Yes, the lender may conduct any review it deems necessary to verify that the property does not have physical conditions which might adversely impact the value.

Per HUD, the accrued late charges should be waived by the lender at the time of the loan modification-this varies depending on the type of loan-but always request a complete breakdown and description of all fees and penalties from your lender.

The number 1 criteria your lender is looking at is your ability to make the new modified payment now and in the future. You need to supply the lender with proof of your income, along with a complete and accurate financial statement detailing your income and expenses to show them that if granted the loan modification, you will be able to afford the new, lower payment.

Most lenders are now accepting loan modification applications from homeowners who are not currently delinquent, but who are able to prove to their bank that due to imminent interest rate increases, they will no longer be able to afford the loan payment under the terms of their loan. It is advisable to contact your lender as soon as possible to start the loan modification process, regardless of if you are delinquent or not.

Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling loan modification letter included in your loan modification application is a very important part of a successful loan modification.

Yes, that is the goal of a loan modification. By working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.

Yes, the arrears can be added to the new loan balance and spread out over the term to allow the loan to be brought current.

That is entirely up to you and your comfort level with dealing with your lender, but also your current financial situation as most loan modification companies require a large upfront fee. However, unfortunately, most lenders tend to be more willing to negotiate with attorneys rather than their own clients.

In Deed-in-Lieu of Foreclosure, we can negotiate with your lender to voluntarily give your property back to your Mortgage Company and your debt or deficiency is often forgiven.

In Forbearance, we are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions. Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.