Can I Do This Myself?

There is a very small chance a borrower could pull off a loan modification or pay rate reduction alone. As many borrowers know from experience, there is a thick layer of resistance at mortgage lenders to any suggestion of a workout from the borrower directly. They will listen to your lawyer though. If the lender forecloses on your home they will be the owner and they will sell your home and pocket any equity. They will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You lose the cash and your home. We are attorneys and retired bankers and know your rights. We will protect you and your home.

How Long Does The Process Take?

There is no exact answer. Generally, the process can take only a few weeks, up to a few months. If a government guaranteed loan is involved (FHA for instance), the process will take longer to work out.

Fortunately, most lenders will work quickly to approve a loan modification program once they have received a complete package.

Most lenders will postpone the sale of your property if they have received a complete package at least two to three weeks before the sale date.

How Much Time Do I Have Before They Sell My Home?

Every situation is different, typically in California the entire foreclosure process takes about three months. The faster we start the loan modification process and the more time we have to work, the greater the likelihood of success. If you are unsure of the foreclosure laws in your State contact a local real estate professional, or our office.

What if my foreclosure sale is very soon?

If a foreclosure sale is less than 30 days away, the only option may be to do a chapter 13 bankruptcy and use the time afforded by that process to negotiate with the lender. If a California bankruptcy is necessary, an additional legal fee is required to cover the additional legal work. Payment plans are always an option.

Remember: maximum success is possible when we receive the client’s information as far in advance as possible before the filing of the notice of sale.

To get started on a Loan Modification case, simply print and sign the Retainer Agreement and return it with a cashier’s check for the appropriate amount. We will follow up with you on what documents we need.