There is also a notice that must be provided to the borrower as a separate statement before any fees are collected by the Attorney that notifies them that there are other options for them that are not requiring a fee, such as doing the loan modification negotiations yourself. For more details you can read more at http://calbar.ca.gov/calbar/pdfs/ethics/Ethics-SB94-FAQs.pdf. Click Here To Read More ...

Agreements entered into and advance fees collected prior to October 11, 2009 are not affected with this new legislation. Advance fees based on agreements entered into prior to October 11, 2009, but fees collected after October 11, 2009, must be fully refunded. Click Here To Read More ...

An Attorney is not allowed to collect a retainer fee for a loan modification as of October 11, 2009 and the implementation of SB 94 in California. The Attorney can only charge as each service is performed based on what has been contracted for, else they are in violation of Civil Code Section 2944.7(a)(1). Click Here To Read More ...

If an Attorney collects upfront fees and places them into a trust account and draws on them as services are performed, the Attorney is in violoation of SB 94. Specifically, they are in violation of Civil Code Section 2944.7(a)(1). It is unlawful for the Attorney to collect any fees until the service is performed. You can also read the legal language by going to http://calbar.ca.gov/calbar/pdfs/ethics/Ethics-SB94-FAQs.pdf. Click Here To Read More ...

It is legislation that took effect in California on October 11, 2009 and can be found on the Official California Legislation website at http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_bill_20091011_chaptered.pdf. The legislation prohibits the collection of advanced fees for a loan modification. It only applies to residential properties with 4 or less units, so therefore does not apply to commerical properties. Click Here To Read More ...

In general, a marriage will not have any impact to your loan modification. Remember you bought this house before the marriage and started the loan modification before the marraige. There are some people that need the new relationships income to qualify for a loan modification, so there are many pieces to this puzzle. Click Here To Read More ...

Any change in your financial situation during a loan modification or trial loan modification could disqualify you, it all depends on what the impact is to your over financial picture. We tell all clients to NOT make any changes to their financial situation during the loan modification process. Click Here To Read More ...

A savings account will not disqualify you by itself for a loan modification. You have to keep in mind that a loan modification takes into consideration your whole financial picture. In general, the servicer is going to look at your ability to make your mortgage payment. They take into consideration how much you make and what your current debt is as well as other factors like your hardship. Click Here To Read More ...

The bank/servicer will not allow a loan modification if your house is listed. That means if you want to try for a loan modification then you need to take your house off the market. Click Here To Read More ...

No you can't. You have to remember that a loan modification is a change to the terms of an existing loan so that means that the loan number stays the same and whomever is on the loan stays there. The only way to remove someone off a loan is to refinace, sell the home, or foreclose on the home. This is different from a quit claim, as a quit claim will remove someone off title only, and not the loan. Click Here To Read More ...

No, you do not need two years of employment to qualify for a loan modification. You must be thinking of a refinance, but a loan modification just needs proof of income to make your payments. So, that could mean that you just got a job or have unemployment income, there are some cavaets to unemployment income as you need to show that you will be getting it for a while. Even, if you just changed jobs or just started a job because you took a few years off to raise your kids, that is fine! Click Here To Read More ...

If you just received a Notice of Default, you can still apply for a Loan Modification.  It is important to get moving as quickly as possible and most homeowners hire an Attorney Loan Modification Company as you don't want to mess around with stopping a foreclosure if you don't know what you are doing.  Plus time is of the essence so that your home is not foreclosed on.

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It is a modification to your existing loan agreement that may modify the terms of your loan such as the interest rate or length of the loan.  It may take a 5 year fixed rate to a 30 year fixed rate.  It may lower your interest rate or reduce the principal you owe on your loan.  It is not a refinance, where you receive a new loan and new loan number, it is only a change to the existing loan that you have. Click Here To Read More ...

If you recently lost your job it is still possible to qualify for a loan modification!  There are many loan modification programs including, but not limited to the government programs like Making Home Affordable and HAMP, but with all of these it is important to make sure you apply for a loan modification as soon as possible.  Your lender will allow the use of unemployment wages, however, if you are several months into your unemployment term, or it is about to run out and you can not provide proof that it will be renewed, then it may be not be accepted for a Loan Modification.  Consult with an experienced Loan Modification Attorney on this issue to see if you qualify, however, banks are using homeowners unemployment as income every day. Click Here To Read More ...

