FAQ > Loan Modification FAQ's (32 entries)
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A Loan Modification is a permanent change in one or more of the terms of your loan, allows the loan to be reinstated, and results in a payment you can afford. ...
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Any property owner having trouble paying their existing mortgage and who wants to keep their property is a great candidate for a Loan Modification. Lenders loose money in a foreclosure and ...
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Most law firms experience success rates over 90% due to the strict acceptance criterion that law firms are ethically bound to adhere to. Law firms, such as Diamond law center are ...
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The result should be a new more affordable monthly payment that is affordable to you, the borrower. Typical results are 20-40% reduction off of existing monthly payment.
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For the state of California, the costs are as follows if you do not have a Notice of Default: $3500If you have a Notice of Default: $4000If you have a Notice ...
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Modifying your Loan is a negotiation this is why you want the best possible negotiator on your side, rest assured the bank has the most competent person they can on there ...
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Income requirements vary by lender. The lender takes the income of all household members into consideration. Our initial screening criterion includes a complete financial assessment starting with household income and we ...
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The Banks guidelines for Loan Modifications are changing constantly based upon a variety of factors, interest rates, government assistance programs such as tarp and their foreclosure inventory. The lenders job is ...
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A Loan Modification may result in hundreds or thousands of dollars a month in savings. A Loan is typically for 30 years = 360 payments. If, for example, a Loan Modification ...
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The majority of lenders are reluctantly willing to negotiate a Loan Modification. The homeowner is asking for a reduction in payment, this costs the lender money and they will resist. There ...
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A Loan Modification is not based upon credit score or history.
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We individually review each case to evaluate what we can achieve and a likely range of outcomes. We consult with the client, and upon approval we create a persuasive argument, tailor ...
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Allow 3 business days to perform the audit and get it back to you. The attorneys take their time to consider all aspects of your situation.
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All lenders are different. It typically takes 30 to 90 days for a decision, longer in some cases. It can take up to 30 days to get a loss mitigation officer ...
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Yes, all parties must be in agreement and sign all documents.
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No. Diamond Law Center offers experienced attorney representation to renegotiate the terms of the loan with your lender. The outcome of the Loan Modification request depends upon the agreement of the ...
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If you move forward, an attorney from the Diamond Law Center will take your payment directly. You can pay by credit card (Discover, MC, VISA, AMEX), a bank check or a ...
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No, the goal is to preserve your home and credit status and late payments do not help meet those goals. The Law Center may be able to obtain the result you ...
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Yes, lenders realize that these loans were a bad creation, and now is their opportunity to modify them to a performing loan. The homeowner does need to be able to afford ...
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Yes. Lenders do not want these properties back through foreclosure, it is in the lenders best interest to agree to a lower payment and return on their loan (or smaller loss). ...
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Loan modification is still possible! Some banks will agree to a principal reduction. Getting a lender to agree to write off money owed is very difficult, we are seeing some of ...
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Yes, the goal is to maintain the payments, which will help your credit score up. Homeowners should make all payments on time and in full if at all possible. Not making ...
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Three reasons. One, you are negotiating without knowledge. You do not know what the total universe of outcomes is, thus you have no idea what is a good deal. You cannot ...
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The company is a law firm owned and operated licensed attorneys. They are experienced and very reputable. At anytime during this process, the attorneys and/or legal staff are available to answer ...
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Bob Diamond has been involved in real estate transactions since 1991 having worked for a mortgage company, purchased real estate, served as a highly respected attorney at Cozen Connor in the ...
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We attorneys performing loan modifications all over the country and choose the attorney best suited to your individual situation. Cases have elements of financial engineering, litigation, violations and finally each attorney ...
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As long as your credit and loan to value ratio qualifies with lending guidelines along with the ability to verify sufficient amount of income, you may want to consider refinancing. However, ...
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You shouldn't have to struggle or exhaust ones savings or retirement account in order to make your mortgage payment. If you are struggling to make your payment month after month the ...
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First, let’s put this in perspective, attorney per hour rate runs $295 for a qualified attorney for just about anything. I am literally looking at a Countrywide loan modification ...
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Although not mandatory, the banks participation is being advised by the government that they should do their part to help correct the housing crisis. The recent legislation encouraging banks to do ...
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Not true, many of the files have different first and second holders and we do not accept files if we do not believe we can address the issues. Think this through, ...
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Credit scores are affected negatively by any reported derogatory item. A write down on principle balance, write off, etc. will all lower credit scores. If anyone tells you they know how ...