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What is a loan modification? A loan modification is any change to an existing loan. This could be a change in interest rate, term of the loan, or any other parameter or condition of the loan.
Is a loan modification different than a refinance? Yes, it is very different! A refinance is a totally new loan. A loan modification is a change to your existing loan.
Wouldn’t it be better to get a new loan? Sometimes a new loan is desirable, but with the present economic climate, it may not be possible or practical. A new loan requires excellent credit, verifiable income, and other qualifying factors. We can provide either – a loan modification or a new loan.
I never heard of loan modifications. Is this something new? No. Loan modifications for residential and commercial mortgages have been completed for many years. What is new is the government program to subsidize the loan modification process to help homeowners like you.
Can I do a loan modification myself? Some people have the skill, knowledge and time to do it by yourself. You need skills at negotiating and knowledge of financial and interest rate calculations.
Why Hire and Attorney? Any attorney is an expert at negotiating and knows the laws. He represents YOU, not the lender. Remember, the bank or lender is NOT your friend or on your side. They will do only what is best for their business interest, not what is best for you and your circumstances. By modifying your loan, the lender will be losing income. They will do what is best for them, not for you. Would you go to court and represent yourself on a matter that means many thousand dollars in your pocket? Probably not. You would hire an experienced attorney to represent you. Why do most people hire a CPA or tax firm to do the income tax? We trust the experts to get us the maximum refund.
This situation is not any different. You should have an experienced legal team represent you to obtain the best loan modification possible for your needs.
Do I qualify for a loan modification? The Obama administration estimates 9 million homeowners qualify. Click HERE on our quick qualifying link to see if you are one of the 9 million homeowners. Then call us for a detailed analysis.
How long does a loan modification it takes? Time will vary; after we obtain the information and documents from you, the process takes 30 to 45 days.
I have an income rental property that is now worth less than several years ago. Does this qualify for a loan modification? Income properties do not qualify under the current Obama program. However, the bank or lender MAY be willing to do a loan modification. Call us with the details and we will discuss your options.
I have a vacation home. Does this qualify for a loan modification? No, not under the current Obama program. However, the bank or lender may be willing to do a loan modification.
What if you cannot help me? If you do not qualify, or if we do not believe we can help you, the attorney will not accept your case.
Who do I pay? You pay the attorney that will represent you. Respective state law dictates if fees are placed in a bonded escrow account. The legal team earns the fee for services rendered.
My credit is terrible. I have been late on my mortgage payments and credit cards. Does this make a difference? NO. Your credit does not make a difference for a loan modification.
How much money will I save? There is no single answer to this question. It depends on many factors including your present income, your existing loan, and the value of your home. Here is an example. Suppose you have a $200,000 thirty year loan that adjusted to 10% with a monthly payment of $1755.14.
If the interest rate was reduced to 5%, the payment would be $1073.64 a month. This is a savings of $8178.00 a year!!! This is only an example. Every homeowner’s situation is different. Call for a free analysis.
I just received a foreclosure notice. Can you help me?
YES, but time is critical. Call NOW!
I am not behind on my mortgage payment but I struggle to pay. Can you lower my payments? There are many situations where you may qualify for a modification. Many people are experiencing lower income, have new or unexpected expenses, or have an adjustable interest rate loan with higher payments. Call our toll free number for a free analysis.
I have a second mortgage. I heard they will forgive the second mortgage. Is this true? Only in certain situations. If someone owed you money, would you forgive the debit? The banks and lenders feel the same. They will not forgive anything unless forced to do so. That is why now homeowners need our legal team’s expertise to keenly negotiate for a loan modification.
Will the lender reduce the principle balance? This is a possibility. However, first the lender will attempt to reduce payments by other means such as a lower interest rate.
I cannot afford the house and I have a foreclosure notice. Are there any other options? We can discuss the options. A short sale may be possible to save your credit.
What is a Short Sale? A short sale is a sale of the property for less than you owe the lender. See the section on Short Sales for more information
Why can’t I wait to see what happens? There are 9 million other homeowners who want a loan modification. The first people to secure their loan modification will save the most money and get the best service.
I am interested in your services. What is the procedure?
We are at your service. Please click on this LINK for additional information or call us at 314 667 5752
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