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.
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.
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
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.
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.
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.
DISCLAIMER: By providing your contact information on this website, you are expressly granting permission to be contacted regarding mortgage services (through our network of Law Firms) even through you may have previously chosen to have your telephone number added to any Do-Not_Call List including lists maintained by any local, state, or federal government agency. Mortgage relief companies are not associated with the government, and service is not approved by the government or your lender. Even if you accept an offer from our network Law Firms and use their service, your lender may not agree to settle or negotiate. We do not guarantee qualification or a reduced monthly payment. Not all results are typical and your results may vary based on the program and your individual situation. The information and notices contained on this website are intended to as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice.
THIS IS AN ADVERTISEMENT OFFERING, FOR A FEE, LOAN MODIFICATION, MORTGAGE REFINANCE/ORIGINATION AND/OR FORECLOSURE DEFENSE SERVICES FROM A LAW FIRM. THE ADVERTISER OR LAW FIRM OFFERING THESE SERVICES ARE NOT ASSOCIATED WITH ANY NON-PROFIT AGENCIES, LOCAL, STATE, OR FEDERAL GOVERNMENT AGENCIES. ADDITIONALLY, THE LAW FIRM PROVIDING ANY OF THE SERVICES MENTIONED ABOVE IS NOT ASSOCIATED WITH AND DOES NOT HAVE ANY INSIDE RELATIONSHIP WITH ANY PARTICULAR LENDER AND/OR MORTGAGE SERVICER. THE LAW FIRMS PROVIDING THE SERVICES MENTIONED ABOVE AS DESCRIED IN THIS ADVERTISEMENT ARE FOR-PROFIT ENTITIES, AND ARE NOT ASSOCIATED WITH THE FEDERAL GOVERNMENT OR THE AMERICAN REINVESTMENT AND RENEWAL ACT OR NON PROFIT ORGANIZATION.