At Graham Legal, P.A., we take pride in helping those homeowners who qualify to secure a loan modification, and while we can’t guarantee the outcome, we have had much success. Just last week, we were able to get a client a principal reduction in excess of $350,000. Her original principal amount with Bank of America was just over $500,000 and was reduced to under $200,000. The client not only qualified for a principal reduction, but any unpaid late fees were waived and the loan will be brought up to date.
Loan modifications have always been a viable alternative to foreclosure. At Graham Legal, P.A., we have worked diligently alongside many clients to procure some very positive loan modifications, yielding tremendous reductions in principle.
A loan modification is basically the restructuring of the mortgage. In some situations, the banks will lower the principal balance, and in others they may lower the interest rate. While modifications vary widely, the end goal is to lower the monthly payment to an amount that can be paid monthly by the homeowner. While the government has begged banks to be more cooperative in providing loan modifications, it remains the decision of the lender.
That is where we come in. We work diligently on behalf of our clients to obtain loan modifications from both large and small mortgage lenders. We understand that banks lack the ability to process the large number of loan modification applications coming in, which results in documents having to be sent several times and thoroughly followed up with. The process can become lengthy and tedious, and can be too much of a burden for homeowners not accustomed to dealing with the banks.
While it is not necessary to use an attorney to handle a loan modification, it is strongly encouraged. Not only is the process tedious, but many homeowners are unaware that banks will often proceed with a foreclosure even while a loan modification has been submitted. For those reasons, along with many others, it is best to consult with an attorney.
At Graham Legal, P.A., we take the burden of processing the loan modification for you. Please schedule a free no-obligation consultation with our attorneys.