Loan Modification

A Loan modification is a modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure.

A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.

Loan modification is a term very unfamiliar to homeowners but not for very long. What most people are coming to realize is that losing their house to foreclosure is becoming a real possibility. Home foreclosure in America today is at an all time high and is affecting many homeowners that never believed they could lose their home to foreclosure. Homeowners are feeling the crunch of higher interest rates and a slowing economy. A loan modification may be the only way for a homeowner to save the biggest investment of their life, their home. Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why retaining the services of an experienced law firm or real estate attorney rather than a loan modification company is of extreme importance.

The reality of today's market is one of steep drops in real estate values nationwide coupled with tighter credit requirements. The combination of the two makes a formidable opponent for someone facing an upcoming adjustment in their payments due to an adjustable rate mortgage (ARM). It's not a good idea to take on your lender alone, as they would prefer.

Our Affiliate Law Center will represent you in bringing your mortgage lender to reasonable terms that make sense in today's volatile economy. They will fight to save your home and get you a payment you can afford. No matter what the reason, the sad truth is that millions of people are in the same boat. People are struggling to make their mortgage payments and live worry free lives.

The first thought most people have is to refinance their high interest rate mortgage. During normal times this would be the correct answer, although it's always painful to pay the associated fees with doing the refinance. In today's market this formula doesn't work, between the drop in real estate value and the tightening of credit you cannot recreate your past deal. The Law Center will work to alter the terms of your mortgage to fit a workable solution between you and your lender so it's a win-win for all involved.

There is no more time to waste, now that you have a viable solution to your mortgage problem. Save your home and protect your family. A licensed real estate attorney is the solution. A loan modification company may not be the answer if you are in fear of losing your home. Save your mortgage and families life today. Make sure you contact The Law Center today and get started on restructuring your mortgage.

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• Pre-Qualification we put a packet together of all needed items in conjunction with lenders specifications focusing on the hardship that the Banks have put upon the borrower. Showing true hardship is the most important step in starting up a negotiation with the Bank's loss mitigation department and also a key step in getting the most favorable modification to fit the needs of the borrower. Our team of processors will then review the financial worksheets and determine if the borrower's situation and hardship is in a position where a loan modification would be possible.

• *Forensic Analysis (this is a possible extra step, ask your sales rep for pricing) We will take the clients old loan documents and completely scrub them for anything unusual. We use a state of the art program along with our team of processors and lawyers to review 1003s, GFEs, and all other documents that were part of the loan process when the borrower signed with the lender. The forensic analyst is a great tool in the negotiation process since it not only gives us an extra barging chip but it also makes the lender give a more favorable solution to the borrower's problem. The following are the documents that are needed to complete a Compliance Analyzer audit: (Call for detail)

• 1003 (lender application)
• 1008 (lender form)
• Note
• Riders (if applicable – including the Prepayment Rider and Interest Only Rider)
• Final TIL
• 3 days right to cancel agreement
• Itemization of Amount Financed
• Final HUD
• Mortgage Insurance Certificate (for loans with MI)
• MCAW (for FHA loans)
• Buy down Agreement (for buy downs)
• Lawyer Sign Off

Our team of lawyers will scan all files from NODs, NOSs, and Foreclosures and check for the possibilities of a successful loan modification. Our lawyers will also double check all financial worksheets and signoff on all work done by the processors. If the lawyer approves the file as a possible loan modification then welcome letters will be sent to the client and the loan modification packet will be sent to the lender along with a packet drawn up by our attorney. • Negotiation Our lawyers and our negotiation team pair up to get all loan modifications finished in a timely manner. Our team has successfully finished MODS in as little as two weeks with favorable outcomes.

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Homeowners Fighting Back with a Forensic Loan Audit Distressed homeowners facing foreclosure are now fighting back with the aid of a Forensic Loan Audit, forcing lenders to the negotiating table for fear of a costly lawsuit;

United States of America ( Press Release ) November 23, 2008 -- Rockville, MD, November 21, 2008 - announced today that troubled homeowners with adjustable rate mortgages who are having trouble getting their loans modified or who are behind with their payments and in danger of losing their home, now have access to Forensic Loan Audits, performed by mortgage industry experts, to discover if their lender violated the Truth in Lending Act or made any errors while preparing their closing documents and neglected to adequately disclose the terms of their loan.

According to the Truth in Lending Act even a small mistake with calculating the borrower's annual percentage rate could be an actionable violation, enabling the borrower to rescind the loan. Therefore, the threat of a lawsuit is often sufficient to persuade an otherwise uncooperative lender to negotiate an attractive work out with the borrower.

Until recently Forensic Loan Examinations were only made available to large banks and lending institutions wanting to determine their own exposure to risk and potential legal liabilities prior to purchasing large pools of mortgage loans. But now a Maryland company staffed by veteran mortgage professionals is offering this service to distressed homeowners at an incredibly affordable price. While our competitors may charge up to $3000 for a Forensic Loan Audit, we decided to offer this product at a price almost anyone could afford:

Property Relief charges $499.00 for a comprehensive mortgage document review and provides the homeowner with a written report that contains a detailed listing of their findings in an easy to read format.

Over 80% of the loan files reviewed by his firm contain violations ranging from small and unintentional mathematical errors to blatant fraud and misrepresentation. The most common violation is the understatement of prepaid finance charges and in many instances a mere $35 error within the Truth in Lending disclosure statement could entitle the borrower to a refund of all finance charges, closing costs and interest payments made since the inception of the loan.

The intent of an audit is not to force the parties in to a lengthy and costly lawsuit but rather to encourage the lender to sit down with the borrower and to negotiate an affordable work out so the borrower can keep the home and the lender can mitigated its loses.

The audit is to give homeowners more ammunition so they can stand a chance in negotiating a decent modification with lenders who have far more resources than the average borrower and often play hardball unless they are faced with the risk of a costly lawsuit

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Banks DO NOT want your home. An average foreclosure costs a bank $50,000.00. In this tight credit market, banks cannot afford to take back your home. The best option for you, and your lender, is to find a way to avoid foreclosure. Fill out the form above to speak with experts who can help!

2. Top 5 Cities for Foreclosure Activity

Housing woes are sweeping across America. We can help you avoid foreclosure across the U.S. Fill out our form now to connect with companies that can help, no matter where your home is located.

Detriot, Michigan
Stockton, California
Las Vegas, Nevada
Riverside, California
Sacramento, California
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3. U.S. States for Foreclosure Activity
Foreclosures are on the rise. The first quarter of 2008 saw a 111% increase over the same period last year. Home Foreclosure Figher can help you avoid foreclosure no matter your state.

4. U.S. Cities Experiencing the Most Foreclosures
Housing woes are sweeping across America. We can help you avoid foreclosure across the U.S. Fill out our form now to connect with companies that can help, no matter where your home is located.

5. Property Relief Program with your Lender
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