I daily research articles and information put out by all sorts of entities to keep informed and up to date on the current mortgage crisis and modifications. It becomes a jumble of information, opinions, slander, and scams. Using my 10 years experience as an educator, as well as my experiences with lawyers, loan officers, brokers, auditors and real estate professionals, I will attempt to clarify the most common issues and questions I encounter on a daily basis. I hope you find this clear and helpful.   

Is a loan audit valuable for a modification?

An attorney can use discrepancies and violations found in loan documents to negotiate the most beneficial modification and can threaten and carry out litigation based on the violations if necessary to achieve a successful resolution.  An audit can also help in a short sale or a deed in lieu negotiation.  Information is power.

Should a specialty attorney be used for a modification?

If you want the absolute best chance at success then yes. Real Estate and Contract Law Attorneys have the expertise in this field and can use litigation if necessary. A broker or modification company may have some successes and may be able to do the job, but do not possess the contract and real estate knowledge and expertise to propose or review a mortgage contract. 

Can a person modify their loan on their own?

Yes. However any information given to the lender is an attempt to collect a debt. Lender offered modifications are in the best interest of the lender, not the borrower.  If you possess extensive knowledge of real estate contract law, mortgage loans and how they work, can thoroughly understand a modification offer contract, and can decipher how arrears, fees, and penalties are figured into the principle balance, you may have a chance at a favorable outcome. 

How do I avoid a scam?

Check out the attorney on the Bar Associations Website. Find out their specialty and how many years experience they possess and the Law School attended. Brokers or Modification Companies must have a valid broker’s license; thoroughly check out their business and their success rate.  If a company says they use an attorney, get the attorneys name.  Brokers cannot accept a modification if the client has a Notice of Default. If you are offered any guarantees, walk away. There are no guarantees; you must choose based on the highest possibility of success. Ask questions.

Is an upfront fee a scam?

An attorney charges a retainer for services to begin a case.  Ask if it is a flat fee retainer, or retainer plus hourly. Once an attorney receives retainer a letter of retention is sent to the lender and the file is generally pulled and placed in legal until the matter is resolved. A broker or modification company should not accept an upfront fee, and cannot get a file placed in legal or file a lawsuit if necessary.  There is no “free” modification. Whether done on your own through your lender, a modification company, broker, government program, or an attorney, there will be a fee.  You must decide who is looking out for the best interest of the homeowner, and who has the best chances of success.

Should a homeowner make payments during the modification process?

If anyone advises you either way, walk away. This decision must be made by the homeowner. Generally if a homeowner is already behind, they have taken a hit to their credit. It can benefit the case for financial hardship if a person is behind on their payments.  If a trustee date sale is close, only an attorney can stop it. Generally arrears are eliminated, forgiven or put to the principal balance depending on the amount and circumstances (here is where the audit comes in handy) upon a successful modification.

Will the government Program help?

The government program is slowly being revealed and as of yet I have not been able to pull up “Official Guidelines”. The homeowners I have spoken with from a variety of lenders say they are not able to get information from there lender at this point.  I do know it is still lender approved, meaning the lender is not required to allow homeowners to participate. An specialized attorney will use every program available to negotiate the most favorable outcome for the homeowner.

I will do my best to answer or research any additional questions you may have as it is my goal to provide uncompromised client service. I believe strongly in helping people whether they choose my recommended services or not. I have aligned myself with what I believe to be the most professional, ethical, caring individuals, who share my belief that the client is our most valuable resource. As an educator I have always believed that information is strength and the best course of action for any important decision.

Sincerely

Mark Lee

Loan Audit Specialist

mark@loanauditspecialist

866-877-6244 Ext 103

951-284-8346 Evenings and weekends

Loan Audit Specialist is now offering debt consolidation services. This service has no out of the pocket expense and helps relieve some of the financial burden most people are currently facing. It is also useful for modifications as it frees up income to support a sustainable rate on your modified loan. Please feel free to contact me if you have questions. 

As most of you have experienced, getting help or information from lenders is virtually impossible. Obama’s Mortgage Relief Act, “Making Homes Affordable” is set to help only a small portion of those in foreclosure crisis. It does not include income properties or rentals, and remains lender approved. The guidelines are vague at this point and without an expert working on your behalf, you cannot be sure you are reaping the full benefits allowed by the government mortgage relief plan or any lender proposed modification.  

My advice, as a former teacher, home advocate, and loan auditor, is to use a Bar Associated Real Estate Attorney for ANY matters concerning your home loan, mortgage, or foreclosure. The complexities of the loan documents make it close to impossible to understand what is in your current loan documents or in a modification offer.  Offers from lenders, if you are even able to get one, are often filled with hidden fees and principal increases. They generally charge a substantial fee for short term relief, which puts you back in a worse situation down the road.

