Loan Modification Assistance

The U.S. housing bubble has left many homeowners in mortgage crisis, but the Loan Modification Department of Leclercq & Associates offers a practical and affordable solution.

The California-based law firm helps homeowners in financial hardship to restructure their loans and avoid foreclosure. Employing a team of experienced lawyers and financial experts, Leclercq & his team have helped many Americans survive their crisis and save their homes.

Can you help unemployed homeowners?
No. You will need a source of income to qualify for a loan modification.

Do you count the income of people who are living in the home but are not on the title?
Yes. We consider the total income of the household, not just the homeowner.

Do I need to be delinquent or behind on my mortgage?
No, but it will make things easier. Loan Modification is meant to help people in financial hardship, and banks are more willing to help borrowers in trouble.

Do you have any preferred lenders?
We work with all lenders, but the results vary with each one. The results depend not just on your lender, but also the specifics of your case.

Are all lenders willing to negotiate with you?
Yes. Our head attorney at Leclercq & Associates has established contacts at all major lending institutions. These relationships have saved our clients millions of dollars in successful loan modifications.

Can you help me with properties that I'm not living in or currently renting out?
Yes.

What do you look for in clients?
We can help anyone in financial trouble, but certain conditions can make our job easier. Ideal clients are those who:

- are already in foreclosure
- have received a notice of default
- have an adjustable-rate mortgage that has already increased
- have negative amortization loans
- are experiencing financial hardship due to bad loans or predatory lending

What disqualifies a client from your program?
We cannot help people who have no source of income or have no proof of hardship.

Is it too late to help clients who have received a Notice of Trustee sale?
Definitely not! CD Loan Modification can prevent foreclosure up to seven days before the actual transfer sale date.

What interest rates can I expect after a loan modification?
The results vary from case to case, but most of our clients have gotten interest rates between 2.5% and 5.5%. We have also successfully negotiated on 5/1 I/O and shifted to a 30-year fixed rate mortgage.

Will my lender need other documents (such as credit scores) to assess my application?
Besides the pay stubs and tax forms, some lenders will ask for at least two months of bank statements. But that is strictly to determine your income. Credit scores are never used for qualification.

Can my lender give me any compensation?
No. Lenders don't offer commission like on normal loans, so there's no compensation involved.

Do I need to pay for your services in advance?
Yes. Basically, you're paying a professional attorney for legal representation services. It works as a legal retainer, as it does for any legal service.

How do I pay?
You can pay with a personal or cashier's check, credit card, or debit.

How long does it take to get a response from my lender?
The average wait time is 30 to 60 days, but it varies from one client to another. Some applications process faster than others, but it may take a while for your case to be settled.

Jean-Paul LeClercq, Attorney-At-Law can help you! Call for a free consultation today! (310) 820-3959

What do you expect from your loan modification? If you can't answer that question, your lender will assume you don't know what you're doing and try to trick you with unreasonable deals. Setting your goals is an important part of the loan modification process. If you know your options, you know when your bank is making a fair offer or just trying to fool you.

The terms you will get depend on what makes the most financial sense to your lender. Your loan modification attorney should run you through your options and help you set realistic goals. Below are some of the ways your loan modification can be changed, and how they can work for you. The ultimate goal with loan modification is to save your home by adjusting your mortgage to a payment that you can afford for the long term.

1. Waiving or reduction of delinquent balance. If late penalties account for most of your debt, this can be a viable option. Your lender can reduce the amount you owe in late charges, or if you're lucky, even write it off altogether. They can also add it to your principal, so you won't have to pay it up front.

2. Reduction of interest rate. Sub-prime lenders, with their notoriously high interest rates, are the reason why many people are facing foreclosure. This is why interest reduction is one of the most common forms of loan modification. With a lower interest rate, you can better handle monthly payments and stay current on your mortgage.

3. Extension of term. Your lender can also add years to your loan term, allowing you to spread out the payments. This may be the best arrangement if your income has changed and the payments have become unmanageable. Most lenders will agree to this change because they technically don't lose any money-they'll simply get it in smaller installments.

4. Shift to fixed-rate plan. Most people who fall behind are in adjustable-rate mortgages. This means the interest rates are determined by market indicators and can change from month to month. A fixed-rate mortgage, on the other hand, uses the same rate for the term of the loan and is better for the long run. Because it's more secure, you're less likely to be affected by economic slowdown.

5. Reduction of principal. In some cases, it may be cheaper for your lender to simply reduce the amount you owe. This isn't very common, since they still lose money in the process. It's usually granted when the costs of undergoing foreclosure or a short sale are greater than the amount they can write off.

www.loanmodlawyer.wordpress.com is an online discussion location for each and everything related to Loan Modification, Mortgage Modification, Foreclosure Prevention Assistance and Avoiding Bankruptcy.

Thousands of people enter mortgage loans every day, but few of them really know what they're getting into. When you sign that mortgage form, you're not just borrowing money to buy a home. You're signing up for a serious obligation and sealing a decades-long commitment with your lender. Even if you read every word of your contract, lenders-especially sub-prime ones-will always find a way to wring more money from your pockets. After all, that's how they make a living.

Luckily, the government has taken steps to protect borrowers and make sure everyone gets a fair deal. The Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) were put into place to prevent unfair lending practices. Knowing these two laws, and the rights they give you, can keep you from making the wrong decisions and making a 30-year mistake.

The Real Estate Settlement Procedures Act

The RESPA basically says that borrowers should be given all the pertinent information when buying a home. The law is designed to prevent the parties involved in the purchase from making kickbacks at your expense. These include your lender, realtor, broker, and the construction and insurance companies. Before the RESPA was enforced, these parties got huge kickbacks from undisclosed fees in the loan.

The RESPA requires mortgage companies to disclose all the expenses involved in the transaction, from the actual purchase price to the small one-off fees. This is called a good faith estimate. The estimate lists your expenses in six main categories:

-Loan fees

-Reserves

-Government charges

-Title charges

-Additional charges

-Fees to be paid in advance

The law also gives you the right to dispute (in writing) any vague or unexplained fees. This way, you know exactly where your money is going, and you can always speak up when you feel you're being cheated.

The Truth in Lending Act

This law was passed in 1968 to protect borrowers in credit transactions. Like the RESPA, it requires maximum transparency from your lender in all aspects of the transaction, from the actual costs to the payment terms. The law is not limited to mortgage loans; it applies to all other credit transactions including car loans and payday loans.

The TILA does not directly regulate the amount you pay on the loan. Instead, it requires lenders to disclose certain costs so that you can compare and shop around for the best deals. The standard figure is called the annual percentage rate (APR), which reflects the total cost of the credit including interest, discount points and origination fees.

For refinancing and second mortgage loans, the TILA also allows you to cancel the transaction within three business days. This is known as the "right of rescission." It basically serves as a cooling-off period-it gives you the time to go over the contract and change your mind before it's too late.

There may be violations of the above regulations in your loan documents. A Loan Modification Attorney may do a forensic audit to determine if errors have been made that could be used to effect a loan modification in your favor.

Contact Leclercq & Associates for a free consultation at (310) 820-3959