Our Affiliate Company Tacher & Son, LLC provide you relief from mortgage payments, preventing default, foreclosure, credit damage, and financial hardship. Let our attorneys deal directly with your lender in negotiating the best possible terms for you and your family. Contact My Credit Rep to get a free consultation.
Using a licensed professionals allows a professional review of your loan documents. This forensic loan audit is the first step in helping you understand possible violations by your lender or broker for your loan. The illegal acts may include Truth-in Lending violations, RESPA Violations, Excessive Points & Fees, Misrepresentation, Constructive Fraud and Predatory Lending
Loan Modification
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Loan Modification Information
A loan modification is a change to the terms of your loan agreement. This modification prevents potential losses to both the lender and the borrower. Qualifying for a loan modification depends on your lender, type of loan, income, balance owed, debts and other hardships.
Many foreclosures may be prevented through negotiating with your lender. If you are already past due on your loan, our Attorneys will negotiate your loan as soon as possible to prevent possible action from your lender. Legal representation is highly recommended in order to ensure the best possible loan terms.
We offer in-house counsel that make the process as easy as possible for you. Though we do not guarantee a result, as no one should, you will be provided with the best legal services we have to offer. We have Attorneys that specialize in Loan modifications available for homeowners in 38 states at this time.
A loan modification is a change to the terms of your loan agreement. These changes are made by the lender in order to potential losses to both the lender and the borrower. Immediate relief is given to the homeowner often through a lowering of monthly payment, a temporary forebearance of payments and adjustments in the APR.
2. Why are banks willing to negotiate?
Your bank will often negotiate and modify your loan so that they may prevent the high costs of enforceing a foreclosure. Though loan modifications are always an available option, many banks are more willing to negotiate during periods of a real estate decline. The homeowner may prevent foreclosure through a loan modification, but if a foreclosure is inevitable, a deed in lieu of a foreclosure or short sale may be a better option.
3. Are you a qualified for a loan modification?
Your qualifications for a loan modification is primarily based on your ability to pay your loan at a modified rate. This is shown through your proof of income, debts, assets and other factors. You must also show a hardship to suggest to the lender that due to a change in circumstance, your loan is now at a high risk to go into default. These hardships have traditionally included unemployment, medical hardships, or a divorce. Currently, many lenders are also willing to accept hardships which include adjustable rate mortgages where your rate and payment has or is about to increate to a payment that you cannot afford.
4. How does the loan modification process work?
A loan modification is begun by our review of your financial condition, loan documents and all supporting documentation specific to your circumstance. We offer this service at no cost to you. Based upon this review, we will determine a recommended set of terms for your lender and possible legal violations of your loan that may be settled with favorable loan modification terms. We will begin negotiating your loan modification by submitting all supporting material for a loan modification to your lender and completing the negotiating directly with your lender's loss mitigator. If successful, your loan terms will be modified allowing you to stay in your home without putting unreasonable strain on your finances.
5. Can you negotiate a loan modification directly with your lender?
Yes. Just as you are able to be your own attorney and real estate agent, you can negotiate with your lender directly; however, when using an attorney to modify your loan, a licensed legal professional is available to negotiate the loan on your behalf. Your loan modification may save you thousands of dollars and protect you from the hardships of a foreclosure. An attorney is able to present the most persuasive supporting documentation and possible legal violations allowing very favorable loan terms.
6. How long does a loan modification take to complete?
The time duration in negotiating your loan terms differs case by case. Depending on who your lender is, your current mortgage terms and the urgency of your situation may take as short as thirty days or as long as ninety days. Our representation will allow constant pressure to complete your modification as soon as possible.
7. Does a loan modification damage your credit?
Unlike delinquent payments, short sales, deeds in lieu of foreclosure and foreclosure, a mere loan modification does not currently damage your credit rating.
8. Why should you NOT use certain "attorney-backed" companies to help modify your loan?
Many of these firms are not operating legally by violating codes and regulations designed to protect consumers. Though some companies provide legitimate services, many do not. None of these companies may provide you legal advice nor provide you with other legal options that an attorney will be able to provide.
Loan Document Audit
Lender liability claims under predatory lending, truth-in-lending, Regulation Z, fraud and other statutory theories are expensive to prosecute and will be defended vigorously by the lender; however, if persuasive evidence of lender or broker liability exists, the lender may be willing to negotiate a workout rather than suffer possible rescission of the agreement, a payment of damages, or other costs.
A further step that a borrower may use is for your attorney to request proof of ownership of the note and deed of trust. The complex structure and disparate ownership of mortgage backed securities makes it more difficult to oversee home loan pools and identify who holds the actual note.
A workout of some sort is more and more common due to the subprime loan meltdown. Some lenders have changed or will be changing their policy in order to preserve home ownership and prevent defaults and foreclosures. The objective is to make early contact with borrowers on adjustable-rate mortgages who face interest rate rests and on working with them to modify loans.
