If you can't refi, modify...

Loan Modification
99% of lenders are willing to negotiate payments where any delinquent payments and fees are either wiped out completely or added onto the back end of a modified loan. In most cases, the interest rate will be reduced permanently.

Interest Rate/Payment Reduction
With the increase of rates on home loans (due to Adjustable Rate Mortgages) and for many other economically driven hardships, many homeowners are now faced with monthly mortgage payments they simply cannot afford. Our job is to convince the lender that it is better to lower the rate, thus lowering the payment to an affordable amount for the homeowner, rather than go through the expense of a foreclosure and ultimately be forced to sell the property at a decreased value. This is the last thing your lender wants and we use our knowledge and experience to your advantage when negotiating new terms for your loan.

Principal Balance Reduction
In many cases today, people are “upside down” on their properties. This means that they owe more to the bank or lender than the property is actually worth. When this occurs, the homeowner has more leverage than they may realize when negotiating with the lender. It is our job to exert that leverage upon the lender. In doing so, we are sometimes successful in wiping out large portions of your principal balance. We use these techniques when property values have dropped in your area but the homeowner is not upside down yet so that we can get the mortgage balance more in line with the present property market value.

Say for instance that you paid $500K for your home a few years ago and you now owe $350K. Meanwhile, the present market value has declined by 20% and your home is now worth $400K. While you are obviously not upside down on the property just yet, this is a substantial decrease in value and the attorneys will push for the same percentage of a principal reduction (20% in this case) and lowering the amount you owe by $70K. Coupled with an interest rate reduction, this is a powerful tool in helping you get back on track and more importantly, to stay in your home.

Common Questions and Answers

Question: What kind of deal can I get?
Answer: Every situation is different based upon who the lender is or what each individual circumstance is. We have situations where the interest rate for a particular client was reduced from 8.5% to 4.5% and a 20% principal reduction was granted. Each case is truly unique and no GUARANTEES can be made as to what the outcome will be. We are confident however that with a proven hardship (loss of income, too much debt, illness, divorce, etc.) and by getting pre qualified by one of our Loan Modification experts, we have a very good chance of improving the terms of your existing mortgage.

Question: How long does it take to get a Loan Modification?
Answer: Typically it can take anywhere from 6 to 8 weeks from the time that we receive a client’s completed package along with full payment. Lenders are extremely overwhelmed with volume and it can take them several weeks to assign the case. the attorney will always keep you up to date as to the current status of your case file.

Question: Do I have to be behind on my mortgage payment to even qualify for a hardship?
Answer: No. Lenders shouldn’t wait until someone goes into foreclosure before they negotiate better loan terms with their customers. the attorneys and Loan Modification agents are experts at putting a complete package together that will paint a thorough picture to your lender of the need for better terms on your mortgage. Some customers have even asked why they can’t negotiate themselves. The answer is simple... experience. Typically, a customer will not get nearly as much and may even get denied. In fact, most lenders prefer to deal with attorneys who are familiar with the process while also knowing what to say and how to present the case. This is critical to your success.