Note: I am not an Attorney and any information I provide is not to be taken as Legal Council, my reason for writing this article is only to make awareness for the benefit of Borrowers and Families at hardship. I work for a Law Firm specializing in the representation of Homeowners and Families in braces of Foreclosure. What the bank doesn’t tell you is that in most scenarios, the Mortgage Modification terms the banks are willing to give you voluntarily when you modify your loan directly with them are in most cases substandard in comparison to the modification terms you will receive when hiring an attorney who specializes in Loan Mods and Foreclosure Defense. Again, I am not a Attorney but I have been working for a Foreclosure Defense law firm for longer than most authors on the subject and my Mortgage Lending experience is extensive.
Working for a Loan Modification & Foreclosure Defense law firm, in my personal daily experience it has become apparent that a excellent law firm is most often able to negotiate much better modification terms for clients than banks are usually inclined to give when a borrower engages in direct dealings without representation. In some cases I‘ve even seen scenarios where the law firm is able to secure modifications to a mortgage which result in interest rates an repayment plans for “B-C Paper” or Sub-Prime Borrowers which are far superior than those available to “A Paper” borrowers with spotless credit histories and FICO scores above 725.
Loan Modifications (also referred to as Loan Mods), when originated by licensed attorneys, can be extremely effective methods of avoiding foreclosure before it starts by adding changes to the original terms of your mortgage. Altering your mortgage terms can be a HUGE savings in regards to your Monthly Payments, Interest, and even Mortgage Terms in regards to the number of years in which you have to repay the loan, and sometimes resulting in a fantastic savings due to a reduction to the Principal Balance amount owed on the loan.
Law firms have several weapons in their arsenal for foreclosure defense which can help them to make leverage when negotiating with your mortgage holder. One of those tools is what’s called a Forensic Audit. A Forensic Audit is one of many highly effective ways used to expose Fraud and other serious errors made on behalf of your Lender during the origination and closing of your loan. Forensic Audits show things like Forgery or Violations of the R.E.S.P.A. (Real Estate Settlement Procedures Act), T.I.L.A. (Truth In Lending Act), among others in relation to Federal Guidelines and Regulations which must be strictly adhered to by professionals working in the Mortgage Lending Industry. Once learned these violations can become essential to the defense of your home and modification of your loan. In my experience lenders are often much more inclined to work with borrowers to provide loans in their best interests when there is an attorney behind them with enough artillery in their war chest to influence a Judge to rescind or take the loan back from the bank.
Banks are like Casino if they could have it their way the “House” would always win, if you want to stack the cards in your favor then hire a Law Firm specializing in the Defense of Homeowners so maybe the owner and family of the House can win instead.
Adam Whazzer has been a mortgage guru for years” Adam has offered end foreclosure and hud help with mortgages to foreclosure victims for nearly 5 years. If you are facing foreclosure, stop by for More Info On this Subject