Loan Modification Under California Law
Recent Loan Modification studies have shown that a large percentage loan modifications put the borrowers more upside down than when they started.
Unfortunately, many loan mods are leaving people with higher monthly payments. In many loan modification the money you did not pay gets tacked on to the back of the loan... Increasing your loan balance and making you more upside down.
Before you go into default on your loans at the advice of some former subprime loan seller, make sure you understand that absent finding some legal leverage or presenting and an exceptional package you may not like the loan modification result you desire.
Our Loan Modification program includes
1. Upside Down Analysis
2. Qualified Written Request and offer of Loan Modification - an attempt to gain leverage over the lender. We explain how in the package.
3. Letter informing lender of clients election to pursue remedies carved out by California Law and or Federal Programs. Lenders have not really been following the law, but you may wish to push them on this issue.
4. Letter Disputing debt (if desired). This may also come in very handy if you wish to attempt to repair you credit in the future.
5. Cease and Desist letters (if desired).
6. We review your loan modification package and suggest changes or additions and a include a consultation with an attorney or experienced loan mod paralegal.
Note.. this does not include a submission of any materials or followup by our law firm.
The goal here is to review your package with you and help you make the best presentation possible without making any misrepresentations. Then if needed we give you the tools you need to push on the lender's legal department a little bit.
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Last Updated ( Thursday, 22 July 2010 )
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