Loan Modifications

Ok, you want to stay in your home but your loan is a problem.

In most cases, this situation is the result of either

1. You bit off more than you can chew
2. You were the victim of predatory lending
3. You had a major life change or multiple events

Let’s look at each of these and the options:

Bit off more than you can chew
In this situation, you bought a home without calculating the true cost of the home such as real estate taxes, windstorm, hazard or flood insurance or ongoing maintenance.  Additionally, in your eagerness to buy the property you might have overlooked expensive repairs.  You likely just squeaked into the home or received down payment assistance.  Any sort of repairs or unforeseen occurrences will make it virtually impossible for you to stay on track with your mortgage payment.  Since property taxes go up almost every year, you will need a huge raise at work or soon you’ll be underwater.

What you probably need is a re-adjustment of your current mortgage payment.  If you were misled in the actual costs of your home and/or can prove out a hardship situation, we can likely convince your mortgage company to re-crunch the numbers and modify your loan to make it more affordable.   The biggest issue here is you getting to the right person at the mortgage company.  We can help.

Victim of Predatory Lending
In this situation, your loan officer or REALTOR purposely misled you on the actual cost of your mortgage and/or you were asked to sign papers that misrepresented your actual income, job, debts and/or plans for the home.   For example, you had good credit and a sleazy loan officer (unknown to you at the time since he was your brother’s best friend) put you into a No or Low Document Loan because they were paid extra commission to sell you a bad product.   Or maybe you thought you were getting a fixed rate loan and ended up with an adjustable piece of junk that is running you down from behind.

What you need is proof of their bad behavior.  An audit of your mortgage by our office will prove to the lender that they need to re-adjust your mortgage or you’ll sue them.  For example, they change your payment & loan to an affordable fixed rate and get rid of the lousy unaffordable adjustable rate.  We can help.

Major Life Problems
Plain and simple…life hit you in the mouth and you are trying to get back on your feet.  Divorce, cancer, loss of job, theft of your retirement funds, fire, loss of a loved one, failed business or the countless other bad life events that affect even good people.    This is the toughest situation to overcome because your mortgage company does not care about you.  They want their money.

You will likely need professional assistance to force your lender to listen to your story.  You likely can also benefit from an audit of your mortgage.  We will try to catch your mortgage company with their hand in your cookie jar.  In fact, our experience shows that many times the mortgage company’s collection department (who is paid on commission in most cases) will tell you anything they think will cause you to make a payment. Same with the loan officer who sold you that mortgage.  You need firepower from a professional.  We can help.

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