Loan Modification:

This term has been getting a lot of attention lately and rightfully so. With millions of homeowners stuck in toxic adjustable rate mortgages and no ways to refinance out of them, loan modifications may be the only way to assist struggling borrowers. This term is used when your lender modifies your current mortgage (same loan you have, only changes are made to the note) in order to work with you and make your mortgage more affordable. A modification to your rate, balance of loan, delinquent fees owed, term of loan etc. can be made by the Lender. In the past this was only used when a borrower was delinquent but now we will see it being used before someone is delinquent. This will be the hottest term and the best way to help you avoid foreclosure.

A Loan Modification will change the existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately.

With a loan "modification" We take the mortgage you now have and change the interest rate and payment requirements in order to achieve a fixed rate. A change in rates and payments does not result in the need for a new closing, legal fees, survey, appraisal, or taxes. In contrast, if you "refinance" a loan you'll be required to have a closing and forced to pay a variety of fees and taxes.

Lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives. CALMPS shows the lender why it would be in the lender's best interest to agree to a workout arrangement. In turn, the lender will reduce the loan interest rate, reduce monthly payment amounts or change other loan terms to allow for an affordable loan to allow you to avoid foreclosure.

Short sale:

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Example: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.

Deed in lieu:

A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. Some lenders may even give you cash to deed your home back to them. This is also known as "Cash For Keys". A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.

Forensic Loan Document Review:

This service is a very specialized and imperative in identifying if a borrower is a victim of predatory lending. We review all loan documents and perform a thorough investigation for miscalculations and to determine if the loan terms are accurate, truthful, and met the requirements of the applicable federal statutes.

Our #1 goal is to determine whether there were violations of federal law. If these violations are found, then the borrower may be eligible for complete relief of the predatory loan. This is know as a loan rescission. Meaning the lender takes back the "predatory loan" and awards or credits back to the borrower all interest made on payments thus far, loan origination fees, all applicable lenders fees, penalties and attorney's fees.

NOW available in all states!

This can be done by means of a loan modification or a new affordable loan. This allows the borrower to get a new loan with a smaller principle, meaning that the mortgage can be affordable and non-predatory.

FORENSIC LOAN DOCUMENT AUDIT

* Complete client interview and all applicable parties
* Complete loan document and disclosure audit by 30 year underwriting and fraud and compliance mortgage professional
* Truth in Lending Act (TILA) and Real Estate Settlement & Procedures Act (RESPA)
* Reverse engineering of your loan terms and Annual Percentage Rate (APR) for possible TILA violations
* Complete 10 page report with all violations and findings

CONSTRUCTIVE FRAUD

Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information which a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?
FRAUD AND NEGLIGENT MISREPRESENTATION

Were any representations, statements, or comments, written or oral made by the loan officer, broker, notary or anyone else which contradicted the terms of the documents?

NEGLIGENT MISREPRESENTATION

When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.

BREACH OF CONTRACT

The note and its attachments are a contract. The broker must follow all the terms of the contract such as the way the interest is calculated, and the penalties it assesses. Were there any terms in the contract which the lender failed to follow?

LOAN AUDIT REPORT

* Results report of all factual findings of the forensic audit
* Any and all applicable federal law violations
* The real terms of your loan
* Outline of hidden fees and/or commission earned by your broker or lender
* A complete assessment so you can pursue possible legal claims against your broker and/or lender

FORENSIC LOAN DOCUMENT REVIEW FEE SCHEDULE

* $695 for one loan
* $275 for a second mortgage
* Non-profits or legal aid law firms receive $100 discount on all services

This service is available to attorneys and law enforcement and there are discounts for volume. Please call for details.