DO I QUALIFY FOR A LOAN MODIFICATION? WHAT WOULD THE PAYMENTS BE?
We can tell our clients if they will qualify for a loan modification and what the payments would be. We don’t apply for a modification unless we have advised the client of what payment terms they can expect. We have the resources to research the specific Trust, Investor or Servicer and identify the specific Modification programs available to clients. With HAMP no longer in existence, it is more important than ever to understand that your loan may be reviewed for a Servicer’s proprietary loan modifications and not any published modification.
We can bring federal lawsuits against mortgage servicers and their attorneys if they don’t properly review modification applications.
We offer aggressive loan modification representation. We issue Requests for Information to obtain the information we need for the modification process and we issue Notices of Error to the servicers, if they violate the new regulations regarding review of loss mitigation applications. If the modification application is not properly reviewed, it is our goal to be in a position to bring a Federal lawsuit to obtain the modification, reimbursement of the attorney fees paid in the modification process, and damages.
We have obtained loan modifications for our clients from:
- M&T Bank
- Mellon Bank
- Mr. Cooper (Formerly Nationstar)
- Ocwen Financial Corporation
- Select Portfolio Servicing (SPS)
- Selene Finance
- Specialized Loan Servicing (SLS)
- Synergy Financial
- TD Bank
- TST Financial
- U.S. Bank
- Wells Fargo
Understanding Loan Modification and Your Rights as the Borrower
It is important to understand your rights as a borrower in regards to loan modification. There are powerful new regulations that have been promulgated by the Consumer Finance Protection Bureau (“CFPB”) under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) that finally give borrowers the right to sue when mortgage loan servicers fail to meet their servicing obligations. We can sue your lender if they violate these regulations.
Mortgage Servicers MUST:
- Issue a decision within 30 business days of receipt of a complete application for a Loan Modification, Short Sale, or Deed in Lieu of Foreclosure;
- Advise the borrower within 5 business days after receipt of an application, if there are any additional documents needed;
- Stop any and all action in a foreclosure, while a complete application is being reviewed;
- Provide information properly requested about ownership of note and mortgage under TILA within 10 business days; and
- Provide information properly requested about loan payments, loan history, and other loan information within 30 business days.
- Provide payoff or reinstatement figures within 7 business days of receipt of written request
If a servicer violates these regulations, there can be liability under Regulations X and Z for statutory damages of $1000 to $4000, attorney fees, and compensatory damages (including emotional distress, legal fees, credit diminution and other losses).
We can help you understand your loan modification options in all New Jersey counties:
- Atlantic County
- Bergen County
- Burlington County
- Camden County
- Cape May County
- Cumberland County
- Essex County
- Gloucester County
- Hudson County
- Hunterdon County
- Mercer County
- Middlesex County
- Monmouth County
- Morris County
- Ocean County
- Passaic County
- Salem County
- Somerset County
- Sussex County
- Union County
- Warren County