In general, banks are not suppose to report any negatives to your credit report during a forbearance program.  The only exception would be if the put something in writing to you that our signed.  Just remember that more then likely before you went into a forbearance program that you were already late on payments and those would have shown up on our credit report.  If you do default on your forbearance program then the likely hood of retro negative reporting for that forbearance period will show up on your credit report.  If this happens, in most cases the propert usually ends up in foreclosure as the loan modification was never completed and you defaulted on your forbearance agreement. Click Here To Read More ...

Yes, you still have time to qualify for a loan modfication program, whether that be thru HAMP or any other programs that are offered by your lender to help you stay in your home and stop foreclosure.  Obviously, time is of the essence in the type of situation as the clock is ticking and your home could show up on the steps of your county for a sale.  So, it is important at this point to contact a Loan Modification Attorney and get all the Loan Modificatin paperwork in immediatley as the Attorney can first stop the proceedings that are taking place on your foreclosure and begin working out your loan modification terms with your lender.   Keep in mind that the Attorney has the power to stop your foreclosure when they are negotiating your loan modification, so feel safe that you can stay in your home during that process. Click Here To Read More ...

Not all Loan Modifications require a significant hardship to qualify.  Some of the basic things to keep in mind is being able to document the reason why you as the homeowner can't make your mortgage payment or are having trouble making your mortgage payment.  There are many reasons for this like your expenses have increases, maybe you lost your bonus, or your hours at work were cut.  And maybe you are one of those homeowners that has an interest rate that is about to adjust or are in the Wachovia, Wamu, or Countrywide negative amortization loan or pick-a-pay loan.  What about just having a high interest rate and being upside down on your mortgage.  There are so many things can happen to you as a homeowner to make paying your mortgage difficult and needing help to save your home or stop a foreclosure.  The best way to do that is by getting a loan modification.  The Attorneys we have are excellent in taking your case and fighting for your rights to get the best possible loan modification or loan work out program available.  One of the first things our Attorneys do is see if you qualify for HAMP.  Give us a call for your free consultation as we are helping thousands of Americans stay in their home and afford their mortgage payment! Click Here To Read More ...

It makes sense that you were denied just because you tried to do the loan modification on your own, unfortunately we see that all the time.  HAMP does not take equity or LTV into account.  HAMP looks like at things like if you property is your primary residence, and can you afford to make your payment based on debt ratios.  So, whatever bank told you equity and ltv are a factor is incorrect as to this date no such guideline exists.  I assume they didn't want to help you.  An Attorney handling your loan modification would have been able to get past this issue and saved the homeowner time and money. Click Here To Read More ...

It is still possible for you to qualify for a Loan Modification eventhough you tried to get a Loan Modification under HAMP or Making Home Affordable (MHA) on your own.  In some cases, you still may qualify for a Loan Modification under HAMP or MHA.  We are finding that alot of homeowners just don't know how to competed the Loan Modification paperwork to save their home from foreclosure.  They are finding that their banks whether is it Bank of America, Wachovia, Chase, etc have not helped in explaning and guiding homeowers thru the Loan Modification paperwork.  Our Loan Modification Attorneys have been able to qualify homeowners for other Loan Modification or Work Programs or even for HAMP, even though you as a homeowner were unsuccessful trying to do it on your own.  Feel free to contact our experienced Loan Modification Consultants at 877-700-2567 for a free consultation. Click Here To Read More ...

Homeowners call us all the time with this question and many of them tell us that their banks have told them no!  That the banks say only one loan modification a year.  This is not always a true statement from your bank.  We have been successull with modify loans that were just modified six months ago.  We do an upfront extensive preapproval process to make sure that the Attorney Firm can get your loan modification done and help you save your home.  Please fee free to call one of our consultants at 877-700-2567 to find out if you qualify, there is no cost to see if you can qualify for the loan modification. Click Here To Read More ...

We see homeowners trying to do their loan modifications everyday and getting denied because they just don't know how to complete the paperwork and handle or navigate thru the banks loan modification process.  Unfortunately, it is not a clear process.  Our Loan Modification Attorney's have been able to negotiate a modification and get it approved thru your lender after you as a homeowner just tried it yourself and got denied!  Let us take a look at your situation and see if you can preapprove you up front at no costs to you.  It is only your time to get us the paperwork and help you save your home and stop foreclosure. Click Here To Read More ...

