Foreclosure Defense And Loan Modification
If you were recently served with a Foreclosure Complaint do not panic. Contact us right away. You will have twenty (20) days to file a response. If you do not file a response within twenty (20) days then you may be defaulted by the Court which will make it difficult for the court to determine any of your defenses to the foreclosure. If you need additional time to retain an attorney, it is important that you file for an extension of time. If you retain our services, we will evaluate the complaint to determine the next course of action. We will file the necessary motions and pleadings to determine whether the banks have complied with all of the requirements that must be fulfilled prior to filing a foreclosure action in the first place. We will also evaluate the mortgage documents to ensure that the entity bringing the foreclosure action has the proper standing to do so.
If you are currently in foreclosure, it is important to choose an attorney who will evaluate your individual circumstances and develop a plan of action. Yes, hiring an attorney to diligently fight your foreclosure case by filing motions and arguing on your behalf is important. However, a plan specifically designed to your financial situation and family need is also critical. We will provide a holistic approach to solving your foreclosure crisis. Many law firms will defend you in the foreclosure action but will either refuse to assist with loan modification efforts or charge ridiculous fees for this assistance. We will aggressively defend your foreclosure action while helping you consider other options.
Many of my clients, prior to retaining my services, have unsuccessfully tried to obtain loan modifications on their own. They submitted required documentation such as proof of income, bank statements, tax returns, utility bills, etc. However, one missed phone call or letter requesting additional documents resulted in the closing of the loan modification application. Many clients have expressed that the servicer closed their file because their documents were “lost,” requiring them to re-submit all of the documents and start the process over again. Most banks will keep your file open for 30 days and keep your documents but they will remain current for only 60 days. At Golden Key Law Group, PLLC will make this process as painless as possible. We will contact the bank, stay on top of them, and request mediation and conciliation hearings until you receive a modification.
When you apply for a loan modification, most mortgage companies will determine whether you qualify for the Home Affordable Mortgage Program (HAMP). The HAMP program will calculate your financial information into a formula to make your mortgage payments to be about 31% of your income. In order to reduce your payments to that amount, your loan may be modified to add the missed payments to the bank end of the loan, the interest rate may be lowered or the maturity date of your loan may be extended.
If you do not qualify for the HAMP modification, all hope is not lost. You may qualify for an “in-house” modification from the investor or mortgage company itself. Your mortgage payment will exceed 31% of your income but it may be a more reasonable amount than before default. If modification is not an option, other alternatives may be considered rather than a foreclosure judgment such is a deed in lieu or short-sale. Bankruptcy may also be a last resort.