Difficulty paying your mortgage? mortgage payments too high and unaffordable? value of your home less than what you owe to the bank?
If you answered yes to any of these questions, a Loan Modification could be what's right for you. Let Gilman & Edwards, LLC get your questions answered, and provide the assistance you truly deserve.
WHY GILMAN & EDWARDS, LLC
It is no secret that across our great nation, we are experiencing an historic economic and housing crisis. There are millions, of homeowners upside down on their mortgage with little ability to remain current with their monthly payments. As a result, many fly-by-night companies have taken this opportunity to present themselves as Loan Modification experts offering you help. We can only say-be careful! Consider their experience, expertise, or ability to convince the mortgage company that you deserve a lower mortgage payment? What training have they had in loan modification, and other alternatives which may be better for you?
At Gilman & Edwards, LLC, a loan modification request includes a full and complete financial analysis to make sure loan modification is the best option, not the only option. We can offer you more, we are more willing and able to discuss all your options. We can do more as lawyers, we have more leverage with the mortgage companies and lenders. We have legal experience in stopping foreclosures, negotiating with banks, lenders, and mortgage companies. By virtue of our experience and knowledge, our success to date is unparalleled. With the threat of foreclosure looming, and the possibility of loosing your house on the horizon, don't you think you need to seek out the best professional, legal advice you can get?
LOAN MODIFICATION
WHAT IS IT?
Requesting a Loan Modification from your mortgage company is a fancy way of saying-Please lower my monthly payments!
If your mortgage payments are too high, but you could make a more reasonable payment amount, you are probably a perfect candidate for loan modification. However, until further direction from the President of the United States and Congress, Loan Modification is still at the discretion of the lender. (Although through bankruptcy law, there presently are some exceptions, and probably more coming very soon!). And since we have no guarantee that a lender will modify our loan, it is that much more important to have the right assistance in understanding what a loan modification is, and how it may work for you.
Today, loan modification programs generally appear in three forms: (1) the lender may offer an interest rate reduction; (2)the lender may offer to re-amortize (or lengthen out the term of ) the loan, or (3)the lender may reduce the outstanding loan amount (also called principal curtailment).
While your focus likely is on reducing your monthly payment, the lender's focus is on minimizing (called "loss mitigation") its losses. Remember, while lenders are purportedly trying to help you, they too are in need of government assistance.
Most successful loan modifications come in the form of interest rate reductions and/or re-amortizing the loan (meaning the loan is either reset over 30 years or even extended over a 40-year term). For example, a lender that reduces your interest rate just one percentage point, say from 7% to 6%, on a $300,000 loan amortized over 30 years, will reduce your monthly mortgage payment by about $200 per month. Moreover, if you took that same $300,000 loan amount over 30 years, and stretched it out over 40 years, your additional monthly savings would be approximately $150. That's a total monthly reduction of $350, and that's just with a 1% modification to your interest rate and extending the loan to a 40-year loan term. Hopefully then, you could imagine what significant savings can be had if your present loan was larger, or carried a higher interest rate, and the modification of your loan brought your interest down to say 5%. While these are just examples of what a modification is, results like these are readily available under the appropriate circumstances.
There are other Loss Mitigation programs such as a Short Sale or Deed in Lieu. Those options should be discussed as well, even before undertaking a Loan Modification request. In fact, through our screening process, and financial analysis, we should be able to give you a clearer picture of the options available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