Most people use an attorney for all their important contracts and matters such as divorce, a will, bankruptcy, and criminal offenses. Saving your home should be at the top of that list. Your lender is certainly not going to give you information about federal violations found in your loan. So called “modification companies” have no legal backing to work directly with the legal/loss mitigation departments of your lender, and neither has the  expertise or understanding of contract law and Obama’s Mortgage Relief Act, than a Harvard Graduate, experienced, Bar Associated, real estate law attorney.  

Many people ask if they can negotiate a modification/repayment plan/short sale with their lender themselves. The answer is yes; of course someone could try do it for themselves. However, unless the person has extensive experience in Real Estate, Mortgage Banking, Servicing and Contract Law it is not advisable. Most homeowners get denied for invalid reasons, after they have exhausted their financial resources waiting. It is much like representing yourself in court without an attorney. Possible, but not a good idea by anyone’s account. 

The only way to represent your best interest in your most valuable asset is a licensed, certified Real Estate Attorney, whose record you can verify on the Bar Website. A legal ally who will uncover federal violations in your loan, present documented financial hardships, and have the power of legal action against your lender to bring about the most favorable result for you, the homeowner. I urge you to consider this information before making this crucial decision for you and your family.  

Loan Audit Specialists cares and understands the current mortgage crisis and the government program better than anyone. Our office is able to service all your audit and Loan modification questions and needs in a boutique care, personalized, understanding environment. I am readily available by e-mail and phone explain the process, which we have streamlined using our personal and professional experiences working as the pioneers of Loan Modification.   

Our preferred Law Office is Graham and Martin LLP. Anthony Graham is a Harvard Law Graduate, BAR Certified, Licensed, Real Estate and Contract Law Attorney, with an outstanding record and success rate. This can be verified through the calbar.ca.gov website as well as other Attorney Rating Sites.

Please feel free to contact me, Mark Lee, if I can answer any question or concerns you may have. Whether you choose our services or not, we are here to educate and relay the information homeowners need to make an informed decision. Remember NO ONE can offer any guarantees for a modification, so it is most important to choose someone who has the specialty experience, the power to litigate on your behalf, and the greatest possibility for success.

Sincerely,

Mark Lee

mark@loanauditspecialist.com.  

Office 877-866-6244

Cell 951-284-8346 afterhours

Please feel free to forward and share this information with those in need 

 My advice, as a former teacher, home advocate, and loan auditor, is to use a Bar Associated Real Estate Attorney for ANY matters concerning your home loan, mortgage, or foreclosure.

The complexities of the loan documents make it close to impossible to understand what is in your current loan documents or in a modification offer.  Offers from lenders, if you are even able to get one, are often filled with hidden fees and principal increases. They generally charge a substantial fee for short term relief, which puts you back in a worse situation down the road.

Most people use an attorney for all their important contracts and matters such as divorce, a will, bankruptcy, and criminal offenses. Saving your home should be at the top of that list.

Your lender is certainly not going to give you information about federal violations found in your loan. 

So called “modification companies” have no legal backing to work directly with the legal/loss mitigation departments of your lender, and neither has the  expertise or understanding of contract law and  Obama’s Mortgage Relief Act, than a Harvard Graduate, experienced, Bar Associated, real estate law attorney.

Many people ask if they can negotiate a modification/repayment plan/short sale with their lender themselves. The answer is yes; of course someone could do it for themselves. However, unless the person has extensive experience in Real Estate, Mortgage Banking, Servicing and Law it is not advisable. It is much like representing yourself in court without an attorney. Possible but not a good idea by any one’s account

The only way to represent your best interest in your most valuable asset is a BAR certified Real Estate Attorney, whose record you can verify on the Bar Website, who will uncover federal violations in your loan, present documented financial hardships, and have the power of legal action against your lender to bring about the most favorable result for you, the homeowner.

I urge you to consider this information before making this crucial choice for you and your family.

Loan Audit Specialists cares and understands the current mortgage crisis and the government program better than anyone. Our office is able to service all your audit and Loan modification questions and needs in a boutique care, personalized, understanding environment. I am readily available by e-mail and phone explain the process, which we have streamlined using our personal and professional experiences working with pioneers of Loan Modification.   

Our preferred Law Office is Graham and Martin LLP. Anthony Graham is a Harvard Law Graduate, BAR Certified, Licensed, Real Estate and Contract Law Attorney, with an outstanding record and success rate. This can be verified through the calbar.ca.gov website as well as other Attorney Rating Sites.

Please feel free to contact me if I can answer any question or concerns you may have. Whether you choose our services or not we are here to educate and get the information homeowners need to make an informed decision. Remember NO ONE can offer any guarantees for a modification, so it is most important to choose someone who has the specialty experience, the power to litigate on your behalf, and the greatest possibility for success.

Sincerely,

 mark@loanauditspecialist.com.  

951-272-4660 ext 103

877-866-6244