Fannie Mae and Freddie Mac have not lowered loan balances on their loan modifications. They have instead lowered interest rates and extended loan terms. But with the government’s new guidelines and pressure on loan servicers to lower principal balances on underwater loans, Freddie and Fannie may have to follow the government’s guidelines. Freddie [...]
Abandoning your home and deciding to just walk away from your mortgage has repercussions. You may be responsible for a deficiency created between the sale price of your home at the foreclosure auction and the amount you owed your lender on your mortgage. This is known as a deficiency judgment. Your lender may be [...]
A home is a person’s most valuable asset. It only makes sense that you would want to protect your asset. If you are falling behind in your mortgage payments or facing foreclosure, a loan modification attorney can protect your interests and help you stop foreclosure through loss mitigation. Loss mitigation is a process [...]
The Home Affordable Modification Program (HAMP) is the government’s program to assist distressed homeowners who want to keep their homes with a mortgage modification. If you are in default on your primary residence, you may qualify for a mortgage modification under the Program. The HAMP program is completely voluntary and both you and your lender [...]
A loan modification attorney can negotiate a loan modification with your lender and stall foreclosure proceedings until you and your lender work out a solution to the situation. The loan modification will:
Lower your monthly payment
Reduce your interest rate
Convert a variable to a fixed rate mortgage
Eliminate a second mortgage
Forgive past due balances [...]
Since most homeowners don’t understand the home loan modification process, banks rely on inexperienced borrowers to make their money. While they must follow certain truth and lending and other disclosure laws, they are in the business of making money and not in saving you money. A loan modification attorney is interested in helping you negotiate [...]
A short sale is a good way to avoid foreclosure if you have the time and patience. They take about 3-6 months and sometimes as long as a year to get approved. Since the process is time consuming and complicated, many people use an attorney to negotiate them with their lender.
“The best way to protect [...]
Most of my clients don’t understand the difference between a trial loan modification and a permanent loan modification. I’m writing this article to help homeowners better understand and navigate their way to successfully modify their home loan(s). Most homeowners understand only what they see in the paper or published reports. This is one reason why [...]
The American residential law group is one of the significant organizations that provide its quality legal services to its clients. The wide ranges of legal services offered by law group are bankruptcy law, property law, business law, mortgage law, tenancy law, commercial law, and many others including foreclosure, debt settlement, and short sale. Their well [...]
