What is loan modification?

Loan modification is the fairest, quickest and most effective method to prevent foreclosures. Loan modification process is frequently used by the banks to reduce the loan balance, interest rates and extend the term of your loan. The reduction of monthly payments through loan modification allows you to keep your house and continue paying lower monthly payments; this prevents banks from repossessing or foreclosing your home.  By the end of 2009, 700 million more homeowners, across the county, are expected to use loan modification to help save their homes.

In other words, loan modification is the number one banking strategy that keeps many banks solvent.

Do I need an attorney to help me with my loan modification?

Yes, you do.  Expertise in loan modification process and overall knowledge of law are very important in achieving a successful loan modification. This kind of success can only be accomplished with a professional, experienced loan modification attorney – we can provide you with that. You may try doing the loan modification process by yourself or let your mortgage broker or realtor help you with it, but losing your home is too much a great risk to put negotiations in the hands of novices.

Would my bank consent to a loan modification? Why?

Yes, they almost certainly will.  The bank will lose more money by taking your home back in foreclosure than modifying your loan and lowering your monthly mortgage payment and interest rate.  To make you understand more, here is a sample computation on a $200,000 mortgage – the bank can choose among these two options.

• OPTION #1

They get 40¢ on the dollar for reselling your house, which translates to $80,000 net that goes to the bank and the rest of $120,000 which will be marked as loss to the bank.  Aside from the 60% profit loss, the bank has to escrow (trust account) a foreclosure penalty which is six times the amount of the loan.  In this case, the bank must escrow $1,200,000 until the foreclosed home is sold.  That means weeks or months of money sitting in the vault with no interest and no profit.

• OPTION #2

The bank knocks of 40% from your interest and principal loan.  This means a $200,000 loan will be adjusted and brought down to a $120,000 principal loan.

Will any kind of loan be allowed to be modified using loan modification process?

Well, almost any kind of loan can be modified using loan modification process. However, there are cases where we will not accept or modify your loan if we find your existing loan or situation unfixable. If we think your loan situation is workable, we will accept you as a client and begin loan modification process.  Our knowledgeable and experienced staffs are highly trained to prevent foreclosure and transact business with all types of mortgage loans and lenders. Our consultation is free and we always take our time in studying and understanding our prospective clients’ needs. Call us today to determine how we can help in solving your existing loan problems.

I have already talked to my bank about modifying my loan and they refused approval – is there something your team of attorney can do to help?

Yes. Most of our previous and present clients have experience and faced inflexibility from the bank.  Having us behind your back, we can get your bank/lender listen to your needs.  They will listen to us because they trust us – our years of experience and relationship with banks have given us credibility and earned their trust.  Our professionalism and integrity have warranted us a reputation that permits us to get through uncompromising red tapes and be heard by the lenders.  We will use our connections and experience to your advantage.

Should I have default loan payments to qualify for loan modification?

No, you can apply for a loan modification even if your mortgage is updated.  Banks may approve your loans being modified if you are under extenuating factor which is affecting you financially.  We will help you negotiate with the bank and look for supporting substantiation that you are indeed in need of loan modification.  If and when we cannot lower your terms significantly, we will give back a full refund.

How much does your team charge to help me stop home foreclosure?

We base our fees on your mortgage amount and the urgency and complexity of your situation.  We are confident that our fees are a good deal compared to foreclosure.  We offer money back guarantee if we cannot work out an agreement with your lender.  Our principle is simple – no fee would be charge if we do not get your loan modified.

What is Predatory Lending? How do I fight it?

Predatory Lending refers to various immoral and illegal activities many lenders are engage in.  These immoral and illegal practices are the major cause of poor credit, unmanageable financial burdens and foreclosures.  There are a lot of homeowners who are victims of Predatory Lending without them knowing it.  We can help you ensure that you are safe from illegal and immoral lending practices.

If you find that you are a victim of Predatory Lending, do not let them prey you again and allow them to take away your home – fight.  If your loan is unlawful, you are entitled to substantial amount for damages, whether your house is currently on foreclosure or not.  Foreclosure can be stopped by Truth in Lending Act – it is a substantial cause to stop the process immediately.   We can help you stand up for your rights.  Our trained personnel and real estate Attorneys are experts in spotting predatory lending practices in your paperwork.  We can use this to your advantage and negotiate using this leverage on your behalf.

Why should I choose your team?

1. We have Personalized Service

We make it our number one priority to earn your trust, especially when something important is at stake – like your home.  In other companies, you are subjected to an embarrassing interview, having someone who is an absolute stranger ask you personal questions about your home and your financial circumstances.  We however, will visit you personally within 24/48 hours upon application.  We want to establish rapport, make you feel comfortable about the process, be confident that we are the best people for this job and show you how we can assist you before we begin loan modification process.

1. We have Expert Representation

Anybody can negotiate with the banker – the question is, will they succeed or fail negotiation.  Instead of relying on your inexperienced mortgage broker or realtor to do the negotiating for you, allow us to match you with one of our experienced attorneys who have the expertise and right knowledge to best represent your cause.  With a knowledgeable and practiced ally on your side, you have a much greater chance of saving your home and getting your loan modified quickly and efficiently.

1. We have Caseload Limits

The problem with other loan modification companies is taking on as many cases as they can get their hands on.  Now, this may be great for their business but very unfortunate for you.  Loan modification process is tremendously time sensitive and delays, backlogs and slow response can jeopardize the negotiation’s outcome.  We ensure you that we maintain an acceptable and workable caseload to team ratio resulting to concise, clear and timely communications and initiatives from us.

I can no longer afford my home, how can I have the funds for paying loan modification attorney’s services?

We understand your dilemma in paying our attorney’s fee in addition to the monthly mortgage payment you are already paying.  First off, the amount of money that you will be saving when the loan modification push through is reason enough to stick with your plan and ask assistance from our company.  What our other clients do is do a little credit card juggling act.  Pay off your debts with your credit card – schedule payments on the 26^th or nearest to the end of the month to delay payment at least another month without being late in your mortgage.

As long as mortgage payments are made before the 30^th of each month, there will be no deep impact in your credit score.  The bank may charge you with late payments, but our in-house attorneys can easily ask for a waiver for that.  We can send a request moving the payment schedule of the new modified loan one month later.  With the delaying payment schedule, lowering of interest rate and the decrease in your monthly payments – our service fee is practically paying for itself.  Also, no need to worry; if we cannot modify your loan to a more affordable and agreeable terms, you do not have to pay us anything.  That is what 100% money back guarantee is good for.

Should I skip mortgage payment to qualify for loan modification?

No. Delinquent homeowners who are on the verge of losing their homes from foreclosure may be given priorities by the bank when it comes to loan modification, but no, you should never intentionally skip mortgage payments just to qualify.  We can help you get a loan modification whether or not you are late with your payments.

Trust us to come through for you and let us do our job.  It is never a good idea to ruin your credit score on purpose as it is very hard to repair.