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 are 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.
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. Call 888-712-2399 for a free
initial consultation.