The Law Offices of Lawrence M. Weisberg, PA

6901 SW 18th Street, E-301
Boca Raton, FL 33433
Tel 888-898-2742
Fax 800-531-8906
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Loan Modification Help With An Attorney

Loan Modification Help with The Law Offices of Lawrence M. Weisberg, PA, not an unaffordable forbearance agreement is what struggling home owners need. If you need to stop foreclosure or have a high interest rate loan we want to help. If you can’t afford your home we can stop foreclosure and develop a plan you and the lender can live with. We work with lenders, loan servicers and homeowners to create workout alternatives. We will assist in properly negotiating and creating a workout that you and your lender can manage. In addition, homeowners should consider working with our paralegals and Attorneys to help with home ownership counseling and reliable legal advice.

The Law Offices of Lawrence M. Weisberg, PA works with homeowners throughout Florida in foreclosure to qualify for a loan modification and help to avoid unnecessary foreclosures. We are lender friendly, home owner advocates with a reliable team of Attorneys, paralegals, licensed real estate and mortgage professionals who fully understand the requirements and benefits of loss mitigation services.

Getting a loan modification from your Lender or Loan Modification Company is usually nothing more than a forbearance plan designed for failure and proves to the lenders that you can’t afford your property. There are many homeowners that hear information from the government about lenders trying to help if you have a FHA loan. This is true for home owners in FHA loans that are in default or facing foreclosure.

Utilizing our Law Office to negotiate with your lender rather than going it alone or with a loan modification company will drive more positive results. Once you hire an Attorney to help stop foreclosure you will not be alone as we will work hard for you and the lender to save your home from foreclosure. The banks loss mitigation departments are overwhelmed. We are Attorneys and not loan mod specialists.

Recently we have seen a new terms used to lure struggling home owners in to thinking they are getting representation from an Attorney for loan modifications such as ” Attorney backed” Attorney assisted” “Attorney based” and “our in house Attorneys”. These are all meaningless fancy terms to help loan mod agents (EX Loan Officers) sell their service; a service that consists of you sending them ALL your personal and public information to package it up (like a loan submission) and send it off to the lender’s loss mitigation department. This often ends up as a hard to afford forbearance agreement or worse yet a denial for loan modification.

Unfortunately for most home owners these companies use tactics such as offer money back guarantee’s, 98% success claims, makeshift invisible Attorneys and allow you to use a credit cards and pay pal for payment. Ask them to use the U.S. Postal service for transferring checks and pay with a personal check. If they defraud you then they will face “mail fraud” charges punishable with Federal prison time. The truth is they have to keep all monies in a Trust account and not spend it until your loss mitigation services are complete and you are satisfied. Let’s be honest, who can run a company without money.

Loan Modification with The Law Offices of Lawrence M. Weisberg, PA

Loan Modifications with an interest rate and fixed tem with an additional goal (although not always attainable) of a principal reduction is typically the best solution for our clients and the loan servicer/ lender if the house is upside down. This way the client and the lender are in an equity position and the loan is much more likely to perform. This is critical to the stability the lenders portfolio as the mortgage note becomes an asset and not a liability, thus raises investor and consumer confidence. A loan modification is a change in your mortgage agreement that could lower the interest rate, lower the principal balance, and/or extend the term of the loan resulting in lower payments. There is typically not a fee for a loan modification from the lender but there is a contribution that lenders require to modify a loan with a forbearance agreement. You should always have an Attorney review any documents received from your lender prior to signing. We will explain the terms and offer legal advice so you make the right decision. You don’t have to take the banks offer and shouldn’t if you can’t perform. Our Law Firm Attorneys will continue to negotiate with your lender in an attempt to obtain a reasonable modification.

OTHER OPTIONS AVAILABLE TO HOME OWNERS IN DEFAULT

SHORT SALE

Typically if this in not your primary and you are upside down and no longer want the hassle or headache of owning the property, a short sale is a logical alternative. In this instance, you (on your own or through a real estate broker) obtain a contract on your house and this office will package together and negotiate with your lender to release the lien on your property as well as make efforts to have lender waive its deficiency rights. Issues like tax implications and credit implications will be explored as part of the process. This process will typically take two to three months from contract execution. During this time, this office will attempt to convince your bank to slow down or stop the foreclosure process.

REPAYMENT PLAN/FORBEARANCE

If you have incurred a short term financial hardship and your loan is two or more months past due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.

VA LOAN MODIFICATION/REFUNDING

(VA loans only.)
A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.

DEED-IN-LIEU OF FORECLOSURE

(In general we consider this an option of last resort.)
If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. You may be asked to participate in a Short Sale program before a deed-in-lieu of foreclosure is accepted. BETTER THAN A FORECLOSURE WITH A DEFICIENCY

SPECIAL FORBEARANCE

(FHA loans only) (Type I & II)
If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II - can be utilized in an unemployment situation whereby the promise of future employment is present. We have done VA loans that resulted 27-month repayment plans.

GOOD PARTIAL CLAIM

(FHA mortgages only) (Some Freddie Mac Investor loans)
You may be eligible if your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments when you pay off the first mortgage. There is no interest. The partial claim can be for no more than 12 months of past due payments.

We have had great success negotiating loan modifications for our clients with AIG Mortgage, AMC Mortgage, Bank of America, Beneficial, Chase, Citi Financial, CITI Mortgage, Countrywide, EMC, Everbank, First Franklin, Freddie Mac, GMAC, Homecomings Financial, HomEq, HSBC, IndyMac, Litton Loan Services, Midland, M&T Bank, National City, Nation Star, Ocwen Mortgage, Option One, Saxon mortgage, SunTrust, Wachovia, Washington Mutual (wamu), Wells Fargo, Wilshire