Legal Loan Relief
California Homeowners Can Stop Foreclosure with Loan Modifications, Forensic Loan Audits and Negotiated Mortgage Loan Modification Terms.

29 Jul 09 Mortgage Relief FAQ

Mortgage relief is a unique opportunity for distressed homeowners to receive an interest rate and principal reduction and a loan modification that could potentially save you thousands of dollars each year.  The loan modification process can be daunting and stressful so we wanted to answer some frequently asked questions that our loan modification company receives on a refular basis.

What Can You Expect After Submitting a Loss Mitigation Request for a Loan Modification from the Law Firm Representing Legal Loan Relief?   

Client Review- 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 specialists.  Either at that time, or within 48 hours 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. 

Loan Documention Analysis- Your completed loan documents and other relevant personal information provided will undergo an exhaustive review process, and the law firm’s loss mitigation consultants will work with you to prepare a package of paperwork that will have the best possible chance of success with your lender.

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 loan modification 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 mortgage lender or loan servicing company agrees to restructure your loan terms, 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 Mortgage Relief 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. 

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