What is a loan modification?

A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. These changes can be in your interest rate, length (term) of the loan, late charges can be waived or added to principle, change from ARM mortgage to a fixed. There are several other possibilities and modifications that can be made. But it is on a case by case basis.

FREQUENTLY ASKED QUESTIONS

What is predatory lending?

I often am asked, "What is Predatory Lending?" This term can apply to all aspects of the mortgage industry and refers to the practice whereby a creditor puts a borrower into a loan that the borrower will probably not be able to repay. Federal laws like the Truth In Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"), as well as many state laws, require that creditors disclose certain terms of loans to borrowers, and when those terms are not disclosed or are inaccurately disclosed these laws provide severe monetary penalties against these creditors.

Predatory lending tactics include the classic bait and switch. You're sold on the phone by a smooth talking loan officer who pitches you a great rate. Things move quickly and when you go to sign your loan documents with a notary, that great rate isn't so great anymore.

Elder abuse is common because retirees often have a large amount of equity in their homes, and are prime targets for greedy and crooked creditors. We have seen mortgage sellers cold call elderly homeowners and then scam them into a loan which they do not need, cannot afford, and which provides the seller with an incredibly large commission.

Both federal and state law prohibit the mortgage industry from providing different loan terms to people based on race, sex, ethnicity, or other protected class. Such a transaction may be subject to a cause of action under the Unruh Civil Rights Act or other law. Equity theft also called equity skimming, refers to the situation whereby the same creditor refinances the same property with the same borrower multiple times uses up the equity in the borrower's property.

Some violations of the Truth in Lending Act are so easily spotted that it takes an experienced mortgage attorney just a few minutes to uncover them. Other predatory lending violations are harder to find and require recalculations of the loan figures to discover. We are often able to meet with a potential client, review the loan documents, and discuss how the loan was done. We are usually able to determine whether there was a violation within 30 minutes, and then advise the borrower whether he or she has a case worth pursuing.

What is a loan workout?

A loan workout is just another term for loan modification. However it is more of a broad term and can be applied to several other loss mitigation techniques, such as negotiating a short sale and a deed in lieu of foreclosure.

What is a loan forbearance?

Forbearance means you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

What exactly do you do?

Your consultants look at your case individually based on your financial situation, past and present. We want to stop your foreclosure, keep you in your home, establish a financial plan with mortgage payments you can truly afford. We don’t want to give you a band-aid but a permanent solution to the danger of foreclosure.

Mortgage Modification is the solution to save your home

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