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Loan Modifications / Short Sales

Loan Modifications:

If you are at risk of losing your home you may have some rights and options available to you. Time is of the essence when a borrower is behind. You may be aslang yourself why you should use loan modification attorney. An attorney assisted loan modification during the early stages of delinquency increases a borrowers chance to obtain a workout solution through a lender. Mortage Loan modification can result in “win-win” situations when distressed borrowers are unable to continue to make mortgage payments and the lender can provide a concession and continue to receive mortgage payments. However, a mortgagee (borrower) cannot force a mortgagor (lender) to come to terms with mortgagee’s financial realities. But, some lenders may be willing to grant concessions based on the mortgagee’s financial situation in anticipation of the eventual recovery of the real estate market and the rise of property value. Also, some lenders may grant temporary relief to a borrower in order to allow the borrower to successfully come out of financial hardship. There may be many reasons why a borrower is unable to make mortgage payments that lenders consider such as:

  • Loss of employment
  • Disability
  • Temporary financial distress
  • Loss of rent in an investment property

However, there are many complications that a layman is unaware of regarding the bank’s ability and the factors that it considers in determining whether to modify a delinquent loan. Some modifications from the bank’s perspective are more difficult than others. However, an experienced home loan modification attorney may work out a solution with the lender to successfully negotiate what may be in best interest for the bank and for the borrower. At times, banks have incorrect information through which they rely on making a determination, and borrowers inadvertently provide inaccurate information making it more difficult for them to obtain a loan modification. We have successfully handled several bankruptcy loan modifications including cases in which the lender has provided the following reliefs:

  • Increasing the maturity date of the loan.
  • Reduction in the interest rate.
  • Deferral of interest.
  • Eliminating a second trust through a reduced payment.
  • Eliminating partial balance on the loan.

Because of the increased number of scam businesses providing loan modification assistance, the State of Maryland implemented new laws governing entities negotiating on a homeowner’s behalf. Similar legislations are now being implemented in many of the states to control fraud and provide relief to homeowners. You should consult us if you have any issues in regards to Loan Modification or if you are at risk of losing your home and expenence the power of attorney loan modification.

Short Sales:

When loan modifications or other workout options are exhausted, it may be in client’s best interest to consider a short sale prior to foreclosure of a home. Short Sale is a sale through the consent of all the lenders to sell a real property at a cost less than the balance owed to the lenders. Generally, the lenders will not allow a short sale if they perceive that a foreclosure on a property will obtain better value than a contract on a short sale. Even more than a loan modification, a short sale process is cumbersome and requires meticulous review. It generally involves several parties: negotiator, realtor, broker, buyer, and a lender. Communication is necessary and legal guidance is crucial. Negotiating a short sale with a lender involves several different aspects of consideration: property value, buyer’s ability to close, remaining balance, and prospect of profitable foreclosure. Thus, to negotiate with a lender you will need an attorney to better serve your interest. An attorney as a negotiator can provide ample benefits, generally, at no cost to a seller. Our real estate foreclosure lawyer team can negotiate with a bank and a buyer to provide the following services:

  • Ensuring proper documents
  • Efficient process to expedite short sale.
  • Negotiate with a bank to lower or eliminate past balance.
  • Compliance of Disclosures and rights of sellers.
  • Ability for seller to rescind the contract
  • Assistance with closing.

Our foreclosure lawyer fees are reasonable and client centered. We charge a nominal retainer fee to negotiate on your behalf and we may be able to work on a contingency basis so there is no cost to you. We are experts in Mortage foreclosure law and can find you the right home foreclosure defense attorney to suit your specific needs.