FAQ
Welcome to The Massachusetts Loan Modification Center
HOW TO GET STARTED
Please gather any letters, paperwork, court documents, loan documents, promissory notes, mortgages and anything that you have that involves your loan, no matter how insignificant you think it may be.
Also be prepared to have ready any documents that state what your income is, such as pay stubs, tax returns, bank statements or letters from your employer.
WHAT WILL YOU DO FOR ME
Upon retaining our office, we will diligently gather and analyze all of your available loan information to prepare and file with your lender a loan modification application. This is a document intensive process and we will be in touch with you quite often at first so we can obtain all the necessary paperwork and information to persuade your lender to modify your loan, which will save you money, save your home, or both. Sometimes, throughout the process, the lenders can request additional paperwork or change the rules, and we will be responsive to what your lender is requiring and be in contact with you on an as needed basis to get your lender everything they require to make a decision on your case. After your loan modification application is filed, it can take a long time to get a response from your lender, anywhere from 90 days to a year is possible. This is normal and waiting is all part of the process.
WHAT WILL THIS COST ME
The initial consultation with one of our loan modification attorneys will cost you nothing. This is so we may be able to discuss your individual circumstances and determine if it is worthwhile for you to pursue a loan modification. After consultation, if it is determined that a loan modification would be beneficial to you, you will discuss legal fees with the attorney. Most loan modifications are handled on a flat fee basis, which is a one time fee, with no hidden or continuing legal fees. With a minimal investment in terms of what the legal fees cost, you could end up saving thousands of dollars over the life of your loan, like many of our clients have already done to their satisfaction.
DO I CONTINUE MAKING MORTGAGE PAYMENTS
Whether to make mortgage payments or not, assuming you are able to, is something that you and your attorney will discuss during your consultation. Many individuals are not able to make mortgage payments due to job loss or reduction in income, but lenders are still willing to consider their loan modification application based on other factors unique to your case.
WHAT IF MY APPLICATION IS DENIED
If your loan modification application is denied and if circumstances have changed or there is new information available to us, we may ask the lender to reconsider their decision based on these factors. While some individuals have been denied by their lender, the upside to that is they have been able to and continue to live rent and mortgage free for many months and even over a year, without paying anything to the lender. This affords people an opportunity to put money aside for a down payment on another home, apartment or other living arrangements. In some cases, we have successfully negotiated with lenders for them to pay money to out clients to help them with moving expenses and to assure the orderly transfer of the house back to the lender.