A loan modification is a process in which the terms of mortgage note are permanently changed by lender making the payments more affordable for the borrower.

A loan modification could do the following:

Although loan modification has been known for many years, in the past, banks would only allow a consumer to take advantage of a loan modification in the most extreme cases. Recent changes in the mortgage industry have caused lenders to allow borrowers who are suffering hardship resulted from increase in interest rates or partial loss of income to modify terms of their loan.

Exotic mortgages of last few years, arcane and misleading terms inserted in a mortgage contracts by unscrupulous lenders and mortgage brokers put many borrowers in tremendous disadvantage, forcing some of them in foreclosure. Despite dramatic increase in foreclosure rates lenders are painfully slow in processing borrowers’ claims. Banks are overwhelmed with all of the delinquent loans and their immediate priority is to get as much as possible from a borrower without consideration of all aspects of their financial situation. Many homeowners get lost in the shuffle, and are forced into an unnecessary foreclosure because of it.

Working constantly with almost every major lender in a country with daily changing processing guidelines allows our Research and Analysis team to work efficiently with every individual borrower, helping to find the most effective and aggressive ways to remedy their problems. Our legal team is analyzing every detail of your loan documents, in search of violations and signs of predatory lending. Most banks are already involved in predatory lending lawsuits, and don’t want to extend their legal troubles by another legal case brought by our attorneys. It allows our negotiators to get the best possible solution for our customers.