loan modification attorney

Using an attorney to assist you with modifying your existing mortgage loan can save your home and save you thousands every year.

As the economy continues to decline, loan modifications are becoming increasingly necessary for homeowners who find themselves facing the threat of losing their home.

A modification of your existing mortgage loan is a proven solution that can help save your home, even the homeowner who is already in foreclosure status. The Law Office of Thomas J Sherwood lets you put an experienced attorney behind you mortgage modification negotiations. Customers who have signed up for our bank loan modification program have enjoyed the following benefits:

• Rising adjustable rates were stopped and turned into low fixed rates;
• Past due mortgage payments were forgiven and unattainable repayment plans were eliminated;
• Some have even obtained principal reductions on their mortgage balance!

A modification of your mortgage is not a temporary fix. When your bank approves the loan modification request, it becomes a permanent solution to the repayment terms of your existing mortgage loan. A home loan modification will change your existing mortgage note and can give you & your family the fresh start they deserve. As part of the modification agreement, your account will be brought up to date as soon as the terms of the modification are negotiated and accepted.

As part of our program, some of the documents which may be required by your lender Include:

• Most recent Bank statements
• Paycheck stubs
• 2 years tax returns

We Guarantee Results

Our law firm offers a 100% money back guarantee! We couldn’t say it, if it wasn’t true! If our mortgage modification attorneys can’t modify your home loan we will refund all retainer money paid under our modification payment plan.

How can our law office offer this guarantee? Because our successful loan modification rate is so high, we’re confident in Your Success! You’ve got nothing to lose. Our expert mortgage modification specialists will review the details of your case and if we believe we can’t help you, we’ll not only let you know up front, we will advise you why your home loan modification request does not fit under existing program guidelines. The best part is, it won’t cost you a thing if we can’t help!

Loan Modification is the answer for many homeowners caught short by these trying economic times. Get the mortgage help you need!

Who should explore a modification?

Anyone who is struggling with their mortgage payments.

What makes someone an ideal candidate?

• Late on mortgage
• Rate is adjustable
• Rate is too high
• In foreclosure
• Home is worth less than what they owe
• Struggling to make payments
• Experienced a hardship that is causing financial duress
• Unable to refinance

What can a mortgage modification do for you?

• Substantially lower your monthly payments
• Convert your Adjustable rate to a Fixed rate
• Reduce your Interest rate
• Reduce your principle balance owed
• Lengthen your payment terms
• Clear out your accrued back payments and late fees

We also offer other options

Sometimes, a modification of an existing mortgage is just not an option. If you:

• Have very little time left until they will be forced to leave their home
• Do not intend to stay in the home
• Lack the necessary documentation to be approved for loan modification

Loan modifications are an attractive solution for many, however, if you fall into the above category, it won’t be suited for you. Our law firm offers other attorney based solutions that include: “Short Sale Negotiation” or “Deed In Lieu of Foreclosure.”

Why is this even possible?

The banks don’t have much of a choice. Many want to avoid foreclosure as much or more than the buyer does. Unfortunately, banks are just not equipped to deal with the amount of defaults that occurring throughout the country. Mortgage modification is a win/win scenario. These banks lent too much money to millions of people by way of attractive but harmful loan programs such as adjustable rate mortgages, no money down loans, and interest only programs.

In the past, if a person became unable to afford their monthly payment, they would be forced to sell and move on. Unfortunately, because of the current historical collapse in the real estate market, that option compounds the decline in home values and multiply’s the motivation for homeowners to abandon properties. Massive job losses across the nation is a key reason for the all time high level of impending foreclosures. The banks really can’t afford to let so many of their homeowners go into foreclosure. This is an opportunity to modify your existing mortgage and attempt to negotiate a principle reduction.

Keep in mind that the foreclosure process is long and expensive for the lenders which compound their losses. Many people stay in their house for months after making their last payment until they absolutely have to leave. During which time the banks are paying for the taxes and insurance of the property. They continue to pay for the taxes and insurance until they are done selling the home. There are also legal fees for them to pay during the process and once the process is over, they’ll be lucky to get 50 to 70% of what you owed in a foreclosure sale. As more and more foreclosure files hit the courts, the process becomes even longer and more expensive for the banks.With every foreclosure, banks must increase their loan loss reserves, tying up capital that they cannot lend to make the profits their shareholders demand! This is why we have experienced a "lull" in foreclosure filings.

The government is also trying to keep foreclosure numbers down as low as possible. They have created new programs that encourage the banks to do these modifications. This new legislation is directing lenders to exhaust all efforts when it comes to offering homeowners a solution against foreclosure.

Clearly it’s in the banks best interest to work it out with a struggling home owner even if it means that they have to drastically reduce monthly payments. Our service succeeds in getting banks to accept the best possible terms for the loan holder to stop the bleeding for both parties.

Why can’t I do it myself?

The lenders have full control when negotiating directly with the you and many just aren’t setup to deal with consumers. If by chance they do agree to make a modification for you, the new terms will always be set up to benefit them, the bank. Thomas J. Sherwood is a lawyer dedicated to negotiating the loan modification terms to benefit his clients. A person’s mortgage is most likely their biggest expense and they shouldn’t sell themselves short.

Getting approved for a mortgage modification is difficult. It can be quite a challenge just to prove to the lender that a homeowner can’t afford their current mortgage, but can afford a modified mortgage. Setting up all of the documents and financial work sheets is quite a task and if not done properly the lenders won’t even talk. After setting up many files, our team knows exactly what it will take to get the lenders to agree to negotiate loan terms.

A successful modification can be a life changing experience. It can save your home, your credit and will improve your financial outlook. With such an important financial decision, it is strongly recommended that you hire an experienced professional, who is knowledgeable on all the modification options, in order to negotiate for you the best possible outcome.

Why refinancing may not be an option?

With the credit crisis showing no signs of a slow down, banks are extremely reluctant to give out new loans to people unless they have major equity and a high credit score. Even if someone is able to find a bank who will lend, a refinance can be pricey (can run around $10,000 in direct and indirect costs). If you’ve been late on your mortgage, you may very well be "done" before you even get started and time is your enemy. In addition, when refinancing, there is no way to negotiate a principal reduction. A bank is not going to negotiate a reduction in principle so another financial institution makes money on the balance.