Eligibility

Borrowers must meet the HAMP guidelines including submitting proof that they are unemployed. Homeowners must be within their first 90 day delinquency period on their mortgage. The home must be their principal residence. No investment property qualifies. If the homeowners do not qualify for a loan modification, they may be eligible for a short sale under the government’s HAFA program. A short sale is when the homeowner owes the lender more than they can sell their home for at market value. The lender will then agree to write off the loan balance. If the loan servicer and the borrower agree to participate in a short sale, the government will double the current $1,000 incentive previously offered to loan services to $2,000. Relocation incentives will also be doubled by the government to help borrowers relocate from $1,500 to $3,000.

The government hopes to get the loan servicers to reduce principal so that borrowers can get out from underwater and retain some positive equity to help them and the housing industry recover.

It is recommended that you contact a loan modification attorney to help you sift through all the information regarding the HAMP and HAFA programs. For additional information, please visit www.fairhomeloan.org.

Figuring Debt to Income Ratios

Here is how debt to income ratios work. There are two ways to figure debt to income ratios. The front end and the back end. The front end debt to income ratio is your housing payment including taxes, interest and insurance and any homeowner association dues divided by your gross income. The back end debt to income ratio is your total monthly debt including your credit cards and utility bills and your mortgage payment divided by your gross monthly income. If you have a high debt to income ratio, then lenders view you as a higher risk and may not loan money to you. Most lenders will deny a loan or mortgage modification to a borrower who has a back end ratio that exceeds 36%. Your attorney is an expert at determining whether you will qualify for a mortgage modification under the government’s Home Affordable Modification Program (HAMP) for a mortgage modification or a loan workout.

Loan Modification Saves You Money

If you do qualify for a modification, then your attorney will prepare the documentation and negotiate the terms of the modification with your lender. Since real estate attorneys do this on a regular basis and get better results, it is recommended that you hire an attorney to help you with your modification. Think about it. If you are able to reduce your monthly mortgage payment, then that’s more money in your pocket to use for other important matters such as savings, medical bills, college expenses, vacation or retirement. Of course, the best reason for obtaining the loan modification is you get to keep your home.

Other Options

If your debt to income ratio exceeds 36%, then you need to weigh other options such as selling your home through a short sale, returning the keys back to the lender through a deed in lieu of foreclosure or maybe even filing for bankruptcy protection. The attorney will be able to advise you of the best options for avoiding foreclosure. Before you decide to walk away from your home, you should explore all your options.

Loan modifications are helping millions of homeowners save their homes from foreclosure. If you have the money to pay a reduced mortgage payment, you should consider hiring a loan modification attorney to help you obtain a loan modification as soon as possible. Keep in mind you only get one chance to request a modification, so you want to make sure that it is done right. An attorney has established relationships with the loss mitigation departments of lenders, and knows how to talk to the right person and get things done quickly. Your home is your most valuable asset, you should take measures to save it now.

While homeowners across the country continue to lose faith in governmental programs aimed to help them climb out of negative equity owed on their homes, American Residential Law Group is giving their clients hope by helping them rework their mortgage terms including lowering interest rates, reducing principal and deferring payments.

American Residential Law Group was able to help Lisa Sorensen avoid foreclosure after she inquired about loan modification information from American Residential Law Group’s website.

“I submitted the required information to see if ARLG would accept me as a client, and much to my joy, they did-I was basically worry free,” said Lisa Sorensen, a client of American Residential Law Group. “[ARLG] took the time to actually get to know more about me…[their] confidence and sincerity allowed me to focus my energies on day-to-day living.”

“We get the opportunity to help people like Lisa Sorensen everyday; these modifications benefit everyone including the economy,” said Joel S. Jacobi, Managing Attorney of American Residential Law Group. “It is important for us to educate our clients on what the banks are looking for in the modification process and that starts with helping them find the right programs to work with and the right people to talk to.”

American Residential Law Group provides the services and legal advice required to start the loan modification process. With their provided expertise, their clients can avoid simple errors that could lead to higher payments or even unforeseen foreclosure. In many cases, proper guidance enables homeowners to reduce their payments up to 30% of their monthly income.

“If there was one piece of advice to give someone who found themselves in a similar situation like mine it would have to be to spare yourself the grief of trying to negotiate directly with your lender and leave it to the experts,” said Sorensen. “It is well worth the fee and I’d gladly pay it again.  I can move forward knowing I can sustain my mortgage and do more than just get by, but actually live again.”

To learn more about loan modifications and how American Residential Law Group can be of assistance to you, visit them at http://www.ARLGNow.com.

About American Residential Law Group: American Residential Law Group is a law firm that strives to provide the community with legal assistance and all the benefits to which consumers are entitled under the law. With a considerable background in all areas of consumer advocacy, American Residential Law Group remains dedicated to providing integrity and excellence for their clients, and increasing their quality of life.

