At ALMS, we want you to know that you are not alone in this situation. 

The following is a summary of the process, from beginning to successful end!  

1. Overview: Please know that if you are experiencing a financial hardship and are currently unable to make your mortgage payments (or may be in the near future), you have options - but you must take the first step!


2. CLIENT APPLICATION PACKAGE: We will forward you the  Client Loan Modification Application Package.  This package includes some forms designed to help us capture all the information and documentation the Attorney needs to complete their initial underwriting of your file. To give you a head start, the supporting documentation we will be requesting is briefly outlined below.
   
   
   • Proof of income - Covering the latest 30 day period.  This could include pay stubs, rental agreements, social security award letters, etc. 
   • Hardship letter (explain in detail what circumstances have occurred that have resulted in your current financial hardship).
   • Bank Statements - Covering the last 60 days, all pages
   • W-2 forms and 1099 forms -  For 2007 and 2008
   • Tax Returns -  Federal (not State) forms only; first 5 pages only.  Covering the latest two (2) years that you have completed.  
   • Monthly Expenses - Provide all monthly household expenses, even if you are not paying them: including utilities, food, mortgage payments, insurance, dues, insurance, taxes, etc.)


3. INITIAL REVIEW & UNDERWRITING:   One way you’ll find that ALMS is very different is that we request a very complete list of documents and information from you  – to help avoid surprises down the road.  Next, upon receipt of all information, your file is put through their underwriting and review process by the Attorney Firm. 
   
   
4. ATTORNEY STAFF PROCESSING, UNDERWRITING & REVIEW:  At this point, the attorney firm will confirm whether you are prequalified, and if so you will be forwarded their “Legal Services Agreement”, Payment Authorization Form, and any final documents for your review and signature.  Upon receipt of the final documents and payment to the Attorney firm, the attorney firm will submit your file to your lender, which formally starts the Loan Modification process.
   
   ATTORNEY REPRESENTATION & NEGOTIATION - It is a well-documented fact that over 50 – 60% of all modifications done directly by homeowners, or by non-attorney backed mitigation companies, end up back in default within the first 6 months after modification.  This is compared to a re-default rate of less than 5% for attorney-backed modifications.  Having a reputable, experienced law firm to legally represent the best interests of each of our clients throughout the entire negotiation and mitigation process is just another of the ways ALMS is different.  It all starts with having the knowledge and skills to put together the best possible submission package, and then utilizing the experience and tenacity of a well-educated, trained legal team to represent you and aggressively negotiate to achieve a plan that meets, if not exceeds, your goals!  The negotiations may involve multiple offers and counter offers – it is truly a hard-fought negotiation! 


5. FINAL SETTLEMENT AND APPROVAL:  Once the legal team believes they have hammered out the best possible terms they can get from your lender, the lender will prepare a written Loan Modification Agreement spelling out the exact new terms, and will forward this directly to you (the homeowner) for your final approval.  No terms of your existing mortgage can be changed without your full written & notarized consent – so you always remain in full control, with the final say on everything.

As you can see from this brief overview of the process, there is a significant amount of work put into each file even before the attorney retainer fee is requested.  Keep in mind we work for YOU, not your lender.  OUR motivation is YOUR success story, and we look forward to assisting you in achieving great success in this matter!   If you have any questions or concerns, please don’t hesitate to contact us.  Please note ALMS is not a mortgage foreclosure consultant or do we negotiate loan modifications or repayment plans or provide legal advice. The Attorneys have their respected licenses and provide that service.