my purpose for writing this article is only to create awareness for the benefit of Homeowners and Families at hardship. I work for a Law Firm specializing in the representation of Homeowners and Families in danger of Foreclosure. What the lender doesn’t tell you is that in most scenarios, the Mortgage Mod terms the banks are willing to give you voluntarily when you modify your loan directly with them are in most cases substandard in comparison to the modification terms you will receive when hiring an attorney who specializes in Loan Modifications and Foreclosure Defense. Again, I am not a Attorney but I have been working for a Foreclosure Defense law firm for longer than most authors on the subject and my Mortgage Lending experience is extensive, including several years in the Loan Origination and Correspondent Lending arenas.
Working for a Loan Mod & Foreclosure Defense law firm, in my personal daily experience it has become apparent that a good law firm is most often able to negotiate much better mod terms for homeowners than banks are normally inclined to give when a homeowner engages in direct dealings without representation. In some cases I’ve even seen scenarios where the law firm is able to secure modifications to a mortgage which result in interest rates an repayment plans for “B-C Paper” or Sub-Prime Borrowers which are far superior than those available to “A Paper” borrowers with spotless credit histories and FICO scores above 725.
Loan Modifications (also referred to as Loan Mods), when executed by licensed attorneys, can be extremely effective methods of ending foreclosure before it starts by adding changes to the original terms of your mortgage. Altering your mortgage terms can be a HUGE savings in regards to your Monthly Payments, Interest, and even Mortgage Terms in regards to the number of years in which you have to repay the loan, and sometimes resulting in a great savings due to a reduction to the Principal Balance amount owed on the loan.
Forensic Audit is one of many highly effective methods used to show Fraud and other serious errors made on behalf of your Lender during the origination and closing of your loan. Forensic Audits identify things like Forgery or Violations of the R.E.S.P.A. (Real Estate Settlement Procedures Act), T.I.L.A. (Truth In Lending Act), among others in relation to Federal Guidelines and Regulations which must be strictly adhered to by professionals working in the Mortgage Lending Industry. Once discovered these violations can become essential to the defense of your house and Mod of your loan. In my experience lenders are often much more inclined to work with borrowers to provide loans in their best interests when there is an attorney behind them with enough artillery in their war chest.
Do yourself a favor, Since the banks these days tend to think of themselves as the House “Casino” and feel the odds are in their favor. Hire a foreclosure defense law firm so that you and your family of the house can win instead.
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