If recent financial or personal hardship has left you struggling to afford your monthly mortgage payment, it is natural to find yourself suffering stress and anxiety over the prospect of losing your home.
If you are having trouble making monthly mortgage payments, you should know that you have other options besides losing your home. You may be eligible to apply to a bank for something called a loan modification, which would provide you with a lower, more affordable monthly payment.
At Loan Lawyers, we have decades of experience helping homeowners keep their homes by obtaining mortgage modifications. Let us help you through the loan modification process. We’ll fight on your behalf to reduce your monthly payments and keep your home.
Pennsylvania Mortgage Modification Attorney
Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification or debt rescheduling.
In the normal progression of a mortgage, payments are made according to the loan documents until the mortgage is paid in full (or paid off). The lender holds a lien on the property and if the borrower sells the property before the mortgage is paid off, the unpaid balance of the mortgage is paid to the lender to release the lien. Any change to the mortgage terms is a modification. Changes may include any of the following: a reduction of the yield (commonly referred to as the interest rate), an extension of the payment term (ex. extending a 30-year term to a 40-year term), or a reduction of the principal balance of the loan. (Wikipedia)
What sets Loan Lawyers apart from other law firms and modification firms is the fact that we are not only counselors and advisors, but battle-proven litigators and trial lawyers. By developing our reputation as fighters, and have taken over 200 foreclosure cases to trial, and have achieved tremendous results for our clients both at trial and in settlement negotiations. We always aggressively fight for our client’s rights and are willing to go to trial if we have to. Therefore, we are able to get our clients the maximum benefit and recovery in their cases.
Dupage County Loan Modification Lawyer
Loan Lawyers has successfully gotten over 2, 000 loan modifications for our clients. Often clients come to us from other law firms or companies that were not able to get them loan modifications. We succeed where others fail based on our detailed knowledge of the laws pertaining to loan modifications. Most people aren’t aware or well versed in the detailed laws of RESPA (The Real Estate Settlement Procedures Act), a Federal Statute that details specific procedures and laws that banks and loan servicers must adhere to when processing loan modifications. Banks and Loan Servicers know that when Loan Lawyers is involved in the modification procedure if they don’t follow the law we will sue them and hold them accountable.
What are the Options for Loan Modifications in Florida? Any homeowner who needs to lower their monthly mortgage payments could have multiple options for a loan modification. Some common options may include:
A loan modification is a permanent restructuring of a mortgage or other long-term loan by changing one or more terms of the loan, with the intention of providing the borrower a more affordable payment.
Long Island Modification Lawyer And Retention Option Attorney
A loan modification may involve a reduction of the loan principal, reduction of the interest rate, changing the interest rate from an adjustable rate to a fixed rate, or extending the term of the loan. Generally, a borrower can only seek a loan modification once they begin experiencing financial hardship and difficulties meeting their monthly payments.
A borrower obtains a loan modification by submitting an application to their bank or the bank’s loan servicer. In the application, the borrower first states that they are unable to afford the current monthly payments due to some financial or personal hardship.
They then provide personal and financial information that will allow the bank to decide whether the institution is willing to accept a lower monthly payment that the borrower can more readily afford.
Questions To Ask Your Mortgage Modification Lawyer
If they decide that a borrower can afford a lower payment, the bank will typically have the borrower complete a trial period, during which they must make their new monthly payments. At the end of the trial period, the bank makes a final decision as to whether they will approve the borrower’s loan modification application.
Although obtaining a loan modification may be your only option for bringing your mortgage payments under control and stabilizing your financial situation, you should be aware that there are disadvantages to obtaining a loan modification. These include:
If you choose to seek a loan modification, the process generally begins with you contacting the loss mitigation department at your bank or the bank’s loan servicer. Contact information for this department can usually be found on your monthly mortgage statement, or on the bank’s or servicer’s website.
Loan Modification In Florida
A bank cannot foreclose on your home during the mortgage modification process. Once you default on your mortgage, typically by missing a monthly payment, you have a certain period of time during which the bank cannot initiate foreclosure proceedings. This time allows you to cure the default or seek alternatives to foreclosure, such as the sale of the home, a deed in lieu of foreclosure, or a loan modification.
Once you have submitted a loan modification application, the bank cannot initiate or pursue a foreclosure action until it has denied your application. Unfortunately, there are often situations where banks or loan servicers violate the laws designed to protect homeowners during the loan modification application process.
A bank or servicer may try to pursue a loan modification and a foreclosure at the same time, or engage in deceptive or misleading tactics, such as leading a homeowner to believe their loan modification has been approved when it has not. This in turn would lead to the homeowner sitting on other rights or options they might have, such as an appeal of their application denial, or a short sale or deed in lieu of foreclosure.
Foreclosure And Loan Modification Blog
A violation of your rights by a bank or servicer during the loan modification process may be grounds to stop a subsequent foreclosure proceeding. For example, if a bank or servicer pursues a foreclosure while considering a loan modification application, that may be evidence that the bank or servicer failed to consider the application in good faith, having already decided to pursue foreclosure.
In many cases, the bank will approve or deny you for a loan modification based on formulas it uses, along with the financial information you submit with your application. In almost all cases, you should avoid hiring a loan modification company, which only act as middlemen, charging you simply to get your financial information, fill out your application, and submit it. After that, you are left to fend for yourself.
Hiring an attorney, however, can be very beneficial in this process. Many people find the application process to be stressful. A Fort Lauderdale loan modification lawyer can help you organize your information and complete your application, then speak with the bank or servicer on your behalf.
Hiring A Lawyer For Loan Modification Help
Having a Fort Lauderdale loan modification attorney represent you during the loan modification application process means that you have someone protecting your rights. If the bank or servicer violates the law governing loan modifications, for example, or violates other rights you have, an attorney can point out these violations to the bank or servicer and try to get your application approved.
If your application is still denied, and the bank or servicer commences legal action against you, an attorney can assert the bank’s or servicer’s unlawful conduct as an affirmative defense or counterclaim to their legal efforts to collect on the debt.
Although the loan modification process is designed to be completed by the borrower without the need of legal assistance, there are many circumstances in which a lawyer can help with loan modification:
Rockland County Foreclosure Defense Lawyer
If you are having trouble making your monthly mortgage payments, you don’t have to simply let the bank foreclose and take your house. You have other options.
Contact Loan Lawyers today to schedule a free consultation with one of our Fort Lauderdale loan modification lawyers to learn more about your rights and your options for a mortgage modification, as well as many other programs that might resolve your mortgage issues.Talk to our mortgage attorney today if you are facing a mortgage fraud or wrongful foreclosure! Our mortgage fraud attorney can help to save your home. The Consultation is FREE!
Many homeowners find themselves in the foreclosure process, whether they just received a Notice of Default from their lender or just received a Notice of Sale with an auction date scheduled in the next couple of weeks. These homeowners’ main concern is how to stop a foreclosure.
Mchenry County Loan Modification Lawyer
As your mortgage fraud attorney, we evaluate the original terms of the promissory note, the efficacy of the modification process, and the actions taken by the lender in servicing the loan. We
0 comments
Post a Comment