Man Signing

LOAN MODIFICATION

Murray Law can help you negotiate with your mortgage servicer to modify an existing mortgage on your home. A loan modification puts an end to any foreclosure process that you may currently be facing. Additionally, a modification brings you current on your mortgage, turns into a payment you can afford, lowers your interest rate, and in some cases, it can even reduce your overall principal.

Our Services

Reduced Interest Rate

Banks use complex proprietary formulas to determine if a loan modification saves them money. Hiring a law firm with a successful reputation for defending homeowners significantly changes this equation. A homeowner without legal representation does not represent an expensive variable in the equation.

If your bank loses more money by lowering your interest rate than by selling your home and evicting you, that is exactly what they will do. The key to obtaining an affordable loan modification is to make the alternative more expensive for your lender. By hiring us; a law firm with a track record of costing banks money, your odds of success largely increase

Lower Monthly Payment

The success of your loan modification depends heavily on the preparation and completion of your application. A detailed and faultless package must contain a precise accounting of your financial profile. We specialize in assembling the fiscal statements required and work very closely with our clients to ensure that the process is easy and painless. 

 If interest rates are lower now than when you locked into your mortgage loan, you might be able to modify your loan and get a lower rate. This usually lowers your monthly payment.

Loan Modification :The Process

Today’s unfortunate reality is that many homeowners can no longer afford to remain in their homes according to the existing terms of their mortgages. Often, property values have depreciated to less than the amount still owed to pay off the loan. There is still hope, however, and depending on your particular situation, you may benefit from a loan remodification, short sale, or deed in lieu of foreclosure.

Lenders have no obligation to accept your request for a modification or to renegotiate your principal. This means that getting a modification is usually more difficult than refinancing. You'll need to show evidence of hardship. Every lender and investor in the loan (such as Fannie Mae, Freddie Mac, FHA, etc.) has their own standards when it comes to who qualifies for a modification and what types of modifications they offer. Schedule a consultation today for us to evaluate your options.