Over the course of the last month, I have received numerous phone calls from prospective clients regarding loan modifications. I have been told over and over that they were offered a 100% guarantee on a loan modification by either another attorney or a loan modification company. This is my response, “RUN!” There is NO ONE who [...]
The short answer here is NO! It is our policy that you should always make your mortgage payments. Failing to pay your mortgage is the fastest and most direct route to financial ruin, bad credit and the inability to buy another home when times get better. There are no exceptions to this rule, however sometimes [...]
With so much information and mis-information out there, I thought that I would take the time to explain the loan modification process in-depth. There are so many steps to getting approved for a loan modification and any misstep in the process can result in your package being denied.
Many financial experts and advisors cannot figure out why [...]
The general idea behind Loan Modifications as put forth by President Obama was noble and much needed however the implementation of the idea is riddled with holes, hurdles, and hazards.
Problem 1
The Making Homes Affordable Act and the Guidelines set forth by President Obama make obtaining a loan modification difficult for those borrowers who are/were the [...]
This is the second most common question I am asked every day (the first one being: Do I Need To Hire An Attorney To Do A Loan Modification?). A loan modification USUALLY takes between 60 and 90 days. Usually. The banks have been known to take less time and sometimes they take as much as 120 [...]
Not all lenders are participating the the Making Homes Affordable Act (MHA) and therefore not following the Federal Guidelines. Take a breath, this does NOT mean that you cannot modify! Almost every lender regardless of size has internal modification programs. Many of them mirror the federal guidelines, some in fact, are even easier to qualify for. However, [...]
This is the number one question we get everyday. Do I need to hire an attorney to do a loan modification? The answer is NO. You do not need to hire an attorney to do a loan modification. You can absolutely do it yourself. You can contact the bank and begin the process yourself. Many [...]
There are so many scams out there. Loan modification companies are popping up everywhere. Everyone thinks they are an expert. Here is what I can tell you…not everyone is an expert. That is how the economy ended up the way it is now. Everyone tried to get into the Real Estate field and became a [...]
Today, there was an article on MSN called “Frustration Rises Over Mortgage Relief Program” and it exemplified all of the problems that homeowners are having getting loan modifications. There are many different loan modification programs and the confusion not only exists among homeowners, but it also exists at the banks. Depending on whether or not [...]
The business of reputable Loan Modifications is just getting a foot hold and beginning to grow into big business. Modifications like many other areas of the law that are inaccessible either due to complexity or fear begins to take on an aura of impossibility and a perception of true horror. Before long, myths form and [...]