The HAMP program only has qualifications to handle loan modifications for the first mortgage or first lien.  However, there are other loan modification programs for those wanting to modify a second mortgage or second lien.  In general, a homeowner may have a fixed rate second or a home equity line, which is where the interest rate usually fluctuates when the prime rates adjusts.  For the most part, banks are more willling to modify the interest rate on the fixed rate loans.  For one reason, is because the home equity lines are usually closing in line with the prime interest rate which is basically at an all time low.  It is always worth checking to see if the second can be modified whether with a reduction in interest rate, changing the adjustable to a fixed rate, or even asking for a principal reduction. Click Here To Read More ...

If you are about to lose your home and received a Notice of Trustee sale and about to have your home foreclosured.  It is important to not delay if you really want to save your home.  There are options out there and it depends on whether you lender is participating in HAMP, which is one option to other loan modification/work out program options.   It is important to get started immediately to stop the foreclosure.

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This program will expire on December 31, 2012, which means that your trial modification must be in place by that date.  There are other loan modification programs or work out programs that may be available to you as a homeowner seeking help to save your home and avoid foreclosure. Click Here To Read More ...

Forbearance means you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.  Click Here To Read More ...

A loan workout is just another term for loan modification. However it is more of a broad term and can be applied to several other loss mitigation techniques, such as negotiating a short sale and a deed in lieu of foreclosure. Click Here To Read More ...

When the value of the home is about equal to what is owed, a lender may agree to accept the deed in lieu of foreclosing. This saves the lender the cost of foreclosing and evicting the borrower. However, the lender must still pay to maintain the property during marketing and sale, and pay a commission to a real estate broker to sell the property. Thus, if the equity in the property has not dropped too far below the amount owed, a lender may accept a deed in lieu. That said, the current mortgage crisis has not left many homes with enough equity to make a deed in lieu attractive to lenders. Lenders see no advantage in allowing a borrower to just walk away. In the climate of mortgage meltdowns, lenders are not usually willing to accept a deed in lieu.
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This phrase (short for Deed in Lieu of Foreclosure) refers to the situation where the borrower places the keys on the kitchen table and walks out the door (or in the days of the drive through teller, hands the keys to the teller at the lending institution and drives away). Click Here To Read More ...

If a homeowner wishes to sell, but the home has declined in value so that the loan(s) are more that the sales price, the lender can accept a lower payoff amount. For example, the outstanding loan balance is $400,000, but the homeowner can sell for is $300,000. The lender may accept a lower payoff i.e. $300,000.  Please keep in mind that for most cases to qualify for a short sale you will need to have listed your property for 90 days and will also have to be behind on your mortgage payments or delinquent.  Sometimes, homeowners prefer to try to qualify for a loan modification as the HAMP program or Making Home Affordable (MHA) Program is such that the homeowners payments are so low that it is more affordable to take a Loan Modification then short sale your home and rent.

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Yes. If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Click Here To Read More ...

Each loan modification must be carefully reviewed and faces severe scrutiny. It’s important to avoid mistakes. That said, what are some critical pitfalls to avoid?

• Waiting too long. You can avoid losing your home AND your credit by seeking professional help at the first sign of trouble.       
• Improperly documenting your financial situation. You need to consider every potential expense and be up front and honest about your income, debts and liabilities.
• Trying to do it yourself. This one is easy to avoid. Unless you are clearly comfortable with the process, you’d be wise to pick up the phone and call a loss mitigation specialist.
• Not knowing what to do if the modification fails. There are other programs that offer better alternatives to foreclosure. If loan modification fails, we’ll know what to do next.
• Submitting an incomplete package. Our process ensures you will not miss a step and make critical mistakes.
• Poorly crafted hardship letter. Your hardship letter is an opportunity to explain to the lender why you are experiencing difficulties and can go a long way toward convincing a lender that you are a good candidate for modification.
• Talking to the wrong department. If you call your lender, there’s a good chance you’ll have a hard time connecting with the right department. Often, lenders route delinquent accounts to collections who are only interested in getting your full amount due. These are not the people to talk to and will only frustrate you into thinking you are out of options.

