How can Loan Modification Help You?

A mortgage modification is when you work with your bank to find a way of reducing your monthly payments so you can keep living in your house. Some people think they can do a mortgage modification on their own, and while it's possible, it may not be a good idea. Often times you only get one shot with your bank, and you want to make sure you present your case in the best possible way. That is why it is recommended to seek professional help from a lawyer or attorney who specializes in mortgage modifications. These guys know what the banks are looking for and can help you present your case to them in the best possible way to get you the most possible help. Typically the banks will agree to one of the following scenarios depending on your situation:

Interest Rate / Payment Reduction

With the increase of interest rates on home loans many homeowners with adjustable rate loans are faced with mortgage payments they can no longer afford.

Our job is to convince the current lender that it is better to lower the homeowners payment by lowering the interest rate or payment rate by creating a payment plan the borrower can afford, then to take the home with a foreclosure sale and lose money on the re-sale.

A rate reduction in most cases is the only possibility for a homeowner to retain their home.

Principal Reduction

When a property is upside down and the homeowner is facing foreclosure, the homeowner has more leverage than they may realize against their lender. It is our job to force that leverage upon that lender. In doing so, we are successful in wiping out large portions of principal mortgage balances.

Deed in Lieu of Foreclosure

Some homeowners face too much of a financial hardship to actually save their home. In these cases, we attempt to salvage their credit before having their home go to foreclosure.

Under many conditions the lender will accept the property back from the borrower as full payment in order to save the time and expense of going through the foreclosure process.

With this process we convince the lenders to take the home as repayment in full for the loan. We ensure that the property owner will not incur a deficiency judgment or 1099 for the difference. The homeowner can walk away clean and start fresh.

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