Articles
Loan Modification
A loan modification is an effective way to keep your home from going to foreclosure. Unlike a refinance, where you get a new loan, a loan modification is a modification to an existing mortgage where your lender agrees to either extend your loan term, reduce your interest rate, forgive some of your debt or add [...]
Read Article ›Trial vs. Permanent Loan Modification
Most of my clients don’t understand the difference between a trial loan modification and a permanent loan modification. I’m writing this article to help homeowners better understand and navigate their way to successfully modify their home loan(s). Most homeowners understand only what they see in the paper or published reports. This is one reason why [...]
Read Article ›New Guidelines for Short Sale Approvals
Finally the long awaited government guidelines for short sale approvals and deeds in lieu of foreclosure have been released. The government is hoping that lenders will participate in the program to receive incentives for closing a short sale transaction. The program only applies to financial institutions that are federally regulated. The new government program is [...]
Read Article ›American Residential Law Group Announces New Options for Homeowners in Foreclosure
For Immediate Release
Contact
Name: American Residential Law Group
Address: 6245 S Federal Hwy #401
Fort Lauderdale, FL, 33308
Phone & Fax: (877) 236-6576
Web Address: http://www.ARLGNow.com
American Residential Law Group Announces New Options for Homeowners in Foreclosure
American Residential Law Group has today announced that homeowners involved in foreclosure on their home have new options available to help them retain homeownership.
Fort Lauderdale, [...]
Protect Yourself Against Mortgage Modification Scams
While there are many legitimate companies offering mortgage modification and home loan modification services, there are also a group of unscrupulous individuals and companies that may want to take advantage of a distressed homeowner’s situation. Thousands of homeowners have been victims of mortgage modification scams. These persons are not law firms or attorneys even [...]
Read Article ›Loan Modification Attorney Can Protect Your Interests
A home is a person’s most valuable asset. It only makes sense that you would want to protect your asset. If you are falling behind in your mortgage payments or facing foreclosure, a loan modification attorney can protect your interests and help you stop foreclosure through loss mitigation. Loss mitigation is a process that the [...]
Read Article ›Home Loan Modification Attorney: An essential tool
The Fair Home Loan Bureau, a leading advocate of consumer rights, has announced that homeowners facing foreclosure, or falling behind on their mortgage payments, should retain a skilled attorney for bank loan modification. Such an expert can help ensure that homeowners are provided with all the benefits of the mortgage modification process.
Many homeowners are [...]
Home Loan Modification Attorney: Get Assistance Now
Fairhomeloan.org has released new information detailing why homeowners should not go it alone in the process of loan modification. Attorney services ensure the optimum outcome from the modification process and offer protection for homeowner rights during the process.
Homeowners around the nation are still feeling the pinch. While the economy might be showing [...]
Am I eligible for a home loan modification?
What Criteria are Lenders Looking for to Modify Your Loan Terms?
Lenders are looking for borrowers that have the ability to repay a loan modification. You need to prove to your lender that you have enough income to do this. A home loan modification attorney can help you present your loan modification application in the [...]
Help for Unemployed Homeowners
The Obama administration is making changes to the HAMP program for unemployed borrowers. Lenders will now be required to reduce or suspend mortgage payments for homeowners who are out of work. The forbearance program will be in effect for up to six months. After the six month period, the homeowners will be entitled to [...]
Read Article ›Frequently Asked Questions
- What is a loan modification?
- Loan modifications are changes to your loan that might reduce your monthly payment and enable you to keep your home. Modifications such as reduced interest rate or an extended maturity or both will reduce your monthly payment but leave you with the same principal balance. Reductions of the principal balance itself may be necessary or advisable if your property has dropped in value. You should discuss with your attorney your circumstance to determine the loan modification best suited for you. Foreclosure and negotiations for a loan modification are two separate processes. Do not mistake one for the other. If your home is in foreclosure, negotiations for a loan modification will NOT by itself stop or slow the foreclosure process. To stop or slow the foreclosure process during negotiations, your attorney should obtain a written agreement from your lender or your lender's attorney to that effect. Without a written agreement, you or your attorney must continue to respond to the foreclosure suit in order to protect your interests during any negotiations.. You or your attorney may start negotiations with your lender for a loan modification at any time, before or after foreclosure proceedings have commenced. If foreclosure has not yet been filed, you may elect to use a mortgage broker or credit counselor to assist you in negotiations. Once foreclosure is filed, regardless of negotiations, you must protect yourself, a mortgage broker or credit counselor can continue negotiations but only an attorney can represent and protect your interests in court.