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1. Whether your required payments are increasing or will increase;
2. Whether your property is worth less than you owe;
3.  Priciple residence or investment;
4.  Change in income but still employed;
5. Debt to income ratios before and after the loan mod;
6. We are also seeing some evidence that lenders are more apt to offer beneficial loan mods to borrowers who explain that they have the option of just walking away under California law; 
7. Basically, the lender needs to be convinced there is a good reason to create a lower monthly payment, that there is strong chance the borrower can afford to pay that lower monthly payment and that the lower monthly payment can be created by lowering the interest rate, the term of the loan, or by reducing the principle on the loan.  It should be note that principle reduction is not easliy negotiated; and 
8. Whether borrowers have leverage against their lenders.  Borrowers should consider prudently using the California and Federal law to their utmost advantage.  If you are looking to obain a principle reduction you should be prepared to consider the tactical use of lender liability laws Click Here To Read More ...

HAMP or the Making Home Affordable program is only for those needing assistance with their primary residence and the banks will want to see proof that it is your primary residence, like a electric bill or some kind of utility bill.  There are other programs available as far as loan work out or loan modifications that are available for owners of investment properties.

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• Lower your monthly payments
• Lower your interest rate
• Fix your adjustable rate
• Reduce your loan balance
• Waive negatively accrued interest
• Grant extensions on payments
• Re-amortize loan to include past due payments
• SAVE YOUR HOME

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The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will provide you with terms you can manage. This allows the homeowner to stay in their home and protects their credit history.Some of the things that are possible with a Loan Modification are:·         Bring your late payments current ·         Lower your monthly payment ·         Convert your ARM to a Low Fixed Rate ·         Reduce your principal balance to sell or Refinance ·         Modify your loan without refinancing ·         Stop a foreclosure proceeding ·         Avoid Bankruptcy Click Here To Read More ...

If you are you one of the millions of Americans with an Adjustable Rate Mortgage that is about to reset to a higher monthly payment, then Loan Modification is probably right for you. Since most folks that got interest-only and adjustable rate mortgages don’t have much equity in their home, it will next to impossible for them to refinance. Short-sale or forbearance are not good options Modification procedure does not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment. Click Here To Read More ...

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The answer is a resounding no.  This is not debt consolidation. And this is not an offer to refinance from a mortgage company.  Debt consolidation procedures generally consist of combining multiple unsecured debts into just a few debts to make it more manageable and/or attempting to negotiate better interest rate/terms on your debt. for a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people. Click Here To Read More ...

When our Attorney's are negotiating your loan modification and you have a tax lien, there are restrictions to what can be negotiated and depends on how large your tax lien is.  So, give us a call to find out if our Loan Modification Attorney's can negotiate away your Tax Lien!

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Yes, banks are modifying those that have investment properties.  Just remember that the Making Home Affordable (MHA) Program also known as HAMP does not allow investment properties to qualify under that program.  However, there are many other options for someone that has an investment property that needs to be modified.  If you have multiple investment properties, that is even better for negotiations. Click Here To Read More ...

We get calls daily from homeowners that continue to call into their banks that tell them over the phone that they are denied.  We know it is frustrating as they turn around and call us for help to save their home and stop foreclosure.  We go thru a much more extensive process as far as collecting your financials and making a strong case of why you need a loan modification.  We do much more then a bank would ever do.  We provide consultation and lots of it to find out really what changes have happened to you and your family, we then have our Attorney Firm agressively fight for your rights.  If you are reading this I know your bank has not spent the time or energy to help you.  The question is, why would they want to help you when they need to make profits and already put you in the "bad loan".  If you need help fighting your bank please let us know.

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Alot of clients ask if they can skip a monthly payment during a loan modification negotitation by our Attorney.  A loan modification is not the same as a refinance or purchase loan as those loans are basically new loans, meaning a new loan number and a new entry on your credit report.  These type of loans allow you to skip a monthly payment, but really you have already paid the interest in advance on your closing statement or HUD showing that you paid the interest in advance.  So, are you really skipping a payment, only in the terms of you already paid it up front.  During a loan modification negotiation, the only way to skip a monthly payment is to not make one, and that means two things to you.  One is that you will have a hit to your credit report and two, during loan modification negotiations the late payments that you are deliquent on are added to your principal balance for the most part.  Sometimes these are relieved during the Attorney negotiated loan modification process.  Also, not making a mortgage payment sends a message to your bank that we really can't make our payments and that we need help!!!

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Your credit score is not a factor in whether you receive a loan modification and your home is saved from foreclosure.  In many cases, the banks will run your credit to verify any and all debt that you currently have on your credit report, which all plays into the Attorney negotations of your loan modification.  So, the more information that you provide your Attorney that is negotiating your loan modification the better!!

Please fill out the Inquiry form to your left to see if you qualify!

