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Mortgage Modification RESPA-TILA Short Refinance Short Sale Predatory Lending Avoid Foreclosure A Bankruptcy? Apply Here! What Is Loan Modification? 1.A loan modification is when the lender modifies your current mortgage because of a hardship. 2.Loan Modification is a permanent change in one or more of the terms of a loan allowing the loan to be reinstated which typically results in a payment the borrower can afford. It is interesting to note that in most cases a homeowner in need for mortgage help will indeed qualify for a loan modification. What Is RESPA & TILA? Our best tool to negotiate with mortgage companies is the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). State and Federal law require mortgage companies to follow these guidelines when originating home loans. Many mortgage loans have these TILA and/or RESPA violations which can and will be used as leverage. What is Short Refinance? Short Refinance is the replacement of a mortgage, usually with a smaller mortgage, when the borrower is already in default. This is done to transition the borrower to a more affordable payment structure. The lender has to write off the difference between the old mortgage and the new mortgage, but this may be preferable to foreclosure. What Is a Short Sale? A short sale is the process through which your mortgage company agrees to settle for less than what is owed to them. They do this as an alternative to the expensive and time consuming process of foreclosure. Each mortgage company has their own set of processes through which they decide whether or not to accept a short sale, and while there are many similarities, each has its own requirements for approval. What Is Predatory Lending The penalties for failure to comply with the Truth In Lending Act can be substantial. A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount. Costs and attorney's fees may also be awarded to the consumer. A lawsuit must be begun by the consumer within a year of the violation, but certain tolling provisions apply giving the consumer more time and up to 3 years to file suit. Foreclosure is a legal process whereby a lien holder (usually the lender from whom a homeowner received their mortgage) seeks to have any stake the homeowner has in the property legally nullified, so that they can sell the property to recover their investment. When you apply for a mortgage to buy a home, you agree to put the house up as collateral for the loan. Essentially, the bank owns your home until the loan has been repaid. The terms of this deal are outlined in your mortgage. Learn About Bankruptcy Chapter 13 bankruptcy is a "debt repayment plan" that is designed to allow people to "catch up" on missed house or car payments by making up the missed payments over a period of time. Chapter 7 bankruptcy is preferable for people who do not want to be "locked down" to a stringent budget for up to five years, or who don't have a consistent income stream that is sufficent to pay all monthly bills as they come due. Chapter 11 is a term that many people have heard of on the news or in the media. It seems like almost every year, one or more of the airlines files a Chapter 11 case. Loan Modifications or Loan Restructuring A large number of clients will find themselves using a Loan Modification Plan to stop foreclosure. If you can currently make your regular payment, but you can’t catch up with the past-due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. This new amount will be re-amortized over a new period of time.   Contact a Real Estate Attorney Now!

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Riverside Bakersfield Los Angeles
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www.MortgagesModification.com
1-888-729-8881
14930 Ventura Blvd #200
Sherman Oaks CA 91403
Email: info@mortgagesmodification.com