A loan modification law firm such as the American Residential Law Group is experienced in forensic loan audits. Hiring an experienced mortgage modification firm such as the American Residential Law Group is smart because they can help you to determine if there are violations of Federal laws by your mortgage company by reviewing your loan documents. If the forensic audit reveals that your lender has violated federal mortgage laws, then your loan modification attorney can use this as leverage in negotiating a mortgage modification on your behalf. If you are interested in a loan modification, and you don’t know where to turn, a mortgage modification law firm such as the American Residential Law Group is a good place to start.

Benefit of Using a Mortgage Modification Attorney

Mortgage modification attorneys are helping thousands of homeowners in similar situations as yourself obtain mortgage modifications so that they can save their homes from foreclosure and negotiate more favorable mortgage terms and interest rates. Lenders face fines and penalties for violating mortgage laws so they would much rather work with you to find a resolution that works for everyone. The loan modification can reduce your monthly payment to an affordable one and also extend your loan term. The lender may also agree to forbearance. You have options and choices and a loan modification attorney can advise you of the best ones for your financial situation.

Don’t Waste Time

Since time is of the essence, you should not waste a moment of it. You may be able to keep your home and not make any mortgage payments while your loan modification attorney is negotiating a resolution of your mortgage with your lender. Under the government’s Home Affordable Modification Program (HAMP), you may be eligible for a mortgage modification on our primary residence. An experienced mortgage modification law firm has established relationships with various lenders’ loss mitigation departments and knows the right person to speak to, saving you time and money. The longer you wait and do nothing, the more chance you have of losing your home to foreclosure. By hiring a loan modification attorney, you increase your odds of keeping your home and obtaining a mortgage modification.

You have options to save your home, and a loan modification attorney is the only person who can legally represent you. Why take a change in losing your home, when you can keep it with a mortgage modification?

Eligibility

Borrowers must meet the HAMP guidelines including submitting proof that they are unemployed. Homeowners must be within their first 90 day delinquency period on their mortgage. The home must be their principal residence. No investment property qualifies. If the homeowners do not qualify for a loan modification, they may be eligible for a short sale under the government’s HAFA program. A short sale is when the homeowner owes the lender more than they can sell their home for at market value. The lender will then agree to write off the loan balance. If the loan servicer and the borrower agree to participate in a short sale, the government will double the current $1,000 incentive previously offered to loan services to $2,000. Relocation incentives will also be doubled by the government to help borrowers relocate from $1,500 to $3,000.

The government hopes to get the loan servicers to reduce principal so that borrowers can get out from underwater and retain some positive equity to help them and the housing industry recover.

It is recommended that you contact a loan modification attorney to help you sift through all the information regarding the HAMP and HAFA programs. For additional information, please visit www.fairhomeloan.org.

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 right way to increase your odds of getting your loan modification approved. The modification attorney negotiates hundreds of loan modifications and is experienced in presenting the right documentation and talking to the right individuals at your lender’s loss mitigation department. Each lender has its own guidelines. However, there are some common requirements that borrowers must meet in order to get approved for a loan modification. They must show a financial hardship and be in default or about to default on their loan as well as have income to repay the loan.

The loan modification attorney can help you put together a loan modification package for submittal to your lender and negotiate the modification with your lender on your behalf. This package should include your financial statement, financial hardship letter, tax returns and W-2 or 1099’s. Lenders also look at the borrower’s debt ratio. Right now, lenders are looking at 34%-45% of your gross monthly income as your new monthly payment.

Loan Terms Your Lender Will Modify:

Here is a list of the terms that your lender will consider modifying:

• Lowering the interest rate
• Modifying an adjustable rate to a fixed rate
• Extending the loan term
• Principle balance reduction
• Forbearance
• Waiving fees and penalties
• Interest only payment (difficult to obtain)
• Stopping foreclosure

It is important to figure out your monthly finances to determine what loan terms you need modified to lower your monthly payment to one that you can afford. Your modification attorney can advise you of the best choices for your financial situation. Modifications can take awhile to get approved, so be patient. Your modification attorney will keep you advised of the status of your application. While you could negotiate a modification with your lender yourself, why take a chance at doing it wrong and losing the opportunity to save your home from foreclosure? For more information about loan modification plans, visit the American Residential Law Group website.

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 a few signs of recovery, that has not translated into any benefits for workers. With continued financial pressures, property devaluation and other hardships, more and more American families are finding it difficult, if not impossible, to remain within their homes.

Home loan modification might seem the best option for these homeowners. The federal government has enacted several initiatives designed to help families keep their homes. However, without the help of a skilled modification attorney, that modification agreement might benefit the lender more than the homeowner. Mortgage companies are notorious for exploiting homeowners who are unsure of their rights, and this can lead to an even more difficult situation for families.

With a qualified loan modification attorney, homeowners can ensure that their home loan modification is not a one-sided agreement. These programs were developed to benefit homeowners, but only a modification attorney has the skills required to navigate the murky waters surrounding the topic.

