mortgage loan modification

My name is Marshall E. Rosenbach and I grew up in West Palm Beach Florida. I am currently licensed to practice law in Florida and California. I received my B.A. degree from the University of Michigan and my law degree from the University of Florida. I hold memberships with the Florida Bar and the California Bar. My experience extends to practice in both federal and state courts.

The areas of law I practice in include real estate & mortgage law, business, and also personal injury litigation. My firm has been successfully been in business for the past eight years in Florida and Los Angeles. Defending consumers rights and especially those of homeowners through negotiating loan modifications has been a favorite new area of law for my firm. We also vigorously represent victims of predatory lending.

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http://www.60minuteloanmod.com loan modification Hardship letter - IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD

…Finally, the Board continues to work toward more effective consumer protection rules. We will soon begin extensive consumer testing to ensure that new disclosures are effective and comprehensible. Later this month, we will propose changes to the Truth in Lending Act (TILA) rules to require earlier disclosures by lenders and to address concerns about misleading mortgage loan advertisements.

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“>http://www.mtgmodadvice.com/free Free Home Loan Modification Information. Get everything you need to know about using a Home loan modifications as an Alternative to Foreclosure.

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I live in Florida and I just received a summons from my mortgage company and it says I have 20 days to respond. Does anyone know the process of foreclosure and can I still save my house with a loan modification? My bank isn't open today and I have so many questions if anyone know anything about the law here in Florida or the time I have I would really appreciate the feedback. Also I heard something about filing for bankruptcy would help???

You should take a simple letter down to the court house stating that you are aware of the summons and that you are trying to work it out. they can (but dont always) speed up the foreclosure process if you do not file that.

you will have 3 months until a motion for final summary judgement is filed. that is the amount that the bank will ask for at the actual foreclosure.

right now it takes another 30 days for the final summary to be set. Once the final summary is set it is another 30 days until the foreclosure.

in essence you are looking at 5 months before foreclosure. you can still negotiate with your bank yourself. call them up they have a special dept just for that.

the bank can streamline a loan modification for you. they will usually ask for a 2-3 months worth of mortgage payments up front as an act of good will.

i have heard of people waiting a couple months to save up some extra cash before calling the bank. just be careful if you do anything like that to not wait too long. the bank needs 2 weeks to do their paperwork.

can anyone please tell me what the difference is between the Loan modification help being offered and the refinace offers being offered by the new programs our president has asked lenders to participate in…Where do these programs help people who have lost incomes due to job cuts, wage reductions and lay offs….Here is where i am a bit confused…The programs seem to offer a possible reduction of the interest rate of your previous home loan and maybe extending the length of that loan…most people i know who have been hit by this crisis (including myself) were not the ones who went out and bought a home that we could not afford… We purchased a home we KNEW we could afford five years ago based on our income….back then our jobs were secure and our futures looked bright…We made improvements on our homes and in our lives… based on what we worked hard for and planned for….Now we have lost that security and we are facing the possibility of losing everything including our homes…a 1 or 2 percent decrease in a interest rate on a modest home is really not much when your home loan is not the only bill you have to consider when paying monthly expenses….and extending your loan to the previous 30 year length (or possibly 40 year) really doesent make a difference for those of us who have already paid 5 years of interest on those homes….So how is saving 100.00 a month on a refi or a loan modification helping anyone who has lost MUCH MORE than that in their monthly/yearly incomes…..It once again seems that the lenders are the ones who are profitiing from offering these options and not the home owners who have played by the rules……..I have read every article i can find on these offers and i have noticed little things like *modification can only be done once…**interest rate can go up after a period of time..*If the modified loan was assumable prior to modification, a Home Affordable Modification cancels this feature….*The home must be an owner occupied…(so if i find my self down the road losing more income, i cant even rent the damn thing out to cover the mortage loan…OR SELL IT…with out being penalized)….Dont get me wrong, i as sure these offers of refis (if you can even qualify) or these loan modifications being thrown at us will help some people in the short run…but what about tommorow, next week or next month….. Who is it really helping ??? Yes, i have been offered a MOD offer and we are not even behind in our morgtage payments yet …..but we will be soon.. My home is still on the market for sale after three months even with a price reduction (we only want to break even )and will be moving in with our elderly parents to help them out including ourselves….We do not owe more more than what its worth..The morgtage company only now wants to work with us because they are profitting from it if they do…so their low ball offer has been given to us to sign…..and NO, i refuse to give in that easy…i need more info and more explanations in details about what i will lose by agreeing to such terms…….I will hang in there for as long as i can…..and if we do lose it all, it will be a decision based on ALL THE FACTS and not the quick fixes being offered….
thank you for the replies to my question….after much more research I did find this "great" conference call about the Modifications being offered…..and I for one will not be signing mine….GOTCHA !

