When a homeowner can’t make the mortgage payments on their home, but desire to keep it a loan modification is a great alternative to foreclosure. However, doing so can become almost a full-time job. It requires a lot of experience and constant follow-up to be successful in getting approved for a trial plan from a mortgage lender. We always recommend homeowners retain a law firm that works with loan modifications, so they have the best chance of saving their home.
Despite little chance of success, at Graham Legal, P.A. we were able to get our client a third loan modification. The homeowner retained us in 2009, she had faced financial hardship after losing her job and remaining unemployed for over a year. From the time she retained us we followed up diligently with the bank and submitted all necessary paperwork.
As a result, our client was able to get a third loan modification despite having defaulted on her two previous loan modifications. Even more importantly, our client’s monthly mortgage payment was reduced by half from the previous loan modification.
In the new loan modification received, our client pays roughly $1,000 less a month, with a principal balance reduction of well over $250,000 and a 4.75% decrease in interest.
The goal of a loan modification is to lower a mortgage monthly payment to an amount that fits within the budget of the homeowner. At Graham Legal, P.A., we deal heavily in securing loan modification for our clients. Our team has experience in dealing with the tedious process of successfully completing a loan modification such as resubmission of documents and plenty of follow-ups. Once the bank responds, our team carefully reviews any offers presented to ensure they are in the best interest of the homeowner.
Disclaimer: These results should not be taken as a guarantee, as each case is unique.