Mortgage Loan Modification Help With An Attorney

Mortgage Loan Modification Help with The Law Offices of Lawrence M. Weisberg, PA, not an unaffordable forbearance agreement, is what many 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.

Last time I checked if you are in trouble or see it coming hire a reputable Attorney, period!

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.

When is Loan Modification Appropriate

Typically Loan Modifications are most appropriate for primary residences where the rate is high or may be adjusting shortly (i.e. option ARMS).

The programs will differ from bank to bank but they are typically more willing to modify "subprime" mortgages that were initially completed as "full doc" loans as opposed to "stated" loans. This is not to say that mortgage modifications are not appropriate for investment properties; just that banks are typically more willing to work on your primary residence. Remember that this process is a moving target in a rapidly changing and challenging environment.

Mortgage Loan Modification PRO's (if successful)

• Retain the property
• Reduce monthly payments by lowering the interest rate
• Recast "outstanding balance"
• Potentially reduce outstanding principal
• Stop phone calls from the bank & collections agencies
• Reduce or eliminate deficiency and judgment issues
• Reduce "credit report" issues
• Inexpensive - minimal closing costs

Mortgage Loan Modification Con's

• Some credit issues
• Tax liability on investment properties
• Need to have income to be eligible and need to meet bank
• acceptable criteria (inc/exp) to be eligible
• Difficult to obtain principal balance reductions
• Still own the property and have responsibility