Loan Modifications:
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Banks strive to avoid foreclosure proceedings as much as the homeowner does. The foreclosure process is not only a lengthy process, but it creates additional costs for any parties involved. In many cases, the homeowner may have difficulty receiving their requested modification, however, Fernandez Law Group and our skilled attorneys have been extremely successful in working with the banks to reverse that trend. |
Homeowners who are current, past due, in default, or already in foreclosure may opt to modify the original terms of their loan agreement with their lender. Lenders typically offer greater flexibility when modifying loans. By modifying the terms of the homeowners' mortgage loans, lenders are able to offer monthly mortgage payments at a more affordable rate. Loan Modifications are implemented to make a property more affordable for a homeowner by altering loan factors such as interest rate, principal balance, late fees, or other loan penalties.
Our qualified attorneys are highly experienced at bringing the two parties together and aggressively securing the best loan modification plan for both the lender and the homeowner.
HERE ARE JUST A FEW SUCCESS STORIES OF OUR LOAN MODIFICATION SERVICES AND HOW THEY'VE HELPED OUR CLIENTS:
- A client was working with a government recognized "Non Profit" - (Free Servicing Company) for a Loan Modification. The client was denied for all Loan Modification options. Our Firm WAS ABLE to get an alternative 3 month trial Loan Mod program! The old payment was $1865 and we negotiated a NEW Payment of just $1385, with 18 payments in rears!
- Fannie Mae Trial Modification Plan: 3 month trial plan. Rate recast to take the old payment of $1382.00 PITI to the new payment PITI of $778.85. The term was extended to 40 years, with the client receiving a principle balance reduction of 20% to make the payment sustainable.
- Lender Internal Trial Modification Plan: 3 month trial plan. Rate recast back to a 30 year term with an interest rate of 4.875%. The old payment was $2,851.52 PITI and the new payment is $2,340.00 PITI.
- Fernandez Law Group successfully helped modifiy yet another loan recently, this one occurred late December 2011. The old payment was $937.34 per month, and the NEW Payment is now just $597.47 per month with 11 payments down deferred to the rear of the loan.
