be eligible for a loan modification.