Can’t Afford your monthly mortgage payments but want to stay In your home? 
Let our law firm help you get lender approval for a Loan Modification.

Due to recent demand and the increasing cooperation of the U.S. government and various lenders, there is a need to assist borrowers avoid foreclosure and stay in their home. We will provide you a free consultation to understand your current situation and put together a customized plan before going to your lender with the best solution for you. 

These changes may include:

1) Reducing or modifying the interest rate

2) Extending the term of the loan

2) Changing the monthly payments

4) Combining any of the above

A Loan Modification may give you a fresh start, bringing your mortgage up to date after capitalizing any delinquent interest, escrow, fees, and other costs based on investor guidelines. 

This program adds the delinquent interest, taxes and insurance payments to the unpaid balance. If you qualify, you may be able to get help by extending the repayment of the past due amounts over the remaining term of your loan.

Acting quickly should be your number one priority, as we will need to develop a plan, document your current financial situation, and contact your lender to begin negotiations on your behalf in order to attempt to stop foreclosure and save your home.

Other possible solutions to avoid foreclosure and keep you in your home include:

Reinstatement: Occurs when the property owner pays off the amount in default to bring the loan payments current in order to stop the foreclosure process and return to the original terms of a loan. After identifying that a reinstatement is the best and most feasible foreclosure alternative, we will work with you to determine how best to produce the funds. 

Repayment Plan: This foreclosure option lets you repay part of your delinquency each month, in addition to your regular monthly payment. A repayment plan is the perfect option for someone that experienced momentary financial hardship, but is now back on their feet. We will negotiate with your lender to spread the past-due amount over a specified period of time. 

Forbearance: In order to stay in your home, a lender will agree to delay or reduce payments for a short period of time, with the understanding that another option will be used to bring your balance current. We will negotiate to get you the time you need to determine the best solution for you and, in many cases, will succeed in combining a Forbearance Agreement with a Reinstatement or Repayment Plan. 

Re-Set Modification / Short-Refi: If your loan amount is more than the value of your property due to depreciation for reasons beyond your control, it may be available in some cases that the principal can be reduced. This option can generally result in lower monthly payments and a lower interest rate. You do not have to be delinquent; only that it has been determined that default is reasonably foreseeable.

Temporary Rate Reduction: May be available to you, when you have ongoing financial problems which are likely to be temporary in nature, but which preclude full payment of the mortgage for a foreseeable period of time. Generally your counselor must have a feasible plan for increasing your income to make full payments at the expiration of the rate-reduction period. Temporarily reducing the rate on your mortgage will lowers payments in the short term, to keep you from falling further behind. This option is good, while waiting, for example, a recall from a lay-off or returning to work from an injury.

Pre-Foreclosure Sale: This option will allow you to sell your home and avoid a potential foreclosure along with the derogatory credit rating that is associated with this action. (This option is only if you do not want or can no longer afford your home.)

Deed-In-Lieu of Foreclosure: This is another foreclosure avoidance program that allows you to convey (transfer) your interest in the property to the lender, loan investor or the government. (Again, this option is only if you do not want or cannot afford the home.)

Short-Sale: This is another foreclosure avoidance program, where the sale of your house falls short of what you still owe on the mortgage. Your lender will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when you cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and you are able to pay off the loan for less than what is owed.

To determine the option best for you, we must hear from you in order to gather the relevant information. We therefore urge you to apply for the above relief at once, so we can begin working to help you avoid the tax liabilities and credit impact of foreclosure.