Loan Modification Process
Debt negotiation is not achieved in an instant. Not only does it take a considerable amount of planning and execution, it also requires ample experience and technical know-how for it to be successful. This is why we review every single case we receive with painstaking attention to detail. We take the following steps to make sure that the modification of your loan has an increased chance of approval:
- A legal assistant will discuss your loan situation with you.
Our team of specialists will collect basic information from you to determine if you qualify for a loan modification. You will then be informed of your options according to the circumstances of your case. - We will gather all the facts from you.
Once you qualify for a debt negotiation, our staff will ask you to recount specific data for documentation. This will help us identify possible points to explore during our forensic audit. - We will ask you to compile all the necessary documents relevant to your case.
The original agreement, loan notes, proof of payment, and other documents entailing hardship will help us negotiate your case with your lender. These will also play an important part during the forensic audit. - A legal assistant will guide you to fill out a hardship letter and ask you to sign any other forms that the lender requires you to sign.
A hardship letter details reason/s that may include the following: rising interest rates, unemployment, divorce, unforeseen medical expenses, and personal tragedies. While these can help the initial processing of your case, it can also help us renegotiate your home loan in your favor should there be a need to do so. - You will be asked to email, fax or mail the documents to us.
To avoid delay during the processing of your loan modification, make sure that you have signed all the required forms and have included all the necessary documents in the package. - Once we receive your documents, we will contact you within 24 to 48 hours.
One of our specialists will be in touch with you to confirm receipt and verify the submitted documents. - We will follow up with you to obtain any missing paperwork as necessary.
You will be asked to send further documents if our lawyers believe that these documents can be a deciding factor in your case. - We will submit your loan modification package to the lender.
After we have gathered and analyzed data regarding your loan, we will prepare an audit of your loan. This will be sent to your creditor along with a document pinpointing any legal violations of your initial loan note and disclosures. We will also report any violations which have occurred on your existing loan. - We will commence discussions with your lender in order to negotiate a loan modification or other loss mitigation solution for you.
With the goal of stopping foreclosure, our mitigation team will then negotiate with your lender so you don’t have to. We work with all mortgage lenders and mortgage loan servicers on a daily basis. We will present your case to them so that you end up with the most advantageous resolution. This avoids long, costly litigation, and may be a long term solution to save your home. - Additional documents will be asked from you should the lender require them.
While banks and lenders are now more receptive to extending help to their borrowers, the negotiation period may take longer for some borrowers depending on their situation. If your lender has reason to believe that your financial standing enables you to complete payment of your loan, you will be asked to provide further proof of hardship. - We will demand the complete documentation of your loan from your lender.
If your lender remains unconvinced, we will then compare our compiled documents with their records. This can provide an opening for a dispute should errors be found on your credit and payment record. - We then renegotiate your loan for a more favorable outcome.
On the occasion that your creditor denies your request for a modification or approves terms that are not feasible for you, we will renegotiate and push for better terms.
