Loan Modification

If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. All property taxes and home owner association dues must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification.

This method is sometimes called the Obama Plan or HAMP.  This is a very difficult and time consuming process.  It involves talking directly with the lender.  The lender will ask for a hardship letter, proof of income and cooperation of all people that are on the deed.  This is sometimes a problem after a divorce.

This by far, is the best way to be able to stay in your home.  But, it is sometimes the hardest of all the alternatives to foreclosure to accomplish.  It will be necessary for your attorney to be in constant contract with the lender.  It is very difficult to get consistent and accurate answers from the lender.  This occurs because the lenders employees change and their policies are in constant change.