Las Vegas Loan Modification Lawyer

Solutions to Serious Mortgage Problems

The fear of losing a home is very real to many Las Vegas homeowners. In a metropolitan area that has suffered massive unemployment, profound real estate depreciation, and extraordinary foreclosure rates, many homeowners have been searching for a viable way to keep their homes. For homeowners who qualify (and whose lenders are willing to cooperate), mortgage loan modification can be a powerful solution.

Loan modification means that a lender changes the terms of a borrower’s loan. In most cases, this means that the interest rate is lowered, fixed or both, which can result in a lower monthly payment and thus a more affordable situation for the borrower. In many situations, a loan modification can also bring a loan current by adding delinquent payments onto the loan. In rare cases, it can also change the term of the loan or involve reduction of the principal, the amount that is owed to the mortgage lender. The loan modification attorneys at Randolph Law Firm can help you explore your options to determine whether modification can help you avoid the foreclosure process.

What Is Loan Modification?

A loan modification, or mortgage modification, is any significant change made to your home loan. It can include a new payment plan with a longer term and lower monthly payments, restructuring your loan to reduce interest rates, or even reducing your principal balance.

Typically, these changes are intended to reduce the financial burden on a buyer facing temporary hardship. Loan modification is just one loss mitigation strategy where a lender works together with a homeowner to prevent foreclosure. Experienced mortgage loan modification lawyers will help people who are facing foreclosure find the best solution for their financial situation.

Many lenders are reluctant to agree to a loan modification, and put strict requirements in place to dissuade homeowners from pursuing one. However, if you can demonstrate that you are facing significant financial hardship, your lender may be willing to approve your loan modification request to help you avoid a foreclosure. 

It is not in the bank’s best interest to seize and hold property because of missed payments. The bank stands to gain more from working with borrowers, helping them follow through with paying their loans over time. Making modifications to your home loan spares your lender the trouble of repossessing and reselling your property. 

Typically, a lender will be open to discussing loan modifications when a buyer has missed one or more payments and is facing the loss of a family home. Loan modification can take many forms, but typically include lowering a homeowner’s monthly payment. In addition to considering your present financial hardship and the payment history of your loan, your lender may review your credit history, assets and debts, financial resources, and income when renegotiating your home loan.

Threatened With Foreclosure? We Can Help.

At Randolph Law Firm, we help homeowners avoid foreclosure by facilitating loan modifications and providing other solutions that meet their specific needs. If you have received a notice of default, or if you are simply behind on your mortgage, our firm can help you with the loan modification process by:

  • Exploring all possible options to help you deal with your mortgage, credit card debt, tax debt, and any other financial issues
  • Negotiating with your lender on your behalf
  • Submitting applications and providing the extensive documentation that is often required
  • Helping you pursue a loan modification through the Home Affordable Modification Program (HAMP) if appropriate
  • Represent you in loan litigation against a lender if other methods are ineffective

We are not an out-of-town business; we are a local firm with a commitment to the community and a focus on improving the financial lives of our clients.

How Can a Loan Modification Help You With Your Mortgage Payments?

Loan modification helps families retain their home when they are facing financial hardship. Even in the best of circumstances, a sudden accident or job loss can cause financial chaos for a homeowner. Loan modification helps to provide a brief reprieve from hardship, so you can get back on your feet. 

While a loan modification can have a slight impact on your credit score, it will protect you from the far worse impact of a foreclosure. While a foreclosure may stay on your credit report for up to seven years, the impact of an initial loan modification is minimal, and making consistent payments on your modified loan over time can have a positive impact on your score. 

There are a variety of ways a Las Vegas loan modification attorney can help borrowers modify their loans to rebuild their financial circumstances. A loan modification may:

  • Extend your repayment period and, subsequently, lower your monthly payments
  • Reduce the principal owed on your loan to lower your monthly payment
  • Convert to a fixed interest rate from an adjustable rate mortgage to make payment amounts more predictable in the long term
  • Reduce your interest rate, or take a “stepping up” approach to make your present circumstances more manageable

How to Qualify for a Mortgage Loan Modification

A lender will likely have specific requirements to determine whether you qualify for mortgage modification. However, there are some standard qualifications homeowners can expect when considering filing for a mortgage loan modification. 

Generally, to qualify for loan modification, the home in question must be the applicant’s primary residence. Additionally, an applicant must have undergone a demonstrable financial hardship that constitutes the modification. Finally, an applicant needs to demonstrate that he or she has sufficient, steady income to make mortgage payments under the newly modified mortgage. In some cases, a lender may also include requirements regarding the minimum age of the mortgage.

To apply for loan modification, an applicant must reach out to his or her lender or mortgage servicer to provide evidence demonstrating that he or she underwent recent financial hardship, the hardship has reduced his or her financial standing, and that he or she is able to make modified payments. The applicant will need to fill out a formal application, which includes information about his or her financial holdings and income, disclosures regarding other real estate assets he or she has, and an authorization for necessary credit checks. During the approval process, applicants are usually required to make trial payments until a determination is made regarding their loan.

A loan modification lawyer can help you determine whether you qualify for changes to your home loan. At Randolph Law Firm, we can help you explore your options to find the most sustainable solution for your circumstances.

What Do You Do If Your Loan Modification Request Is Denied?

If your loan modification application is denied, you can appeal the loan servicer’s decision. Under federal law, appeals must be filed within 14 days of the denial. If the reason for your modification denial is rectifiable, you may reapply with an updated application.

If your attempts to modify your home loan are unsuccessful, you may explore other options to regain financial security. These options may include refinancing your loan, entering into forbearance, working out a repayment plan with your lender, following through with a short sale, or agreeing to a deed in lieu of foreclosure procedure. The Las Vegas loan modification lawyers at Randolph Law Firm can help you explore your options if your loan modification request is denied.

Get Advice From a Las Vegas Home Mortgage Modification Attorney

Loan modification myths and scams are rampant in Nevada and throughout areas hard hit by the housing collapse. If you believe that a mortgage loan modifications could help you keep your home, Las Vegas loan modification attorney Taylor Randolph can give you straight advice on how to proceed. Contact Randolph Law Firm for a free consultation with an experienced lawyer.

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