Fairhomeloan.org provides homeowners with advice concerning finding the right modification attorney, as well as vital data to help them make sense of the modification process. With the assistance of this innovative offering, homeowners can be as informed as possible about their rights, while benefitting from having the right legal assistance on their side.

Finding a modification attorney who looks out for consumer rights, is dedicated to providing homeowners with recourse to powerful legal tools and ensure that families are able to remain in their home is a reality with this website.

To learn more about how a loan modification attorney can help you protect your dream of homeownership, visit www.fairhomeloan.org

Many homeowners are concerned about their financial future, considering the continuing economic upheaval vexing the nation. In addition to basic financial worries, this situation does not lend itself to stability in a home mortgage. The federal government has recognized this propensity and has allocated stimulus funds to help ensure that underwater homeowners are able to attain home loan modification.

Understanding who qualifies for the program and who does not can be quite confusing. Further issues compounding the situation include the fact that many homeowners currently in the foreclosure process or entering the process do not understand their rights where mortgage loan modification is concerned.

The Fair Home Loan Bureau urges homeowners who find themselves in this situation take appropriate action. The best defense against unscrupulous lenders is an expert attorney, well versed in consumer rights and protection. Through such legal assistance, homeowners can take advantage of home loan modification programs, retain possession of their home and often find a favorable settlement with the mortgage company.

The Fair Home Loan Bureau urges all homeowners to learn more about their legal rights to bank loan modification and how they can stand up for themselves against lenders seeking to capitalize on their financial problems.

To learn more about how the Fair Home Loan Bureau can help you in the home loan modification process, contact them at http://www.FairHomeLoan.org.

About the Fair Home Loan Bureau: The Fair Home Loan Bureau was established for the protection of America’s homeowners. Due to the high instances of mortgage loan modification fraud, as well as aggressive tactics and abuses on the part of lenders, the Fair Home Loan Bureau offers protection and defense for homeowners around the nation.

While homeownership might be the American dream, attaining that dream has become increasingly difficult. The ongoing financial instability and global economic woes are doing nothing to rectify the situation; more consumers find they have fallen behind on their mortgage payments and are in danger of foreclosure.

Refinancing through a second lender has been the traditional answer to this conundrum. Generally, this has resulted in lower interest rates and more affordable loan payments. However, this picture has changed drastically in recent times, due to the harsh reality of the economic meltdown’s impact on the lending industry. It is now harder than ever before to refinance a home, particularly if the mortgage holder is in dire financial straits.

American Residential Law Group recommends that any homeowner avoid the refinancing process and opt for mortgage loan modification instead. Bank loan modification offers significant advantages to both homeowners and lenders. Homeowners are able to benefit from reduced interest rates, as well as restructured loan terms if warranted. Lenders are able to avoid the expense of foreclosure and the undaunting prospect of selling a home in a saturated, depressed housing market.

Home loan modification ensures that homeowners are able to remain within their home without the extreme damage to their credit report that a foreclosure produces. Modification of an existing loan can benefit all involved parties.

To learn more loan modifications and how American Residential Law Group can help you, visit them at http://www.ARLGNow.com.

About American Residential Law Group: American Residential Law Group is a law firm that provides all legal assistance and benefits to which consumers are entitled under the law. With a considerable background in all areas of consumer advocacy, American Residential Law Group is dedicated to providing integrity and excellence to all their clients.

American Residential Law Group has today announced the availability of a new customer service hotline for clients in need of immediate assistance.

Fort Lauderdale, FL (PRWEB) 26, April 2010 – American Residential Law Group has announced the availability of a new, toll-free customer service hotline.  This service was designed to provide assistance to clients in need of immediate help with home loan modification.  This ensures that those in need are provided with robust legal assistance during their times of trouble.

American Residential Law Group was founded for one reason alone – to provide homeowners with access to vital assistance in the mortgage modification process.  Due to the economic distress that has marred the American economy for the past few years, the number of homeowners facing foreclosures has skyrocketed.

For these citizens, the very prospect of retaining homeownership is an evaporating dream.  However, there is help available through specialized home loan modification plans.  While these plans do not reduce the amount owed on a home, they can restructure the payments to reduce the financial hardship of homeowners.

American Residential Law Group specializes in helping homeowners in troubled financial situations find the light at the end of the tunnel.  Through their expert, specialized legal assistance, homeowners are able to find the perfect mortgage modification help, without having to suffer the drawbacks found in this area.

The new customer service hotline for American Residential Law Group was created to help these homeowners find a speedy resolution for their needs.  From arlgnow.com, “We strive for top-notch customer service. Someone will get back to you within 24 hours, with the exception of weekends and holidays.”

To learn more about loan modifications and how American Residential Law Group can be of assistance to you, visit them at http://www.ARLGNow.com.

About American Residential Law Group: American Residential Law Group is a law firm that strives to provide the community with legal assistance and all the benefits to which consumers are entitled under the law.  With a considerable background in all areas of consumer advocacy, American Residential Law Group remains dedicated to providing integrity and excellence for their clients, and increasing their quality of life.