A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, which allows the loan to be reinstated, and can result in a payment the mortgagor can afford.

Loan Restructuring is an important part of the foreclosure defense process and is the preferred option for those seeking to keep their home. Loan Modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure.

Step 1 – Consultation and Prequalification
Most cases take about 60 to 120 days to complete. Our firms are here to help you every step of the way and look forward to working with you.

Step 2 – Gathering of financial documents
This is an example of some of the documentation that is needed:

• - Proof of income. This can include pay stubs, rental agreements, or awards letters
• - Hardship letter (explain what happened that made you fall behind)
• - Most recent mortgage statement
• - 2 most recent months of bank statements
• - 2 years of W2's
• - Tax returns for 2 years
• - Monthly expense sheet

What happens next? – Our firms review and analyze your information in order to compile a negotiation package to submit to your lender. They will fully analyze your case before we begin negotiations.
NOTE: This individual process is entirely up to you and how fast you provide your designated agent with the necessary information.

Step 3 – Negotiations
Experienced legal professionals will submit your financial package to your lenders and begin negotiations. They will continue negotiations until an acceptable agreement has been received and approved by you the homeowner.

Step 4 – Approval
When your request is approved, final loan modification documentation will be sent to you for your approval. We ask that you have at least 2 months of payments saved before your modification is approved to begin on your new payment schedule.

Total time frame
All cases vary depending on the lender but our legal professionals are here to help you every step of the way, no matter the time frame and look forward to working with you.

To get more information about Loan Modifications now, CLICK HERE - or call 877-874-8727