http://www.truthinforeclosure.com/calls

There are "compaies" out there offering Loan Modification and Refis but the thing YOU need to know is that these are FOR PROFIT COMPANIES who ONLY are in business to make a PROFIT. They are NOT required to keep YOUR best interests in mind but THIER bottomline.
The ONLY person who will look out for YOUR best interest is YOU period.
To keep it simple a "Loan Modification" is a change in the CURENT loan terms and conditions while REfinance is just that; the old loan is paid off and replaced with a entirely NEW loan with NEW terms and conditions.
Finding a company you CAN trust to either modify or refi your loan is going to be hard because the rules are being rewritten almost daily. And state laws also impact what can and can not be done.
The best advice I can give you is to start calling LOCAL Morgage Brokers and do a sit down interview and find somebody you THINK you can work with. I have a good guy here in Las Vegas but he can not help you if you live outside the state.

Can you please explain the process of "loan modification?"
I've heard that there are a lot of scam companies out there, where can I find a legitimate firm to help me?

Thanks
Thank you guys so much for your help, I almost got "scammed" by one of those firms!
Thank you!

Loan modification is a long process working with the bank to get your loan current and to get your payment lowered to accommodate your financial hardship. I suggest doing a little homework before going with a company. Make sure they offer some sort of money back guarantee but most importantly make sure they to do not charge an upfront modification fee. Best of Luck!

It is difficult to get through to my lender and I am feeling pressure to try to sell this house in case the loan modification is declined. The optimum time to sell a home in my neighborhood is in the spring. Will the lenders work out a new loan on a house that is currently listed to sell?

You should talk to this company..

http://www.modleader.com

http://www.60minuteloanmod.com loan modification Hardship letter - IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD

…The Board recognizes, however, that improved disclosures are necessary but not sufficient to address the problems. In addition to these actions, therefore, the Federal Reserve will exercise its rulemaking authority under the Home Ownership and Equity Protection Act (HOEPA) to address unfair or deceptive mortgage lending practices.

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Nationwide Residential and Commerical Loan Modification! The Modification Center of America is helping destress home owners out of foreclosure so that they can keep the american dream, home owenership! I was at Rutgers University Newark Job Fair to offer Loan Modification Services and offering people an opportunity to get involved in doing Loan Modifications with The Modification Center of America. The Modification Center of America is Owned and Operated by Qualified Attorneys and they negotiate on your behalf! Now the banks are changing the terms or your mortgage to help you out of your financial hardship. Get with a Qualified Attorney to help you!! Our Attorneys do a Forensic Analysis (Loan Audit) on our clients loan file to make sure that the Mortgage followed RESPA guidelins. (Real Estate Settlement and Procedures Act)

If you need a loan modification now, please log onto our National Conference calls twice a week Tuesdays and Thursdays at 8pm Est. Time (712)-432-0075 code 409018. I you would like to speak to me, please don’t hesitate to give me a call (973) 441-5287.

As we all know, time is of the essence with loan modifications!

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http://loanmodificationhelp.blogspot.com Free Loan modification strategy ebook. A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose of a loan modification is to help make your loan more affordable.
Usually it is in the form of a rate reduction, principle reduction and/or a fixing of the rate for a certain amount of time. You can avoid or stop foreclosure with a good loan modification.

Loan modification programs are designed for homeowners regardless of your equity position. If you are upside down on your home or have been recently turned down for a refinance, there is help available to you. You can modify your loan into new payments you can afford.
An attorney which specializes in loan modifications knows exactly what the lender needs and knows how to negotiate on your lowest payment on your mortgage settled.
Loan modifications are the altering of the characteristics of a loan without refinancing or in order to prevent foreclosure.
These are the people that a loan modification program will help stop foreclosure and keep you in your home.
An attorney based loan modification program will force the banks loss mitigation department to analyze your situation in order to modify your loan into something that the bank and yourself can agree upon.
No matter what situation you are in, an attorney based loan modification program can help you tremendously!
If you owe more than your home is worth there is a good chance that attorney based loan modification specialists, will be able to force them into lowering your principal balance as well as your interest rate
A Loan modification attorney will analyze your loan documents and your financial situation. If they find a violation you will be saving hundreds of thousands of dollars over the life of your loan.
There are basically three ways you can address your loan modification needs: Yourself, thru a civilian modification service and thru an attorney based service. There is a very wide variety of homeowners qualify for loan modification.

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