Homeowner Foreclosure Defense and Loan Modification With An Experienced Law Firm

Don't have time to deal with your lender, or are you going nowhere fast?

The reality is most lenders are not very responsive to many of the homeowners who reach out to them for help with their mortgage. When you hire a law firm, it can be a major game changer in how the lender reacts to a request for modification assistance. The law firms within our network communicate with most of the major lending institutions on a daily basis and know what is needed in order to successfully complete the necessary documentation that lenders require.

Providing Loan Modification Solutions to prevent Mortgage Foreclosure

Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, which allows the loan to be reinstated, and results in a payment the homeowner can afford.

Loan Restructuring is an important part of the Foreclosure Defense process and is the preferred option for those seeking to keep their home. Loan Modifications typically involve a reduction in the monthly mortgage payment, interest rate or an extension of the length of the term of the loan. In some cases, a principal forebearance using the Fannie Mae or Freddie Mac Flex Modification program may be an option to you if you currently have a FNMA/FHLMC backed mortgage. A lender might be open to modifying a loan because the cost of doing so is less than the cost of Default or Foreclosure.

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Step 1 - CONSULTATION/Prequalification

An experienced law firm will review your situation to make sure that a loan modification or the FLEX modification is right for you.

Step 2 - GATHER FINANCIAL DOCUMENTS

What is needed for a standard modification:

  • Proof of income. This can include W2's, pay stubs, rental agreements or bank statements.
  • Hardship letter (explain what happened that made you fall behind)
  • Most recent mortgage statement
  • 4 months of bank statements
  • Last 2 years tax returns (EX: 2015 & 2016)
  • Monthly Expense Sheet

What Happens Next?

The law firm will review and analyze your information in order to compile a negotiation package to submit to your lender. They will fully analyze your case before we begin negotiations.

Step 3 - NEGOTIATIONS

A team of experienced legal professionals at a law firm will submit your financial package to your lenders and begin negotiations. They will continue negotiations until an acceptable agreement has been received and approved by you, the homeowner.

STEP 4 - APPROVAL

When your request is approved, final Loan Modification documentation will be sent to you for your approval. We ask that you have at least 2 months of payments saved before your modification is approved to begin on your new payment schedule.

Time Frame

Most cases take about 90 to 120 days to complete. However, every case is different. We are here to help you every step of the way. We look forward to working with you.

Do you know Foreclosure Law? Our network of attorneys do!

When you are represented by an attorney, you have an important ally in your corner during the loan modification process, especially if you're in pre-foreclosure or foreclosure.

Law Firms use powerful laws like the Truth in Lending Act (TILA), the Dodd-Frank Consumer Protection Act, and the Real Estate and Settlement Procedures Act (RESPA) to bring lenders to negotiations. These laws MUST be followed and failure to do so can result in significant damages to the lender. Following these procedures lenders are more likely to agree to working out your loan on more affordable terms for YOU in order to avoid costly litigation.

Many times the borrower is charged a lot of unexplainable lender fees and charges. Law Firms demand that these fees be fully documented to insure that our clients are not being over charged by their lender or servicer.

A Law Firm will not tolerate abuse and we command respect with our thorough knowledge of the law. We are consumer and homeowner advocates that will protect you and your home.