Loan Modification

The Key to a Successful Loan Modification

There are countless homeowners accepting loan modifications in which their resulting payment is the same, and in some cases, actually higher than their original mortgage payment.  Also, the resulting principal balance owed by these homeowners is far more than the home is worth, and even more than when they started the modification process.  Still, other homeowners end up losing their homes because they are unable to complete a loan modification before the home is sold at public foreclosure auction. These homeowners were apparently unaware that the key to a successful loan modification is hiring an established law firm with an experienced loss mitigation department.

You Might Still Owe Money

Every homeowner should know by now that just because you’ve applied for a loan modification does not mean that your lender will stop the foreclosure of your home.  If you do not have proper representation in the foreclosure action, you risk losing your home before you can complete your loan modification.  Despite what the bank representatives may tell you, the law firm representing the bank may have a different protocol to pursue the foreclosure of your home.  Individuals in court lose their homes daily due to their refusal or inability to hire a qualified attorney to represent them.

We Can Guide You Through A Loan Modification

The Arcia Law Office is one of only very few law firms with a local in house loss mitigation (“loss mit”) department that works hand in hand with our clients and our litigation department to ensure that the loan modification is completed before the foreclosure.  When preparing a loan modification application, it is important that it contain everything the bank’s loan negotiators are looking for, and that it be organized in a certain specific order.  If items are missing, your application is passed and sent to the back of the queue to start from the beginning.  This process can continue for months, and then you must convince a loan negotiator that you qualify under the various government and/or the bank’s own in-house loan modification programs.  This complex cycle is where most homeowners get stuck for months without success, or where they become so frustrated they accept the first modification offered despite the terms being worse than the original loan (higher principal, higher payments, etc.). The key to break the vicious cycle, and obtain a viable loan modification is to be properly represented by a law firm that has both an established foreclosure defense as well as a knowledgeable and experienced loss mitigation department.

The experience, credibility and determination of the loss mitigation department at the Arcia Law Office is best demonstrated by the amazing results and loan modification success stories of our clients published throughout this website.  Our team at the Arcia Law Office is not looking to merely modify a homeowner’s loan so that the terms are the same as before, but instead, our goal to is to obtain a significant interest rate reduction, forgiveness of past due arrearages, late fees and other charges, and whenever possible, a meaningful reduction in the principal amount owed under the loan.

If you would like to meet with a member of the qualified team at the Arcia Law Office to discuss a modification of your home loan, please fill out ourFree Consultation Form or Call Us Now! 954-437-9066.