- Where can I turn for help?
- If your home is in foreclosure, DO NOT DELAY! Talk with an attorney as soon as possible. You will be at a distinct disadvantage, until you have your own attorney that knows the process and can protect your interests. If your home is not yet in foreclosure, talk with your lender directly about a lower payment, or a modification. Talk with an attorney, mortgage broker or credit counselor to better understand your options. An attorney will be able to advise and represent you in both loan negotiations and foreclosure matters, if or when a foreclosure is filed. Remember, negotiations for a loan modification will not stop or suspend any foreclosure suit. If or when you are served, talk with an attorney as soon as possible.
- What are the steps I can expect in foreclosure?
- The foreclosure process will follow a normal litigation process unless you fail to respond to the complaint. The normal process will allow you to stay in your home while your attorney argues your issues and tries to negotiate a loan modification. If you fail to respond to the complaint, your lender may seek an accelerated “Default Judgment” and sale. You may shorten the time and the opportunity to re-negotiate your loan and the sale of your home may take place as soon as 3-4 months. Below are brief descriptions of the steps in each of these processes. 1. Late payments – Talk with your lender beforehand to find out what they might offer. Talk with an attorney as early as possible. Once the complaint is served upon you, you only have 20 days to respond. 2. Complaint – Once you are served, you must file a motion or an answer with the court within 20 days. A letter is not sufficient. DO NOT DELAY! If you do not file timely, you may lose your home sooner than you hope. 3. Default and Sale – If you do not file timely, lender will move for an early default and sale and may also obtain a deficiency judgment. You may be evicted anytime after sale without any further notice. Borrowers that fail to respond timely will lose the opportunity to remain in their home while they attempt to modify their loan or reach a settlement. ACT PROMPLTY and you may remain in your home while your attorney defends your case. 4. Motions, answers, defenses, claims and discovery – Your attorney will determine what, if any, strategy, motions, answers, defenses, claims and discovery may be appropriate for you. These actions and their results, time and expense may prompt more meaningful loan modification or settlement discussions with your lender. 5. Hearing or trial – Your lender will seek a summary judgment or trial quickly. Your attorney will again determine the basis and the arguments for your responses. If summary judgment can be avoided, then the matter will be set for trial. The time and expense of appeal may again prompt more meaningful loan modification or settlement discussions with your lender. 6. Judgment – After the hearing or trial, the judge will render his decision or judgment. You will have 30 days in which to appeal any decision. A bond may be required to stop any sale. If an appeal is appropriate, the time and expense of appeal may again prompt more meaningful loan modification or settlement discussions with your lender. 7. Sale – If no appeal is filed, a court ordered sale date will be set, as early as 20-35 days after judgment. You may be evicted anytime after sales without any further notice. 8. Deficiency – Your lender may seek a deficiency judgment against you if your home eventually sells for less than what you owe, including interest, attorney fees and costs. If so, you may have to consider bankruptcy or other options.
- I have just been served, what should I do?
- If you have been served, DO NOT DELAY! You and your attorney only have 20 days to file with the court a motion or an answer. A letter of conversations with your lender or the lender's attorney in NOT sufficient. Loan modification discussions by credit counselors, mortgage brokers or others, anyone other than an attorney are NOT sufficient. Gather the following information and talk with an attorney as soon as possible. a) What are the circumstances that led to my foreclosure?...loss of job, interest rate hike, spike in monthly payment, decline in property value, other? b) What are my current payments for principal, interest, taxes, insurance and association fees and what can I afford if I want to try and modify my loan and keep my home? c) Do I want or need an adjustment in interest rate or a reduction in principal or both to stay in my home? d) What is the current value of my home compared to the mortgage balance and what is the current market rent for similar home in my community? DO NOT DELAY! Talk with an attorney as soon as possible.
- What if I do nothing and do not respond?
- If you do not file a response timely, your lender will move for an early default and sale and may also obtain a deficiency judgment. You may be evicted anytime after sale without any further notice. Borrowers that fail to respond timely will lose the opportunity to remain in their home while they attempt to modify their loan or reach a settlement. ACT PROMPTLY and you may remain in your home while your attorney defends your case. Failure to respond may also result in a deficiency judgment against you that may cause problems down the road. We strongly recommend that you consult with an attorney to fully understand the options available to you and and the impact these decisions may have.
