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To Mod or Not to Mod

If only I had the opportunity to modify the banking system, I would not know where to begin. I hear enough horrifying stories on a daily basis that would enable me to create a mini series titled “True Life: the bank is ruining my life." However, many homeowners feel as though they lack the means to fight this injustice. Believe it or not I have a secret, a secret solution; one so great it has even proven to be a powerful weapon that many homeowners have successfully used to save their homes. So here is my the secret, our secret; "take the responsibility to educate your

self with the options that are available and to seek ethically responsible counsel.” The focus of this blog will be on modifications and how they can assist you with saving your home from foreclosure. The blog about trying to represent yourself in a foreclosure action without legal counsel will be available soon.

What exactly is a loan modification? A loan modification is an option available to homeowners who are interested in saving their home. The main prerequisites needed in order to apply for a modification is to have some sort of legitimate income that you can prove. For the most part, only the person who signed the note can apply. (But there are some exceptions to this rule.) As far as the factors in which one would qualify for a modification, that is a secret formula that varies depending on the bank. This information is not necessarily available to homeowners to serve as a guideline. It is fairly obvious that every case is different, every homeowner's personal circumstances and economical situation are drastically different. Therefore, the process for qualifying for a modification differs.

Modifications are ideal for people who may have experienced a change in circumstances from the time the homeowner was defaulted. Examples of this would include; if a person lost their job when they went into default or if a homeowner was sick when defaulted and have since started working. Modifications are aimed to assist homeowners who want to keep their property while they are going through a foreclosure lawsuit. Modifications are ideal for homeowners who have interest-only loan, which could allow them to get a lower and/or fixed interest rate. Lastly, a modification would be helpful to homeowners who can no longer afford to make their mortgage payments and would like to avoid foreclosure.

At the corner of modification and loss mitigation,
Sonja-Lucienne Cajuste, Esq.