Process
The Loan Modification Process:
We know how serious your situation is, and we know how important your home is to you, and that’s why it is important to work with an expert law team to quickly find you the best solution. Please review the steps below in order to complete your loan modification in a timely manner. Please do not hesitate to let us know if you have any questions.
Step 1 - CONSULTATION
Please give us a call to begin your initial consultation. We need to speak with you to make sure that a loan modification is right for you. If you are experiencing a financial hardship, are unable to make your current mortgage payments, and want to stay in your home, please start by calling us now to see if we can help you.
Step 2 – GATHER FINANCIAL DOCUMENTS
After your consultation we will send you a hardship package requesting the following information:
- Proof of income (1 month): This could include W2’s, pay stubs, rental agreements or bank statements
- Hardship letter (explain what happened that made you fall behind)
- Most recent mortgage statement
- 4 months of bank statements
- 2008 w2’s
- Tax returns for 2007 & 2008, the first 2 pages only, form 1040
- Monthly Expense Sheet (all expenses even if you are not paying them: including utilities, food, mortgage payments)
We will then review and analyze your information in order to compile a negotiation package to submit to your lender. We will fully analyze your case to before we begin negotiations. Please note that this process my take up to 45 days to complete depending on how fast you provide us with the necessary information.
Step 3 – NEGOTIATIONS
Our team will submit your financial package to your lenders and begin negotiations. We will continue negotiations until an acceptable agreement has been received and approved by you the homeowner.
STEP 4 - APPROVAL
When your request is approved, final modification documentation will be sent to you for your approval. We ask that you have at least 2 months of payments saved before your modification is approved to begin on your new payment schedule.
Remember, this is not going to happen over night, however, most cases take about 30 to 60 days to complete. We are here to help you every step of the way. We look forward to working with you.
