LOAN MODIFICATIONS

We have several attorneys on call who specialize in loan mitigation and foreclosures. Call us with your individual situation and we will be glad to consult you on your options.

There are several ways to apporach mitigating a non-optimum loan for a homeowner in need of help:

1) Current Lender Loan Modification options: You may qualify for your current lender to re-structure your loan in a number of ways: You could get a repayment plan, make regular payments with a small portion of the past due amount added on, your could get a Home Saver ADvance which is an unsecured loan that will enable you to bring your loan current; the lender may change the terms of your original note by extending the term or recapitalizing your  delinquent interest, or possibly even reduce the interest rate. Loan balance reductions have not been granted by most lenders (Short refinances).

Please note that lenders, while requiring a hardship explanation, do expect you to be in a position to make the new payments and will require basically a new loan application showing you qualify.  You will need to have income, be employed and show the hardships are past. Lender modifications work best if you are not too far behind, or to upside-down on your home equity.

2) Short Sale: If your current home's value is substantially less than your loan payoff, you may qualify to sell your home at current market value through a Short Sale. This requires professional help and you will need to prove that you have tried to sell but no one is buying at a higher price.  Then, your lender requires a a package of documentation with your financials, reason for inability to pay, a valuation of your home showing its actual (lower) value), and a sales contract at the lower price showing them exactly what they will net out from the sale. Lenders have approved short sales more readily that reductions of principal on existing loans for the owners. So it may be easier to sell than to keep a home that is upside down and behind on payments.

3) Deed in Lieu of Foreclosure: If you have vacated your home already for over 90 days, the lender may allow you to just sign over the title to the property to them in "Lieu of Foreclosure". They still will require you to disclose your financials to see the reason why you are doing it.

All these methods will not stop any foreclosure process by your lender already in the works, so we strongly recommend that you consult an attorney to preserve your legal rights.

Charles Patterson says:   "These are tough times and we will make our expertise and contacts available to you in any way possible. If there is a way to refinance you out of the problem loan we will take care of it for you. Call 1-800-528-8248 or email us and we will call you back immediately. Thank you."