Loan Modification

Home ownership has long been a part of the American Dream, and one of our main focuses at Transparent Financial Group is helping our members preserve that very dream! If needed Transparent Financial Group will refer its members to an experienced legal team that specializes in loan modification. Although Transparent Financial Group does not perform any loan modification services, we will assist our members in getting pre qualified and gathering the paperwork that will be required if accepted. Members of the C.O.R.E. Program are also entitled to a discounted fee from the attorney.

Here are some commonly asked questions about loan modification.

What is a loan modification?

Loan Modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e mortgagor and mortgagee). In general, any loan can be modified.

What are the possible outcomes of a loan modification?

Interest Rate Reduced

Rate Changed From Adjustable to Fixed Rate

Term Extension

Principle Reduction

Late fees and Past Due Amount Waived

Second Mortgage Eliminated

How long does a loan modification take?

A typical loan modification takes anywhere between 60 to 90 days although we have seen results in as little as 7 days.

Why is using an attorney the best option available for loan modification?

Attorneys definitely have more clout, and when you hire an attorney or opt for the services of a law firm or Attorney Based Loan Modification Company, your lender knows you mean business and that you may sue them. This forces them to give you priority over individual requests and appeals from ordinary loan modification companies. Lenders desperately want to avoid lawsuits. Your lender/bank would prefer to get regular payments from you, albeit much lower ones, than face the risk of foreclosure and litigation.

Although attorney based loan modification services and services offered by the law firms may cost more than the services offers by ordinary loan modification companies, the benefits far outweigh the costs. For a slightly higher fee, you have a much greater chance of getting your principle balance reduced by a much greater amount, potentially saving hundreds of dollars every month and overall, saving hundreds of thousands of dollars in the long run.

Law firms get the quickest response from lenders. Most banks regard these proposals as their top priority and law firms can handle tax issues, foreclosure, deed in lieu of foreclosure, short sale and bankruptcy if the need arises. Additionally, the attorneys of these firms are required to give you free and personalized consultation upon request- and this may greatly increases your peace of mind and confidence.

If you do decide to sue your lender, your attorney should get a restraining order on your loan so that no payments, interest or fines will be allowed until the matter has been settled by the court. This would pressure your lender even more as this means loss of more funds. When faced with the threat of litigation and foreclosure, there is a very high probability that your lender will agree to significantly lower your principle balance and interest rate.

Avoid businesses that guarantee to save homes from foreclosure or stop the foreclosure process “no matter what the circumstances.”

Do not work with businesses or individuals who instruct homeowners not to contact their lenders, lawyers or financial counselors and to make mortgage payments directly to the business or individual.

Avoid businesses that use names or symbols which mimic federal and state programs or falsely suggest they offer legal services or are affiliated with an attorney or law firm.

Before doing business with any loan modification business, check it out fully. Get its physical address, ask for the names of its corporate officers, and call the Attorney General’s Office to determine whether it has any complaints reported against it.

Contact us TODAY at 800-880-5156

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