- What is Loss Mitigation?
It is the process of working out a permanent, equitable, and fair solution between
you and your lender that eliminates or reduces current debt you have incurred from
a bad mortgage.
- What is a loan Modification?
In simplest terms, a loan modification restructures the terms of a loan without
actually refinancing the property it secures. Skilled home modification legal specialists
work on behalf of borrowers with their lenders to achieve the relief of a home loan
modification via drastically reduced mortgage payments.
With a loan "modification" you take the mortgage you now have and change
the interest rate and payment requirements in order to achieve a fixed rate. A change
in rates and payments does not result in the need for a new closing, legal fees,
survey, appraisal, or taxes. In contrast, if you "refinance" a loan you'll
be required to have a closing and forced to pay a variety of fees and taxes.
Lenders are willing to negotiate when borrowers are facing financial difficulties
and can't obtain other financing alternatives. CAPITAL LAW CENTER Robert W. Carlson
& Associates, P.A. shows the lender why it would be in the lender's best interest
to agree to a workout arrangement. In turn, the lender will reduce the loan interest
rate, reduce monthly payment amounts or change other loan terms to allow for an
affordable loan to allow the homeowners to avoid foreclosure.
- What happens during a Loan Modification?
During a loan modification the terms of your mortgage are renegotiated to bring
the interest rate down to a percentage that fits into your budget and the monthly
payment no longer presents a severe strain on your ability to meet your other financial
obligations.
- Can I a loan modification myself?
Yes, but should you? It really depends on the results you want to achieve. Would
you represent yourself in court? How would you do if you represented yourself in
court? If you are in trouble with your loan, you want the very best result and we
can get that for you! Our Attorneys only
job is to work with lenders and modify loans, every day, five days a week. By letting
CAPITAL LAW CENTER Robert W. Carlson & Associates, P.A. do what we do best;
you will get better results with a lot less stress.
- Does the Mortgage Company want to foreclose
on my property and take my home?
The answer is NO. When a mortgage company forecloses on a property, they almost
invariably lose money. They lose even more if they are forced to take ownership
of the property. Because of the mortgage company's as well as the investor's likely
losses on foreclosed properties, there are wonderful ways to either avoid going
into foreclosure or to get out of it. This is the good news.
The bad news is that you are really nothing more than a loan number (usually one
of millions) to your mortgage company. While not trying to insult your mortgage
company, they don't need or want to specifically help you. They simply need to ensure
that they meet their numbers. While it may be encouraging to know that their financial
interests lie in keeping you out of foreclosure, you should also realize that mortgage
companies are some of the largest owners of real estate in the world. This is directly
attributable to the sheer number of properties they assume after the foreclosure
sale.
- What is needed from me to get the process started?
Documents relating to your financial situation, income, and mortgage details help
legal professionals to draft the papers your lender requires for a need based loan
modification approval. Upon receipt, the terms of the mortgage are renegotiated
to reflect a lower monthly payment. Best of all, the paperwork is handled in its
entirety by the professionals in charge of negotiating the deal and you are not
required to attend a closing or any such meeting.
- How long is the Loan Modification process?
You will see relief in as little as two weeks or a couple of months if FHA guaranteed
loans are involved. In the meantime, lenders are amenable to halting foreclosure
proceedings and even the sale of a home! The added benefit of this process rests
in the fact that you may be able to skip one mortgage payment and get back on your
feet with your budget. Since the majority of reputable lenders prefer to have you
remain a customer for life than selling off your home at a loss and thus not realizing
the profit of the interest payments, the process is usually not delayed.
- What is the cost?
Our fees are based on your mortgage payment amount, and the complexity and urgency
of your situation. Our Case Managers and Attorneys will evaluate your case and explain
the best options to save your home. We are confident that you will feel that our
fees are a bargain compared to the cost of the alternatives. We offer a money back
guarantee if you are one of the few we cannot help.
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