As with all institutional lenders, US Bank has been directed by the Federal Government, to offer loan modifications to homeowners. This policy includes both HAMP loan modifications and non-HAMP “in house” US Bank loan modifications. As you probably know, the purpose of a loan modification is to keep the homeowner in their home and avoid foreclosure, as well as to minimize the loss to the lender, servicer and investor. If an arrangement can be made to both save the homeowner from foreclosure, and save the lender money, that option must be pursued.
What Kind of Assistance to Expect in a US Loan Modification
Obviously in order to keep homeowners in their property and avoid foreclosure, lenders such as US Bank must compromise on interest rates, monthly payments and payment terms in some way. The most favorable loan modifications typically come through HAMP or MHA (Making Home Affordable). These are government programs that most lenders must offer to their customers. Since these programs apply to (nearly) all banks and mortgage companies they are streamlined and more favorable to homeowners than most lender’s “in house” or non-HAMP options.
US Bank Loan Modification Non-HAMP Alternatives
In addition to HAMP loan modification options, US Bank offers its own “in house” or private programs that are not federally regulated but can still help struggling homeowners avoid foreclosure and keep their homes. These “in house” programs are often not as advantageous for homeowners as HAMP loan modification options, but still offer borrowers an option to avoid foreclosure and keep their home. As with HAMP, US Bank loan modification options are derived from the borrowers monthly gross income. If you can prove consistent, reliable, verifiable monthly income that is adequate to cover monthly mortgage payments as well as other “necessary living expenses,” you have a much better chance at securing a US Bank loan modification.
Improving Your Chances for a US Bank Loan Modification
You may have never heard of a “REST Report,” but it can be the distinction between securing a US Bank loan modification or being denied. The REST software is the actual program being used by the mortgage industry to assess their potential loss on a particular home. It offers lenders a breakdown of the total amount of their loss under each loss mitigation option including: loan modification, short sale, deed in lieu of foreclosure, and foreclosure. The mortgage company is then actually bound and obligated by the option that shows the least amount of loss for them under federal treasury guidelines. Lenders simply may not deny the loan modification if it is in their best interest financially to offer it.
REST Report and Loan Modification Lawyers
McFarlin LLP is one of the few law firms in the country to have negotiated an exclusive license to run the REST Report for clients. More importantly, if your mortgage company refuses to accept the REST Report results, we are fully prepared to file a lawsuit on your behalf. Our lawyers handle all aspects of US Bank loan modification, foreclosure defense and mortgage litigation for borrowers in Los Angeles, Orange County, Long Beach, Riverside, Fresno, Modesto, Stockton and throughout California.
Our lawyers are available to provide you with honest reliable loan modification, foreclosure defense and mortgage litigation advice at our Orange County or Los Angelesoffices or over the phone. With a matter as important as loan modification and the REST Report, it is a very good idea to consider hiring a qualified California loan modification lawyer to represent you and protect your interests.