A mortgage loan modification allows you to repay the balance of your mortgage loan under more favorable terms than your original agreement, addressing any past due payments in the process and returning your account to good standing after a loan default.
If your mortgage payment is more than you can currently afford due to one of the following situations, loan modification may be an option.
- Your mortgage loan is currently in default or foreclosure due to past-due payments that you cannot catch up
- Your mortgage is upside down, meaning that your house is worth less than you paid for it due to the changing real estate market
- You have a high interest rate mortgage that pushes your payment just out of your reach
- You have a variable interest rate mortgage that has made your payment amount jump well beyond what you could originally afford when you took out the loan
- You’ve had a change in your income due to job loss, divorce, medical issues, or other circumstances
While lenders and loan servicers are required by law to offer this option to all borrowers, the reality is that many fail to do so, or delay processing the loan modification in a timely manner so that the borrower can avoid foreclosure. For some lenders and loan servicers, there’s simply more money and less risk in allowing you to fail and enter foreclosure than in helping you succeed and address the issues that resulted in your loan default.
If your lender or loan servicer has threatened to foreclose without notifying you of your options regarding loan modification, failed to comply with U.S. Department of Housing and Urban Development guidelines regarding loan modification for your FHA or VA loan, failed to gather information that could qualify you for loan modification, or delayed processing your application while continuing foreclosure activity against you, you may need legal assistance to save your home.
We believe these kinds of deceptive business practices in the mortgage industry are wrong, and that companies that engage in unethical and disrespectful behavior toward their mortgage borrowers should be held accountable.
Our legal team will fight for your rights and your home, and make the process of applying for loan modification as simple as stress-free as possible. We will attempt make sure that your mortgage lender or loan servicer provides you with the of the assistance and consideration you are due as homeowner under the law.
When you hire the J. Gannon Helstowski Law Firm for a loan modification:
An attorney and paralegal will be assigned to your case. Work will begin immediately and we will keep you informed of our progress. We do not waste time with form letters hoping for a response. We will contact your mortgage lender or loan servicer directly, provide them with all documentation needed to assess your eligibility for loan modification, and keep pushing to get your application for loan modification approved in a timely manner.
Your lender or loan servicer will no longer contact you. Once you hire an attorney, the law states that creditors and their debt collectors must speak and deal only with your attorney. This means that letters and phone calls threatening foreclosure over your past-due balance will stop, and you will no longer have the burden of calling and writing your mortgage lender or loan servicer in an attempt to get help.
If you have a pending foreclosure notice, we will quickly address it. If your lender or loan servicer has already taken steps to foreclose on your home, we will immediately begin working to stop that process. We will negotiate to resolve the situation as soon as possible, and return the property to your control.
We will communicate with the lender for you. Our legal team will work with you to create a hardship letter that documents the reasons why you should be eligible for loan modification. We will detail the personal circumstances that have led to your loan default – whether due to job loss, divorce, medical issues, or other events out of the ordinary – and explain how they have impacted your ability to pay the full amount due.
We will negotiate the terms of your loan modification. Once you qualify for a modification, we will negotiate a new loan package structured to address the issues that caused you to default on the original loan. We will fight for a lower interest rate, conversion from variable to fixed interest, a change in the repayment timeline, or anything else needed to ensure you are in the best position to avoid default in the future.
Your rights will be protected. If we discover that your lender or loan servicer has taken actions against you that violate federal statutes or consumer protection laws, we will use every legal means required to address the situation. We can even file a lawsuit on your behalf if necessary.
Lenders that we often work with loan modification
- AmeriHome Mortgage Company
- AmeriSave Mortgage Corporation
- Angel Oak Home Loans
- Arvest Bank
- Bank of America Home Loans
- Bank of England Mortgage ENG Lending
- Bank of Texas
- Bank of the West
- BankUnited, N.A.
- Bayview Loan Servicing
- BB&T Mortgage Servicing
- BBVA Compass
- Caliber Home Loans
- Capital One Home Loans
- Carrington Mortgage Services, LLC
- Cascade Financial Services
- Cendera Funding, Inc.
- Cenlar FSB
- CMG Financial
- CNN Mortgage
- Colonial Banking and Home Loan
- Dovenmuehle Mortgage, Inc.
- East West Bank
- Envoy Mortgage
- Fay Servicing
- Fifth Third Bank
- Flagstar Bank
- Freedom Mortgage
- Gateway Mortgage Group
- Guardian Mortgage
- Guild Mortgage Company
- HomeBridge Financial Service
- Home Point Financial
- Huntington National Bank
- Intercap Lending Inc.
- InterLinc Mortgage Services, LLC
- James B. Nutter & Company
- J.G. Wentworth Home Lending
- KeyBank Mortgage
- Loan Care
- Midland Mortgage, a Division of MidFirst Bank
- Mr. Cooper (Nationstar)
- Nationwide Advantage Mortgage Company
- Nationwide Bank
- NewDay Financial LLC
- New American Funding
- On Q Financial, Inc.
- PHH Mortgage
- Planet Home Lending, LLC
- Plaza Home Mortgage
- PNC Mortgage
- Primary Residential Mortgage
- Provident Funding Associates
- Pulte Mortgage
- Quicken Loans
- RoundPoint Mortgage Servicing Corporation
- Rushmore Loan Management Services
- SecurityNational Mortgage Company
- Service First
- Shellpoint Mortgage Servicing
- Standard Mortgage
- Stearns Lending
- SunTrust Mortgage
- SWBC Mortgage Company
- Texas Bank Mortgage Co.
- The Money Source
- TIB – The Independent Bankers Bank
- Towne Mortgage Company
- TruHome Solutions, LLC
- Union Home Mortgage
- US Bank
- Wells Fargo
- Weststar Mortgage Corporation
- Zions Bancorp