In Search of the Best Loan Modification Attorneys

An experienced loan modification attorney can draft a mortgage modification which is the restructuring of your mortgage loan where the bank (lender) changes the terms of the loan so that the homeowner can make more affordable payments.  With the pressure created by the filing of a strong lawsuit drafted by  experienced loan modification attorneys in California’s own Gomez & Simone, the bank might agree to do one or more of the following to pull you out of default status, stop foreclosure proceedings, and put you back in good standing with your lender:

-Decrease your interest rate

-Deduction of some of a mortgage’s principal balance, or

-Extend the length of the loan.

In order to get have your loan restructured or modified, you must submit an application to your mortgage servicer (the company you make your monthly mortgage payments to) along with certain documentation to show your current income and financial situation.  That’s why many borrowers turn to the loan modification lawyers from G&S Law to file litigation against their lender to force them to do what the law requires them to do:  give California borrowers a fair and complete application review.

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Why Opt for Loan Modification?

Homeowners may face financial struggles at one point which could lead to delayed or missed mortgage payments. Many borrowers are under the false impression that partial payments will avoid default and foreclosure. Unfortunately, this is not true. If a borrower is short on just one payment, that is enough for a lender to initiate foreclosure proceedings. If you can’t make full payments to your lender, making partial payments will only lower your bank account; they will have no effect on the foreclosure proceedings. Only full repayment of all your missed payments plus late fees will stop the foreclosure process. The terrible problem for borrowers is, once you have missed several payments, the reinstatement amount becomes too high for them to pay, and now that their credit is decimated, they are not able to obtain “bridge loans” to pay off the arrears to their mortgage lender.

It is a common misconception that filing bankruptcy is the sole option you have if you are faced with massive financial turmoil. Chapter 13 bankruptcy, which Gomez & Simone specializes in, is a great way to get out of default and back with your lender. Another way is by hiring G&S to file a mortgage servicing lawsuit against your loan servicer, and with a strongly-drafted complaint, the lenders nearly always agree to give full and fair loan modification reviews.

Know that having a legal representation certainly gives you that leverage you need. By finding the best real estate lawyer Los Angeles has, you would have the best fighting chances against losing your home through mortgage restructuring. Our team is equipped with knowledge and expertise on this subject to give you the best option you have.

Our competent Los Angeles lawyers have helped a number of clients in keeping their properties by looking into every possible option based on their current financial situation. Moreover, we can see immediately if a modification request is the right option or not. When you meet with one of our knowledgeable attorneys for your initial consultation – the first 30 minutes are free – the attorney will fully analyze your financial situation and tell you whether you are likely to get a loan modification, and if you have a case worth filing. (With California having one of the country’s toughest mortgage servicing laws, including the Homeowner’s Bill of Rights, most servicers do end up violating the law in one way or another.) In addition, our team of expert real estate Los Angeles lawyers can advise you when to use the options such as Chapter 7, 11 or 13 Bankruptcy.

Be Enlightened on Homeowner Bill of Rights of California with the Help of Loan Modification Lawyers

Knowing all of the key mortgage servicing reforms in the Homeowners Bill of Rights in the State of California is key to stopping foreclosure, or if you have already lost your home, the key to winning tens of thousands or even hundreds of thousands of dollars. These laws are the most powerful protection for homeowners in the entire United States, but they are technical in nature and require experts in the area. Gomez & Simone has been there from the beginning, winning some of the first and biggest legal victories in the state, such as Valbuena vs. Ocwen in the California Court of Appeals.

The Homeowner’s Bill of Rights was put in place to ensure that every owner has meaningful and equal opportunity to obtain any available options on loss mitigation including loan modification or any of the different alternatives to foreclosure, and Gomez & Simone knows how to enforce these powerful laws. Here are four of the important key reforms made by the Bill:

#1. “Dual tracking” is prohibited. This means that a servicer is not allowed to pursue foreclosure activity while they are evaluating a loan modification request from a borrower.

#2. Any servicer or bank found to be involved in ‘robo-signing’ will receive civil penalties.

#3. Lenders are required to provide all concerned homeowners with a knowledgeable single point of contact during the loss mitigation process.

#4. When loan servicers are found to have violated any of the terms stipulated in the said Bill, a foreclosure auction can be stopped before it happens, and if the sale already occurred, the wrongfully-foreclosed borrower can seek monetary damages. G&S Law has recently won over $200,000 in damages for one of our clients. In addition to these remedies, the courts may also award the borrower with statutory damages which could amount to $50,000 if the violation found was reckless or intentional. In addition, if the attorney wins an injunction to stop the foreclosure auction, the bank can be forced to pay you the amount of money that you paid your attorneys.

With the help of an attorney specializing in foreclosure defense, you will be able to understand the intricacies of this Bill’s key reforms. You would know whether filing for bankruptcy, applying for the loan modification, or exploring different alternatives would be the healthy choice. There are facets of the law which could be tough to understand and only those with advanced industry and law knowledge could help you comprehend your current situation and your needs.

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How can a Loan Modification Lawyer Assist You?

If you have been lied to by your mortgage servicer or the bank has violated your rights during the foreclosure process, an experienced Los Angeles real estate attorney such as Gomez & Simone can file a lawsuit and obtain a Temporary Restraining Order and Preliminary Injunction, stopping any sale from happening until the lawsuit is legally settled. Typically these pre-sale lawsuits are resolved through a loan modification or some other loss mitigation option such as a short sale. As mentioned above, the post-sale lawsuits are usually settled for monetary damages, amounts that can be quite sizable. This amount includes the amount of equity that the borrower lost as a result of the wrongful foreclosure, as well as the late fees and other bogus fees and charges. An experienced attorney can review your financial situation and advise you of your options.

In addition, a real estate attorney specializing in foreclosure defense can shed light on specific facets of the loan modification application. For instance, you will be required to submit several documents, and your attorney can assist you by checking whether you have all the necessary documents and whether your submission forces the servicer to follow the law. This is important as submitting incomplete documents reduces your chances for modification approval, and to be effective, borrowers often must submit certain facts that are not mentioned in the modification applications. For example, if you had previously submitted a loan modification application, your new application must contain a documented change in financial circumstances or else the bank can legally refuse to review you new application.

You could possibly have certain questions that you wish to ask your servicer, but do not know how to. Not understanding the requirements and not being able to ask are just equally problematic. When you have sued your lender, you do not need to deal with their customer service department at all – no more long waits and frustration with your lender’s “customer non-service!” Communication goes from your attorney to the lender’s attorney, which is much more direct and effective than trying to deal with the under-trained customer service department that cause the whole mess in the first place.

Keep in mind that loan modification has its own complexities, and sadly, not all homeowners facing possible foreclosure are qualified to receive a loan modification. We will analyze your financials and tell you if you have a chance to get a loan modification. Sometimes clients don’t, but then the attorney can advise the client to make changes that would turn them into qualified candidates. For example, adding a renter, even for a short term, can make the difference between keeping and losing your home. Although you can file a restructuring request on your own, we recommend you consult with an attorney. Unfortunately, missing form or letter from the bank can lead to the loss of your home. We certainly would not want you to go through it. So, see our team of expert real estate lawyers today.

Come meet with one of our real estate attorneys for a free consultation to discuss how we can help protect your property.

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