Loan Modifications
A loan modification is an agreement that replaces the terms of your original mortgage note. The new terms are usually designed to lower your monthly payment, or take any past-due amounts and roll them back into the principal balance so you can resume making regular payments.
The government has enacted loan modification programs such as the Home Affordable Modification Program (commonly known as "HAMP"). These programs require your bank to lower your payments if you meet certain financial criteria. Loan modifications can be a blessing to homeowners facing financial hardship and in danger of losing their home. Unfortunately, the lengthy and often frustrating process of applying for a modification can turn into a nightmare. Sometimes it might even seem like the bank would rather take your home than help! And trying to get a modification when foreclosure proceedings have already begun is even more difficult and uncertain.
We know the Treasury rules and regulations that the banks are supposed to follow when they work with homeowners. We can also help when you are facing a foreclosure hearing or sale, and simply need more time to work out a modification with the bank.
Short Sales
A "short sale" takes place when the homeowner receives permission from the bank to sell their home for less than they owe on the mortgage. Unfortunately, over 80% of potential short sales never happen. And when they do succeed, homeowners who do it alone all too often find out that what seemed like the perfect deal left them with badly damaged credit, unintended tax consequences and a legal judgment against their personal property.
A short sale is not a "do-it-yourself" project, no matter how easy the bank makes it sound. The banks have their professionals; so should you. We have three specially certified short sale specialists who can give you an advantage in getting your short sale approved, and protect your legal rights so you don't face unpleasant surprises after the sale.
Foreclosure Defense
These days the news is full of stories about bank misconduct, from "robo-signing" to wrongful foreclosures. These headlines are evidence of a general lack of respect banks have for the rights of homeowners. A lot of law firms won't sue the big banks. We will.
