The thought of an impending foreclosure is enough to create stressful times for any family. Finding an adequate defense solution can be a grueling process that nobody should have to battle alone. And to make matters even worse, we’ve seen far too many cases where lenders have told homeowners they qualify for a loan modification, only to deny them and foreclose anyway.
1. Many homeowners were promised loan modifications only to be foreclosed on anyway.
Unfortunately, we have seen far too many several situations where homeowners were led to believe that the bank was working with them and trying to help them avoid foreclosure through a loan modification – and then went and foreclosed on them anyway.
2. There are far fewer loan modifications being granted than you might think.
To make matters worse, this actually happens far more often than not. In fact, according to research conducted in 2010, we found that only 2% of HAMP funds were used to modify loans.
What that means is that the majority of people who have been led to believe they’re getting a loan modification are actually being set up for failure. The government and the banks simply haven’t made enough progress in attempting to modify loans.
3. The bank can still foreclose or take away your rights to defense at any time.
We can’t be more clear about this – just because the bank tells you that you will get a loan modification does not mean you will get one. We have seen far too many instances of the exact opposite happening. To make matters worse, many people don’t want to believe the offer is too good to be true or something that can be taken back.
4. The loan modification offer may just be a ploy to get you to stop fighting.
The prospect of facing foreclosure is terrifying enough for anyone, but putting your guard down and assuming you will be one of the lucky ones could actually be the response the lender is hoping to get out of you – only to make the foreclosure process easier for them. You could end up giving up valuable rights along the way while also reducing the amount of options you might have available for defense. And by the time you realize what’s happening, it may already be too late to do anything about it.
5. A default judgment can be entered against you even if the bank says they are working with you.
If you still think the lender is going to grant you a loan modification in order to allow you to stay in your home, try asking them to tell you in writing that they will not take away any of your rights or foreclose on you while they’re working with you on the loan modification. They won’t.
6. An attorney will help prevent the risk of paperwork not being completed properly.
Many homeowners have great difficulties in the modification process party due to the misconception and misleading information that is displayed by the media and other sources that they seek information and help from. The percentage of homeowners that actually get permanent modifications is very low, and to often homeowners are denied because they do not understand how to properly structure their case for a modification.
7. Lenders are more likely to negotiate with you when you have legal representation.
When you hire a foreclosure defense law firm or attorney, the lender realizes immediately that you are not going to be just another simple summary judgment. They will have to take you and your attorney seriously as well as comply with Florida law.
In many cases, lenders are simply unable to be reached while homeowners are sent on a wild goose chase trying to track down a party who can help them. And if they’re unwilling to work out a solution, hiring an attorney to represent you can certainly change their attitude. Your attorney will know exactly what negotiation techniques to use based on your specific case and situation in order to help you get a better deal.
8. An attorney can often get you a better deal as well as terms and conditions for your loan modification.
Banks are in the business to turn a profit and make money, so even in those rare cases where they’re willing to work with a homeowner in a loan modification, they still need to make sure they’re getting something out of the deal. And their cut can often be quite substantial and come with additional terms and conditions homeowners simply won’t be able to meet – putting them right back into the path of foreclosure.
The reality is that most homeowners do not have the knowledge and resources needed to see success through the process. When you hire a loan modification attorney, you can be assured that your best interests are being looked over.
9. An attorney can help prevent your loan modification application from being rejected.
We’ve seen more than one case where homeowners have had their loan modifications rejected. The reasons vary, but typically they fall into one of two situations – either it was not granted at all, or it was granted with terms the homeowner simply couldn’t meet.
When deciding to reject loan modifications, the most common reason we see is due to the fact that the bank or lender is in disagreement with what they think the borrower can afford to pay. They tend to expect a borrower to make unpleasant sacrifices and follow tight budgets that don’t allow for reasonable living conditions.
In cases where the loan modification was initiated, many rejections have ended up occurring because borrowers simply couldn’t meet the overbearing demands of the budget constraints – usually due to an unexpected hardship such as a vehicle breakdown or job loss.
Homeowners are also denied when they do not understand how to properly structure their case for a modification.
Our qualified attorneys are highly experienced at bringing the two parties together and aggressively securing the best loan modification plan for both the lender and the homeowner. Your attorney will also be able to help you get a loan agreement that is better suited to your specific needs. And they can also make sure the payments are well within what you will be able to reasonably afford every month.
10. Our attorneys have the necessary experience to get you better results.
Hiring a trained loan modification attorney from the Fernandez Law Group can be your best weapon in getting better options and results that you might not be able to get on your own. The loan modification process is extremely complex and can be extremely difficult to navigate with success. Many homeowners make serious mistakes along the way that hurt their chances and outcome.
You only have one opportunity to get it right, so it is very important that you make the right choice. Our attorneys know exactly what needs to be done, regardless of what situation you are presently in. You can count on us to be there with you, every step of the way.
How will Fernandez Law Group handle my loan modification?
Prior to your Free consultation, our firm will provide the following:
- Review your particular financial situation in detail during the application process to ensure that we have obtained all relevant information necessary to review your case and maximize your prospects for a successful modification.
- Take down your financial information so that we can match with the program guidelines set forth by your investor/lender.
- Review with you your current household budget to determine whether you qualify for the programs made available by your investor/lender.
- Determine with you the maximum monthly mortgage payment you can afford to make given your current income if you were to receive a modification and recalculate that payment as necessary to ensure you are able to continue making any modified payment on a go forward basis.
- Contact your lender to determine what modification programs are available and if you meet the particular guidelines of each program offered.
- Upon obtaining the foregoing information, your case manager will review the information with you in detail and determine whether you wish to schedule a free consultation with the actual attorney who will represent you.
Our firm will perform all of the aforementioned services free of charge – prior to the attorney consultation without requiring you to enter into any contracts or to otherwise obligate yourself in any way. Information concerning applicable fees for services rendered will be made available at the homeowner’s and/or will be discussed in detailed during your consultation with one of our attorneys.
Additional information about Loan Modifications:
- Reasons why you should hire a Loan Modification attorney
- Different Types of Loan Modification programs explained
- 2013 Streamlined Modification Initiative
- Streamlined Modification Initiative Frequently Asked Questions
- Loan modification terminology explained
Contact our office today at 813-489-3222 for a free no-obligation consultation.
The information on this firm’s website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.
Content authored by Gaston Fernandez