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Loan Modifications

Beware of unethical attorneys

Who promise loan modifications, but deliver nothing. Beware of an attorney who takes a lump sum of money and then does not deliver any results. You deserve better. You deserve to be constantly informed of what is happening with your case. Here is the truth. Not everyone will qualify. Banks only consider loan modifications for homeowners that have enough income to be deemed low risk. Part of the loan modification challenge is the time needed for families to raise income to the required levels.

Will the bank reduce the principal on my mortgage?
Possibly. Years ago the answer was a resounding no. However, since the bailouts of large banks such as Bank of America and with the billions of dollars the financial institutions have received from the federal government, increased pressure has been applied to these financial institutions. As a result, some homeowners are getting remarkable results.
Do I have to be late on my mortgage to qualify for modification?
Yes, you must be behind on your mortgage or within a couple of months of falling behind to qualify for a modification.

What documents are required for a loan modification? 
Income statements, proof of income, bank statements, tax returns, etc. It is a long arduous process, but often times worth it.

How long does the loan modification process take? 

It often takes up to 6 months from the day you apply to meet the loan modification paperwork requirements.

What are the terms of the loan modification?
The goal of a loan modification is to get your mortgage payment reduced to 31% of your gross monthly income. This figure is inclusive of your mortgage payment, principal, interest, taxes, and insurance.

 Call the Shrayer Law Firm today to see if you qualify for a loan modification.