If you have already been served with foreclosure papers, CALL FOR A FREE CONSULTATION NOW. You may be eligible to work out or restructure your payments to a lower amount by reducing your principal or interest rate amounts, extend the amortization period of your mortgage, conduct a "short sale" of your principal residence or investment property, or provide a deed in lieu of foreclosure to avoid a foreclosure sale at the court house. When you have been served with lawsuit papers for foreclosure, in order to preserve your legal rights to contest the lawsuit, you must file a response to the suit within twenty (20) calendar days of receipt of the papers. ACT NOW - CALL FOR A FREE INITIAL CONSULTATION.
Experienced attorney Christopher Sullivan will protect your rights and help you to work out the best possible resolution depending on your individual needs. He may be able to help you obtain a meaningful loan modification which would allow you to keep your home and stay current on your mortgage. Most lenders are simply offering their customers deals where they add the past due mortgage payments to the back of the loan resulting in no meaningful savings or relief to the customers. Experienced loan modification experts, however, which the firm works with on a regular basis, have a much better chance of providing meaningful relief to homeowners in default or in foreclosure. "Going it alone with your lender is akin to going into a gunfight with a knife", says Attorney Sullivan. Customers who do so will likely spend a long time on hold with a low level employee with little or no authority to actually do a loan modification that will work for both the lender and the customer in the long run.
A recent study by the Federal Office of the Comptroller of the Currency and the Office of Thrift Supervision found industry attempts at loan modification to be inadequate. The government agency looked at 35 million loans worth over $6 trillion. Almost 1 in 4 loans resulted in increased monthly payments as a result of fees and interest added to the loan by the mortgage lender.
Half of those loan modifications in which the payment increased or was unchanged went back into default within 9 months after modification. Whereas 3 out of 4 loans in which the payment decreased by 10 percent or more did not default during that period. Statistics show that meaningful modification works but is not happening in sufficient number.