The Loan Modification Firm has all the experience and knowledge that is needed to get the job done. The Loan Modification Attorney can be reached at Law Offices of Marc R. Tow Just Call 800-738-1170 or visit Home Loan Modification
For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs
Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.
Do know your rights.
More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.
Don’t wait too long.
The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.
Do work with your lawyer.
Your Home Loan Modification doesn’t rest in the hands of your lender, your broker, or your loan modification attorney. These people can help, but you have to do your part and cooperate with your lawyer. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation.
Don’t file for bankruptcy, unless you really have to.
Many people think that filing for bankruptcy can help them stop foreclosure. But data from the American Bar Association shows that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records. In some cases, bankruptcy is still a viable option, but don’t make any decisions without getting professional advice.
Do have a backup plan.
Not all people will qualify for a mortgage loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. In any case, it’s always good to have a Plan B. Your mortgage modification attorney can help you find the best solution.
If you can’t get your loan modified, talk to your lawyer about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure, so it’s easier to get back on your feet.
- Related Videos
- Related Articles
- Ask / Related Q&A
There are legitimate companies out there who specialize in home loan modification. I myself have done my own research, and found that a lawyer would not suit my situation, nor should it for anyone else. The fact of the matter is, take control of your situation, do YOUR OWN research, and take care of the situation in a timely manner. KNOW WHO YOU'RE DEALING WITH.
You can find a few places online that will assist you in a professional manner. Check out a company called Principal Mitigation Corp. They're currently helping me with my loan mod process. So far I'm very pleased.
How Loan Modification Can Stop A Foreclosure
By: David Pit | 02/01/2010Loan modification is a viable option for homeowners who were rejected for refinancing and are at risk of foreclosing on their homes. This article has general information about loan modification.
Mobile Home Loan with Bad Credit
By: Samantha Taylor | 02/01/2010Bad credit mobile home loans may be difficult to find but not impossible. They charge a high rate of interest but have a very small down payment. Check out how such a loan works. Read the article to know more.
Save on Home Ownership
By: Tom Peters | 02/01/2010A significant factor on whether home ownership has been a positive or a negative is the total costs involved in home ownership. Saving on home ownership begins with knowing your costs.
How To Negotiate A Loan Modification With Your Lender
By: David Pit | 02/01/2010Loan modification is a viable option for homeowners who were rejected for refinancing and are at risk of foreclosing on their homes. This article has general information about loan modification.
How To Write An Effective Mortgage Modification Hardship Letter
By: David Pit | 02/01/2010Loan modification is a viable option for homeowners who were rejected for refinancing and are at risk of foreclosing on their homes. This article has general information about loan modification.
Is Refinancing Your Only Option To Avoid Foreclosure
By: David Pit | 02/01/2010Loan modification is a viable option for homeowners who were rejected for refinancing and are at risk of foreclosing on their homes. This article has general information about loan modification.
General FHA home Loan Underwriting Guidelines
By: FHA home loan Lender | 01/01/2010General FHA home Loan Underwriting Guidelines
100% Florida FHA Loans - FHA Mortgage accepts down payment assistance
By: FHA home loan Lender | 01/01/2010100% Florida FHA Loans - FHA Mortgage accepts down payment assistance
The 2009 Bank Bailout Plan | How Will It Help You Avaoid Foreclosure ?
By: Loan Modification Attorney | 06/03/2009 | MortgageThe Obama Administration recently introduced their new Plan to generate means of Loss Mitigation and help people facing foreclosure. What exactly is this Bailout Plan for the Banking sector and How it will help you ?
How Mortgage Structure Affects Your Interest Rate?
By: Loan Modification Attorney | 25/02/2009 | Real EstateHow your interest on loan depends on the type of mortgage you opt for. Here we clarify the difference and pros and cons of the two types of Mortgages: Adjustable Rate Mortgage & Fixed Rate Mortgage
5 Things in a Loan Modification Hardship Letter
By: Loan Modification Attorney | 09/02/2009 | MortgageA financial hardship letter is written to a Loan modification company explaining the financial trouble that you are in and requesting to provide you with some sort of specific remedy, depending on the exact situation involved.
Sub Prime Loan Modification
By: Loan Modification Attorney | 04/02/2009 | MortgageKnow more about Sub-Prime Loans and Sub Prime Loan Modification. Loan Modification helps those who face financial difficulty.
Countrywide to Tighten Up Loan Modifications
By: Loan Modification Attorney | 04/02/2009 | MortgageHome Loan Modification assumes more importance as Countrywide Financial decides to tighten its loan modification service. See what lead loan modification attorney have to say about this.
Loan Modification Glossary
By: Loan Modification Attorney | 28/01/2009 | Real EstateLoan Modification is the process which helps the homeowner in foreclosure and mortgage crisis. So for your help, here are some terms which are mostly used during Loan Modification Process.
Home Loan Modifications and Your Credit Score
By: Loan Modification Attorney | 22/01/2009 | Real EstateThere are many credit reporting companies with a variety of credit scores depending on your creditworthiness. Therefore, don’t give up if you chance upon these varying rates. Here are a few important things to keep in mind on how to increase your credit score fast.
How to Speed Up the Loan Modification Process ?
By: Loan Modification Attorney | 16/01/2009 | Real EstateLoan modification allows borrowers the opportunity to change the terms of their mortgage loans. Though it is the Best way to save your home from foreclosure But it can become tedious at times, especially when you don't get the right advice or you don't have proper information. Here are the Four Most Important Things to help you speed up your loan modification process.