Loan Modifications

A loan modification is a change in one or more of the terms of a mortgage, typically allowing a delinquent loan to be reinstated to “current” status and resulting in a new payment that a borrower can afford. The loan modification may be permanent or for a limited time.

A loan modification generally changes:

1. The interest rate of the mortgage;
2. The term of the mortgage; and/or
3. The balance of the loan.

The lenders have their own varying criteria for evaluating loan modification requests. Despite the varying criteria, most lenders require some sort of “hardship” (a reason why the borrower needs the loan modified). Common reasons for hardships for loan modifications include divorce, loss job, reduction in income, illness, death of a spouse, etc…

We use loan modifications as a tool to stop foreclosure and get our clients an affordable monthly payment. There are many services that have sprung up to offer loan modification services, however, there is a real difference between what they might be offering and the services we provide.

Getting the most qualified team to negotiate your loan modification is the most important step toward getting you the payment you need. The Christopher Legal Group offers real advantages over the services provided by these loan modification companies that are sprouting up across the country. As a law firm, we will want to review your loan documents and determine whether a there is a legal basis to challenge your loan, which can be used to gain leverage in negotiating with your lender. Further, you will meet with and have your questions answered by a licensed attorney, not an out-of-work loan officer.

Many of the so-called professionals touting their ability to help borrowers with problem loans are either former mortgage brokers who are primarily responsible for fueling the current mortgage crisis by putting homeowners in the risky loans in the first place, or out-of-state lawyers who are not licensed to practice in Nevada. In this time of personal crisis, do you want to rely on the people who were driven by their greed to maximize their own commissions at your expense, or do you want a law firm that is experienced with helping homeowners get a handle on their financial crises?

Further, it seems that most of the persons offering loan modification services have no real experience in loss mitigation and are just selling the services of out-of-state companies. You never will have the opportunity to personally consult with the person who will represent you when negotiating with your lender(s). These loan modification services will just follow their adopted protocol for handling your file and not be able to review your unique situation.

This is a difference between our law firm and a purported “attorney based” program.