FAQs

FAQs

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What is a loan modification?

A loan modification is when the mortgage holder and the lending institution or bank reach a mutual agreement where the lender agrees to adjust the terms of a mortgage or home loan. The purpose of the loan modification is to give the homeowner the opportunity to be able to afford to make their mortgage payments and avoid foreclosure. Loan modifications allow the lender to reach a new agreement with the borrower that is beneficial to both of them.

Here are some things that may happen in a loan modification:

• Monthly payments may be reduced
• Mortgage interest rate may be lowered
• Late fees may be removed
• Mortgage repayment time may be adjusted

Most people seek a loan modification when they are at risk of losing their home due to foreclosure. By modifying the loan terms, homeowners may be better able to make their monthly payments because the payments are lowered to a more affordable rate. To increase the chances of reaching a loan modification agreement with their bank, homeowners are encouraged to seek legal help from a professional loan modification attorney.

How long does a loan modification take?

Typically, homeowners can expect a 3-7 month wait.

The home loan modification timeline is never set in stone. The more complex the situation is, and depending on the investor, the longer it can take.

An experienced lawyer can reduce the amount of time, aggravation, phone calls, and sleepless nights by processing and presenting your case in a professional manner.

Our professionals at Fine Law Offices have processed thousands of cases and are educated on the best way to present your situation to your bank.

We understand the formulas needed for your bank to help you lower your monthly mortgage payment. We believe in doing things the right way from day one, so your bank understands your hardship and is willing to help.

We assign all of our homeowners to individual case managers who update you on a weekly basis and provide you with personalized service. None of our clients are numbers to us. They are people who are experiencing difficulties and deserve a second chance.

The timelines for modifications vary from bank to bank and investor to investor — that’s why the time is now to get started!

What is my guarantee?

In life and in the legal and banking worlds, there are never any guarantees. Each case and each bank are different. The only guarantee is that if you do nothing, you will get nothing in return.

The banks have underwriters and attorneys who work for their interest — so should you. At Fine Law Offices, we can guarantee that our experienced and personalized staff are second to none. We specialize in helping homeowners stay in their homes with the best possible monthly payment.

Anyone who promises the outcome before the work has even started is dishonest and inexperienced. Our staff has helped many people get a fresh start, and we won’t ever tell you something that is unrealistic or wishful thinking. The process of a loan modification can be long and stressful, but we fight to the end! We will not let your bank bully you! Help is available and the time to start is now!

Can I do it myself?

Yes, you can do it yourself. However, how many have you done before? What is the best deal you can get for you and your family? What are you going to do when the bank questions your income ratios or declines you for what the bank calls NPV? What are you going to do when the bank says your investor is not cooperating? What are you going to do when the bank rejects your package for the first time? What are you going to do when the bank asks you for the same documents over and over for months, claiming they are lost? What are you going to do when the bank says you are under review for the past 6 months? Do you believe that? Do you wait until you are further behind or in trouble? What are you going to do when you are served a summons for foreclosure? What are you going to say in court?

Homeowners have the option of handling all of this themselves and not spending a dime. However, the outcome will most likely be less than favorable.

At the Fine Law Offices, we help every one of our clients from start to finish. We give them the experience and peace of mind they deserve. We believe you should worry about your family and we should worry about saving your home.

I was told that lawyers cost too much?

At Fine Law Offices, we recognize that these are hard times, and most people are living month to month. Our goal is to fight for you to get a manageable monthly mortgage payment so you can provide for your family. We structure our fees accordingly and allow our clients to pay us over 3 payments if need be.

We start work from day one and we give you the flexibility of payments to minimize your stress and frustration. We document all work performed and we welcome client meetings to discuss all progress.

If you are behind on your monthly mortgage payments or about to fall behind, our fees are nothing compared to late fees and penalties imposed by your mortgage bank. Some of our clients have saved thousands from their monthly payment!

Each case is different, and all results are different, but a loan modification can save your home, lower your overhead costs, and give you the breathing room to enjoy your family and your life!

The banks do not want homeowners going to lawyers or any other professionals who will interfere with their process or lack of assistance. Homeowners who are left on their own have waited years believing they were under review, only to receive a foreclosure summons at the end.

The banks have legal assistance (large law firms) and professionals to protect their interest — so should you!

At Fine Law Offices, we work for you only, not your bank! We will guide you through the entire process and protect your legal rights every step of the way.

We also understand that these are hard times for people, so we structure our fees to accommodate your hardship. If we feel we can help you, we will work our best to make an affordable payment plan for you and your family. All of our work is documented, and our clients are billed as work is performed.

My bank said I’m under review and not to get help from anyone?

Homeowners have been under review with some banks for years without the bank ever making a decision to help. This is due to many factors. Some banks are backed up due to poor staffing. If your submission was processed incorrectly, it most likely stays in limbo.

At Fine Law Offices, our experienced staff will monitor your progress with your bank on a weekly basis and make sure all of your ducks are in a row. An experienced attorney knows the laws and knows when to take swift action.

If the bank continues to tell you “you are under review” and keeps asking you for the same information, it is time to seek legal assistance. Time is not on your side!

What are the warning signs of being scammed?

If anyone promises you a guaranteed result, you are most likely being scammed.

If anyone tells you they have special connections, you are most likely being scammed.

If anyone promises you guaranteed results in 30 days, beware!

If anyone says they have a pre-approval with a special deal, beware!

If anyone says it’s an automatic government-approved plan, beware!

If anyone wants your credit card information over the phone on the first conversation, beware!

If you are unable to visit a law office, beware!

If the deal seems too good to be true, it probably is!

Obtaining loan assistance is sometimes a lengthy process and can involve the need for litigation. Each lender and each case varies, but an experienced attorney can help you get the relief you need. Helping troubled homeowners is all we do, and we do it well.

What is a Forensic Loan Analysis? Do I need one?

A forensic loan analysis is a process whereby your existing loan package is dissected and reviewed by an industry expert. The audit is designed to find errors and violations against any of the following acts of government:

• Truth in Lending Act (TILA)
• Home Mortgage Disclosure Act (HMDA)
• Fair Housing Act (FHA)
• Real Estate Settlement and Procedures Act (RESPA)
• Equal Credit Opportunity Act (ECOA)

If you feel you were the victim of predatory lending or need foreclosure defense, this analysis is essential. Violations create a high risk for the lender. If major violations are present and severe enough, the entire loan could be found invalid and unenforceable, or a judge may push the bank to modify your loan.

Banks perform similar in-house audits to check the validity of the loan before they sell to an investor. It may be essential for you to do the same. Our expert legal staff will advise you if and when this becomes necessary to save your home.

Why should I hire a lawyer when seeking a loan modification?

Loan modification is a good solution for people who can no longer afford their mortgages due to financial hardship such as reduced income, loss of work due to illness or divorce, or increased interest rates from an adjustable-rate mortgage.

While it is possible to approach your bank on your own to request a loan modification, it is advised that you seek professional legal advice. An experienced attorney will know how best to work with your lender and improve your chances of getting the relief you need.

If you cannot reach an agreement with your lender for a loan modification, the foreclosure process will not be stopped, and you may lose your home. It is in your best interest to do everything in your power to prevent that from happening. Fine Law Offices has the experience and skill to work with lenders to protect your home.