Jeanne M. Reardon

Mortgages are modified to the benefit of the borrower in one or more of the following ways:

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• Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed

• Reduction in principal

• Reduction in late fees or other penalties

• Lengthening of the loan term

• Capping the monthly payment to a percentage of household income

• Principal forbearance program

 

The borrower can be current, late, in default, in bankruptcy, or in foreclosure at the time the application for modification is made.

 

The process of obtaining a loan modification can be both overwhelming and daunting to the average homeowner. A homeowner will benefit tremendously by having a real estate attorney on their side when pursuing a loan modification. The reality is bank representatives respond more promptly to an attorney than they do to the average homeowner. Additionally, attorneys are knowledgeable of the legal issues that can be used to influence negotiations with the bank.

 

In seeking a loan modification for our clients, we will complete the application, gather all of the supporting documentation and submit a completed package to the lender. After submission of the completed loan modification package, we will speak

with the lender on your behalf and continuously follow up with the lender until they reach their decision. Jeanne M. Reardon is an experienced loan modification lawyerwho will speak to the lender on your behalf.

 

Read here to see how a HARP 2.0 Refinance can help you.