At Marine View Law & Escrow, I have helped many clients save their homes through loan modifications, not just first mortgages, but second mortgages as well. A loan modification would allow you to cure the default amount owed for missed payments, by modifying your monthly mortgage payment to an amount that is within your monthly budget. This could occur through a reduced interest rate, a longer term, or in limited circumstances, even a principal reduction of your mortgage. Currently in effect are various loan modification programs introduced by the government for which you may be qualified, such as the HAMP program. Also, lenders often have their own in-house modification programs for those who don't qualify under the more traditional criteria. By working directly with your lender, I may be able to obtain either a HAMP modification or another type of loan modification, which will allow you to become current and keep your home.
In addition to modifying the terms of your mortgage, as of March 2012, the U.S. Department of Justice recently announced a $25 billion mortgage settlement with five of the country's largest mortgage lenders. In short, this settlement agreement requires these five lenders, Bank of America, Chase, Wells Fargo, CitiGroup and Ally Financial/ GMAC, to provide financial relief to consumers. The settlement requires the lenders to collectively contribute $20 billion toward various forms of relief for homeowners. The primary form of relief being provided is a reduction of the principal amount owed on loans for homeowners who are in default and owe more on their mortgage than the home is worth. A minimum of 75 percent of the $20 billion in relief is required to be provided to homeowners within the next two years, which means that many homeowners will be entitled to such relief. I have obtained modifications, which did include sizable principal reductions by working directly with the lenders to qualify my clients as eligible for this relief. Even if your mortgage is not with one of these lenders, I can assist you with a loan modification.
If you are facing financial hardship and are in default on your mortgage, and would like to look into the possibility of a modifying your mortgage loan, please contact my office for an appointment. You will be able to meet with me in person. Please be aware that you may be contacted by out-of-state companies offering help, and requesting a large payment upfront in order to modify your mortgage. When considering a loan modification, it is a good practice not to send money to any individuals or businesses that do not have a local business office, or sign any contracts you do not understand.
If you receive any letters or notifications in the mail regarding your eligibility for a loan modification, please be sure to contact me right away so that I can review the letter, determine whether it's legitimate, help you determine your rights and assist you with a loan modification. I am here to help — please feel free to make an appointment for a confidential consultation by calling 206- 701-6564 or 877-449-4819, or send me an email.