The U.S. has been faced with the worst housing crisis since the Great Depression and foreclosure rates have been at an all time high. Jaurigue Law Group (“JLG”) is committed to helping homeowners avoid foreclosure and assisting them in achieving the most effective and affordable long-term solutions to keep their homes in this difficult economy. JLG represents homeowners in negotiations with banks to obtain favorable loan modifications. The primary purpose of a loan modification is to help make your loan more affordable and keep you in your home.
Am I Eligible for A Loan Modifications?
Loan modifications are used when consumer borrowers need relief on their existing loans that they may be defaulting on. A modification is typically an agreement between you and your lender that changes the terms of your loan in order to make it more affordable. These modifications are usually granted in the form of an interest rate reduction, an extension of the loan term, changing the nature of the loan (from variable to fixed), or a principle reduction. The agreement or plan made by the lender may include temporary or permanent changes of the term and monthly payment of the loan, and changes to the mortgage rate.
Over 80% of owners who attempt to obtain loan modification on their own are denied. The loan modification process is complex, time-consuming, and it is easy to get lost in “the system.’ Also, requirements vary. Thus, unless you are familiar with these requirements, you are “shooting in the dark.” Moreover, lenders represent their own interest- not your best interest and they are unlikely to offer you the most favorable long-term solutions or terms for a loan modification. For example, a lender may offer you a forbearance. Forbearance agreements are not true modifications to the terms of your loan agreement, and rarely provide a long-term solution that keeps you in your home
When an attorney is involved, calls get answered and letters are responded to in a more timely manner. The possibility of asserting claims against a lender may provide leverage in the negotiation process. Thus, using an attorney gets your lender’s attention and can often make the difference between saving your home or losing it.
To achieve the best result, you should contact an attorney before submitting your personal information to a lender or trying to independently negotiate a loan modification. It is important to know your rights and consult an attorney before signing any agreements with your lender or loan servicing officer.
Contacting An Attorney to Negotiate A Loan Modification
Our loan modification service is different and/or better because our attorneys personally meet with each client and consult and update clients throughout the entire process. Additionally, our attorneys perform independent evaluation of the client’s financial condition and mortgage(s), and recommend a long-term solution tailored to the client’s unique goals and needs. Our attorneys will negotiate directly with your lenders to obtain the most favorable loan modification for you, so do not hesitate, pick up the phone and call our office for a free consultation.