Loan Modification – Saving Your Home The primary avenue to keeping your home when you are behind on mortgage payments is a loan modification. Entering into a loan modification will also put an end to any pending foreclosure litigation. It’s easy to become overwhelmed when facing missed payments and litigation, but taking action is the most effective way to resolve a problem. We will meet with you personally to assess your options. Even if you applied for a modification before, have been denied before or breached a prior modification agreement, we still may be able to successfully obtain a modification of your loan. What Is a Loan Modification? Loan modification is a written agreement between you and your lender to change the original terms of your mortgage, including monthly payment, interest rate or term. Your loan modification will likely include principal, interest, real estate taxes and insurance. The goal of the modification is to reach a payment that makes financial sense and is affordable to you. Why do I need help with a modification? Lenders have their own counsel and teams of employees to work on their behalf. You should also. Modifications typically require extensive submission of financial documents. During the process, the lender will likely request duplicate documents, better copies of documents, letters of explanation and most likely, more documents! Applying for a loan modification is time consuming and requires attention to detail as well as aggressive plan to reach a final response from the lender. You do not have to be a lawyer to submit a modification, but having our team on your side will likely result in a smooth modification process. What Documents Do I Need to Submit a Modification? Financial Statement, comprising of your income and expenses Two years of tax returns Three months of bank statements Proof of income for one month Hardship Letter Plus More How Long does a Modification Take? Our office typically reaches a response from your lender in sixty days. Most lenders will require a three month trial period which likely ends in the offer of a permanent modification. For self employed persons, the process can be longer depending on the organization of the businesses’ financial documentation. How Do I Know the Status of my Modification? Every week, we contact your lender at least once. If it was up to most lenders, they would let the documents go unreviewed for weeks. We are constantly escalating matters that are not moving speedily. From experience, we anticipate lender’s document and information requests and proactively submit ahead of time line. You will know status of your modification because we email you on a weekly basis with a full update including any documents requests and time line for the next update. You are also welcome to call or email our office anytime for an update.
