Every day, homeowners face unexpected life challenges that make paying their current mortgage difficult. Despite the percentage of homeowners in default, mortgage servicers' only process to resolve these issues has been an outdated manual application process or to pursue foreclosure. As one of Michigan’s most experienced bankruptcy and foreclosure defense firms, Acclaim Legal Services has worked with clients in every stage of the mortgage default process. We understand why so many people fall behind on mortgage payments and how traumatic the loss of a home can be.
In an effort to help keep families together and protect the homes of Michigan residents, our law firm has recently expanded our services to include mortgage modification services. By combining our experience helping clients navigate life’s most difficult financial situations with innovative technology, we are able to assess your situation and apply for a modification based on the mortgage servicer’s specific criteria.
What is Mortgage Modification
Mortgage modification is the process when a lender agrees to alter the terms of a homeowner’s mortgage to help avoid default and keep their house during times of financial hardship.
While the total principal amount owed on your loan will not change, the monthly payment can be lowered to better fit a homeowner’s budget. This is typically done through lowering an interest rate or extending the loan’s repayment terms.
Mortgage Modification Eligibility
If you have missed mortgage payments or are more than 90 days in arrears, a consultation with a member of our staff is the first step towards determining if you qualify. During the consultation, we will gather information about your income, expenses, mortgage lender, and servicer.
After the assessment, we will provide you with your options. In some cases, filing bankruptcy may be the best course of action to keep your home and modify your mortgage. However, every case is different and outcomes can be impacted by a variety of factors. This is why it is critical you work with a law firm that has bankruptcy and mortgage modification expertise.
An attorney can help you:
- Determine if a modification will help you avoid foreclosure
- Complete the complex application process associated with a loan modification
- Ensure your lender complies with federal and state laws
The Mortgage Modification Process
After your case is reviewed and you determine the best course of action, your attorney will complete the official mortgage modification application. The technology platform that Acclaim Legal Services utilizes allows us to create a custom application specific to the demands of your mortgage servicer.
When your house is on the line, the packet must be as complete and error-free as possible. In fact, errors and missing information is the primary reason why consumers who apply on their own often get no response or have their applications rejected.
The Application Review Period
Following the submission of your application, the servicer may respond with requests for additional information. Our attorneys will play a key role as your advocate, shedding light on elements of your financial profile that impact your ability to pay the current monthly mortgage amount.
Once the review is complete, the servicer will provide their decision. If your application is accepted, a new mortgage structure and monthly payment amount will be presented for you to agree to. If your application is denied, the servicer must provide a reason for the denial, and you and your attorney can discuss an alternative course of action.
How to Get Started
The most important decision you can make is to take action. In our experience these situations do not get better, they get worse. By taking a proactive approach with your mortgage servicer you make the first move.
Call one of our licensed attorneys today at 866-261-8282 for a free consultation on how to:
- Prevent a foreclosure sale from occurring or becoming behind on your payments;
- Legally stop a foreclosure sale if the mortgage company has started the foreclosure process;
- Find debt relief from loan deficiency debt if you are no longer able to maintain your mortgage payments.
With over 50 years of combined attorney experience in foreclosure prevention and debt resolution, it is time to put our experience to work for you. Call us today for a free consultation on how to best deal with your mortgage situation or pending foreclosure sale. With an A+ rating with the Better Business Bureau and a reputation of excellent customer service, you can trust our law firm to help you resolve your foreclosure matter as well as other debts you may have to improve your overall finances.