Legal Loan Relief
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California Homeowners Can Stop Foreclosure with Loan Modifications, Forensic Loan Audits and Negotiated Mortgage Loan Modification Terms.
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25 Nov 08 FAQ About Modification and Loan Relief

What Does Legal Loan Relief Do?

In order for us to determine whether we will be able to help modify your problem home loan, we first need to conduct a loan document review, from which we will issue a written report of any perceived violations of federal or state law we find in the loan documents, as well as the extent your particular circumstances warrant relief under the various loan modifications available. 

So we can expedite the process, we will need to have you complete the accompanying application and provide us with all the documentation described in the application, and have all that faxed to us at your earliest convenience along with your authorization for payment, and the signed retainer agreement, all of which are in this package.

If we are not able to negotiate modified loan terms with your lender that are acceptable to you, then in the third stage of the law firm’s flat fee Mortgage Mitigation Program we can negotiate either a short sale, deed in lieu of foreclosure, or forbearance with your lender on your behalf.  The flat fee for those services are not included in the flat fee charged for either stage one (loan document review) or stage two (modification of loan terms).   We can discuss the flat fee to be charged for that phase if and when the need arises.  Any litigation that would be filed on your behalf is not a part of this flat fee program.

What Can You Expect to Happen Once You Submit a Mortgage Mitigation Program Application to Legal Loan Relief?   

After our receipt of the signed retainer that accompanies this letter, and the complete Mortgage Mitigation Application package and payment of the initial retainer is returned by you to the law firm you can expect the following to occur:

 

a. Client Orientation.  Once the Mortgage Mitigation Application and the initial retainer payment as specified above is received by the law firm, you will participate by telephone in a Client Orientation meeting with one of the company’s loan modification consultants.  Either at that time, or within two (2) working days from the time of your orientation interview, you will be advised that the application has been accepted, qualifying you for participation in law firm’s flat fee Mortgage Mitigation Program.  Should the attorneys determine at that point in time that your particular case is not one that law firm will be able to provide any potential mortgage mitigation relief, then the agreed Stage One flat fee paid by you will be refunded to you on a 100% no-cost basis.

 

b.  Follow-Up re: Completeness of Application Documents.  Once your application is accepted in LAW FIRM’s Mortgage Mitigation Program, all of your information is reviewed by attorneys’ mortgage mitigation consultants to determine that your application is complete, and they will follow up with you as needed to ensure the package is completed.

 

c. Comprehensive Review of Loan Documents and Personal Information.  Your completed loan documents and other relevant personal information provided will undergo an exhaustive review process, and the law firm’s mortgage mitigation consultants will work with you to prepare a package of paperwork that will have the best possible chance of success with your lender.

 

d.  Production of Loan Document Review Report.  The loan modification law firm will strive to complete the Stage One (document review) phase within fourteen (14) working days from law firm’s receipt of the final, complete information packet, which must include all supplemental information requested by the attorneys before it is deemed to be complete.  Thereafter the law firm will provide you with a letter report entitled “Loan Document Review Report” in which the specified attorney will outline the recommended course of action for mortgage relief, and any findings the law firm has made regarding actual or potential violations of federal or state lending laws the lw firm was able to locate in the loan documents you have provided.

e.  Negotiation of Mortgage Mitigation Option(s).   Once you and the law firm agree on the course of mitigation you wish to pursue, and upon the attorneys’ receipt of the agreed flat fee payment for either Stage 2 or Stage 3 services, The law firm will take your case through the agreed stage of avoidance of foreclosure, and will keep you apprised on a regular basis of the progress of your case, up to the final outcome through regular contact by either telephone, tele-fax, email, or password protected access to website information.  A separate flat fee applies to our negotiation on your behalf at this phase of the work, payable in installments.   The potential mitigation options the law firm may be able to negotiate with Client’s lender that are included within this Agreement include the following:

(1)  Loan Modification: Your lenders agree to modify the terms of your loan, such as reducing monthly payment amounts, the loan balance, or the interest rate, or fixing an adjustable rate.

(2)  Short-Sale: An agreement by the lender to reduce the payoff balance that allows you to sell your home at the reduced price to a buyer that you or your real estate agent has found.

(3)  Forbearance:  A modified repayment agreement that lasts for a period of time.  The goal of this plan is to allow you to catch up on any delinquent mortgage payments, while making current payments.

(4)  Deed-in-Lieu of Foreclosure: Giving the lender possession and title to your home rather than going through the foreclosure process.

Should the law firm determine that none of these above options would be helpful to your given case, LAW FIRM may be able to refer you to other professionals, such as credit repair specialists or bankruptcy counsel, who can assist you further in terms of other forms of debt relief that are not part of LAW FIRM’s program.

How Long Will The Process Take?

Assuming you otherwise qualify, and that the lender and you are able agree to an acceptable modification of your home loan, the loan modification process typically takes between 90-140 working days from when LAW FIRM first receives a complete loan modification application from you and commences work on your behalf. 

Why Use An Attorney to Seek Mortgage Mitigation?

LAW FIRM and its staff are trained on how to negotiate.  We know the law and how to apply the law to your best advantage.  The flat fees earned are for LAW FIRM obtaining an offer of modified loan terms from your lender or loan servicer, whether or not these negotiated terms ultimately are accepted by you. 

There of course are no guarantees on how long it will take you and your lender to reach an agreement on an acceptable loan modification, it ever, or that the lender even will offer any loan modification, or that LAW FIRM can actually reach a point where the proposed loan modification offer negotiated with your lender would be acceptable to you. 

What is certain, however, is that LAW FIRM’s trained negotiators are better equipped to address these loan modification issues than an average homeowner, and that LAW FIRM’s attorneys and staff will work to get the best offer we are able to negotiate on your behalf. 

Also, if loan modification turns out not to be available, or is not a viable option for you, LAW FIRM is better equipped than the average homeowner to negotiate and close a deal on other alternatives to loan modification, including forbearance, a short sale, or a deed in lieu of foreclosure.

Why Pay for a Review of Loan Documents?

If in the course of LAW FIRM’s loan document review we are able to identify potential violations of federal or state law in your loan documents, we would expect that sort of information would help us negotiate a better loan modification than otherwise would be possible without this sort of information.  Without a loan document review that finds the lender has potentially violated federal or state lending laws, even with current government programs that are now in place urging lenders to participate in aggressive loan modification programs, you still are at the mercy of the lender to provide a loan modification.  That is not to say that you will need to show the existence of some discernible violation of federal or state lending law in your loan documents in order to modify your loan – - it just means that you likely will have a much better chance at loan modification if LAW FIRM is able to negotiate on your behalf from a position of strength because we are able to locate such problems in your loan documents. 

Why Wait?

The earlier you get started on this mortgage mitigation process, the better your chances are of our being able to negotiate modified terms of your home loan that you can manage under your current financial circumstances.  Once you have achieved a loan modification that fits your current ability to pay, so long as you stay current on your new payment schedule obligation, you will stay on in your house without the cloud of foreclosure. 

As soon as we receive your signed retainer agreement, the signed payment authorization, and all the information listed in the accompanying application, we can get started on working on your case.  Please email or fax this information as soon as you can and someone from this office, or one of our mortgage mitigation consultants, will be in contact with you to discuss your case further. We look forward to being able to assist you and obtaining a successful outcome on your behalf.

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