Loan Modifications

mortgage loan modification

When people are facing foreclosure, they do not always realize that they have options. One of these is a loan modification through the lender. A loan modification can change the principal of the loan, the interest rate, and other terms to make the loan more affordable. However, a lender must…

mortgage loan modification

When homeowners are struggling to make mortgage payments and fear foreclosure, a loan modification is often the answer. A loan modification will restructure the terms of the existing loan, such as the interest rate, length of the loan, and even the monthly payment amount. By modifying a loan, the payments…

beach

How a client ultimately ended up in foreclosure is often times a sticking point for many of them. In some instances, it’s because a series of unfortunate events occurred – a death in the family, unexpected medical expenses, or loss of income. Other times, it’s because the Bank’s incompetence that…

beach

Our client, T. E. took out a note and mortgage with World Savings Bank, FSB on January 30, 2007. The note had a 7.0% adjustable interest rate, which would adjust every 2 weeks, based upon the “GDW” Index. The note and mortgage were industry standard documents, however, the mortgage made…

paying money

Once an application for a mortgage loan modification is accepted, a lender usually requires a borrower to make a series of trial modification payments to demonstrate the ability to once again pay the mortgage. Once this trial period is successfully completed, typically a homeowner is more likely to receive a…

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Section 12 C.F.R. §1024.41(g) covers issues regarding what is referred to as “dual tracking”. “Dual tracking is the term given to situations in which the lender actively pursues foreclosure while simultaneously considering the borrower for loss mitigation options. See Gresham v. Wells Fargo Bank, N.A., 642 F. App’x 355 (5th…