If you've been struggling with mortgage payments, you are not alone. In today's economy many are having a hard time making ends meet, and paying a high monthly mortgage doesn't help.
A Loan modification may help you to renegotiate your monthly payments to the bank and modify your payment structure to make it more affordable. But if you're considering renegotiating you'll need a qualified loan modification Attorney to help you through the process. Our law firm is fortunate in having a prior Freddie Mac specialist on staff to assist in the negotiation process with your lender.
Negotiation with banks can often be a haranguing and difficult process. That's why it helps to have a qualified loan modification attorney alongside you every step of the way. We've helped countless homeowners negotiate with banks and get loan modification help they need.

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If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

Eligibility*You may be eligible to apply if you meet all of the following: 

• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.


You may be eligible for PRA if:

• Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.
• You owe more than your home is worth.
• You live in the home carrying the mortgage you want to modify.
• You obtained your mortgage on or before January 1, 2009. 
• Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income. 
• You owe up to $729,750 on your 1st mortgage.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

Program Availability More than 100 HAMP SM-participating servicers are required to evaluate homeowners for principal reduction. Participating servicers are required to develop written standards for PRA application. The largest servicers include Bank of America, CitiMortgage, JP Morgan Chase, and Wells Fargo.

As short sale occurs when the property is sold for less than what is owed on the mortgage. Many times the lender will agree to a short sale rather than foreclosing on the property. The law Firm can offer you many varied types of loss mitigation, with or without Foreclosure defense. Many times clients will seek assistance with the Short sale from all the wrong places not realizing the crippling effects of an incomplete short sale that never occurs. We normally say the purchase of your home is the single biggest decision you will make in your life time, unfortunately in today’s environment your exit strategy will absolutely be an important decision that must be made with an understanding of your personal situation. A poorly executed Short Sale can have devastating effects for many years into the future.

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