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If anyone you speak with regarding Loan Modifications quotes you absolute interest rates or terms they will get you, I would say...RUN.  There are just so many varying factors that get considered for each individual Loan Modification application, that it is impossible (and definitely not honest or prudent) to quote terms to any client upfront.  That being said, we are also very proud of the Modified Agreements we have been able to achieve on behalf of our clients!  These have included, but are not limited to, interest rates between 1.5% and 5.5%, a change in amortized years to reduce payments, decreases in payments from $300 to over $1,500 per month, wrapping of delinquent payments and fees into the loan balance, conversion from adjustable or interest-only terms to fixed terms, etc.  We don't just look at one thing, but rather we negotiate all the terms, to make sure you receive the absolute best possible Modification - and one that will allow you to remain in your home for as long as you desire! 

Please fill out the Inquiry form to your left to see if you qualify!

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Yes, we can also help if you have a Notice of Trustee Sale (NOT) or Notice of Default (NOD).  In these cases, it is important that you as a homeowner work as quickly as possible to get all of your paperwork and a complete package to us immediately for our Loan Modification Attorneys.  As they will need to assess your situation and move very quickly with your bank to stop a foreclosure and save your home.  If you as a homeowner waits to long then there could be nothing that can be done and you could lose your home, so act quickly!!  Let our Loan Modification Attorneys save your home from foreclosure!  

 

 Please fill out the Inquiry form to your left to see if you qualify!

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This is a broad questions and I always tell a homeowners to call us as many times a homeowner may not realize that they are in a situation that would qualify them for an Attorney Loan Modification.  If we simplify the question, the simple answer is, if you are having trouble making your payments please give us a call.  We are here to help you and save your home.  We know as we get hundreds of calls from homeowners calling their banks directly and getting no help at all.  We offer alot of free conultation and it comes from alot of experience.  Our Attorney's offer 100% money back gaurantee and no money is taken up front!

Please fill out the Inquiry form to your left to see if you qualify!

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We can help as our Attorney Firms are negotiating with all lenders and are negotiating hundreds and hundreds of loan modification each month.  They are also negotiating in almost all states with amazing success, almost 100% success rate and 100% money back gaurantee.  The 100% money back gaurantee means you get all of your money back if the loan modification can't be done.  This is how confident the Attorney is about getting the job done for you and representing you!!

 

Please fill out the Inquiry form to your left to see if you qualify!

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No, they are all different in the terms and conditions of their negotiations.   Our Attorneys are closing so many loan modifications and stopping foreclosures for homeowners that they know what can and can't be done during loan modification negotiations.  The Loan Modification Attorneys are during their first step of preapproving a homeowner for a loan modification, is to try to qualify them for the Making Home Affordable (MHA) Program also known as HAMP.  If the homeowner does not qualify for this program there are others to help you get into an affordable mortgage payment and save your home.  We have many articles on our website that also list all the banks that are participating in the HAMP program! 

Please fill out the Inquiry form to your left to see if you qualify!

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As a homeowner you do not have to be late on a mortgage payment to qualify for an Attorney Loan Modification.  The Making Home Affordable (MHA) Program also known as HAMP specifically says that you do not have to be late on your mortgage.  Loan Modification negotiations are all based on the entire picture of the homeowner, it includes such things as thier financial situation.  This includes all income and expenses as well as documenting the changes that have occured in their family over the months that make it difficult to continue to make a mortgage payment.  Please contact one of our specialists that experience to help you and consult with you to save your home and lower your mortgage payment.

 

Please fill out the Inquiry form to your left to see if you qualify!

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The income of  everyone that lives in the house is counted.  They can be a renter, they may be someone that is not on the loan, or even someone that is not on title as long as they live in the home.

Please fill out the Inquiry form to your left to see if you qualify!

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Many banks allow unemployment income to count towards income for qualifying for a loan modification.  Some of the banks like to see that the unemployment will continue for a period of time in the future that they are defining.  So, our recommendation is to not wait on qualifying for a loan modification and give us a call to speed up your loan modification and its negotiation by our Loan Modification Attorney's.  We have found that those trying to negotate on their own directly with their bank are unable to complete the loan modification fast enough based on income from unemployment and are thus denied a loan modification.  This situation is similiar to those in a notice of default or notice of trustee sale, acting quickly to secure a loan modification when you are on unemployment is imparative.

Please fill out the Inquiry form to your left to see if you qualify!

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