Loan Modification

The Consultation

• In the initial consultation, we gather information about the situation and come up with a plan of action.

• We gather your financial statements and put together an income ratio form.

Initial Paperwork

• The attorney assists you in filling out the necessary forms correctly.

• You sign the forms and give us permission to represent you.

• The attorney packages your loan file for submission to your lender.

Your lender is contacted

• The owners of your mortgage note are contacted, and has the file is assigned to a modification representative at your bank.

• The attorney reviews the modification package with the representative.

Negotiations are started

• The attorney negotiates the terms of the modification. The attorney displays to the representative why it is in their best interest to agree to the modification terms.

• The bank relates what they feel is needed from the homeowner.

The Investors analyze the financial feasibility.

• Property value is determined

• The bank calculates and reviews information with investors

Further Negotiations

• The bank gives us their proposed terms.

• This is reviewed with you and compared with our submitted terms.

• The attorney submits a counter offer

• This may go back and forth several times.

Actual Terms

• New loan terms are agreed upon by all.

• The bank contacts you to go over the new terms.

• The loan modification agreement is checked for accuracy and reviewed by the attorney.

Completion of Loan modification