Loan Modification Avenues

There are basically three ways you can address your loan modification needs: Yourself, thru a civilian modification service and thru an attorney based service(law office). The differences are simple. Most people contact their bank immediately when they start falling behind and getting notice after notice from the bank. Even though the bank is so quick to try to collect your money they are very difficult to get in touch with when it comes to your needs. All your cries seem to fall on deaf ears. A small percentage of borrowers have the ability to successfully modify their loan to the best outcome possible. If the bank does decide to help you it will be very minimal and probably end up causing the same problem to reoccur down the road.

The next step is either losing your home or calling a loan modification company. The first type of loan modification strategy is a company that does not include an attorney or just consults one. These companies are out there offering you the same results that you could get yourself. Without the clout of an attorney analyzing and negotiating your loan modification, the loss mitigation department of your lender will bully them around. They are going to help the problem in the short term but not fix the problem. Broker based loan modification companies results include lowering and fixing your interest rate temporarily and often adding an interest only option or stretching your amortization to 40 or 50 years. They rarely get late fees waived so your balance after the modification will rise. While they will be able to get results better than you could yourself the benefits they produce are drastically less than what we can get done.

Loan modifications done by law offices where lawyers negotiate your modification are by far and away the most beneficial to the homeowner. The major difference is that we find predatory lending violations in your loan documents and have the ability to sue if they do not comply with our modification request. We will demand a balance reduction if you are upside down, an interest rate reduction, fixing the rate, first payment deferment for a few months, and, if requested, a change in the terms of the loan (i.e. stretching out the repayment period to further lower the payment). When we find a violation that is a ‘fine plus attorney fees’ we break down what it is going to cost the bank over the cost of the lawsuit versus our modification proposal. The numbers work so heavily in our favor that they have no choice but to comply. This is case by case but our FREE consultation will give us a very strong idea of what we can get done. Do not be fooled by non-attorney based modification companies nor ones that overcharge. Call us today. (877) SQUAD08