Frequenty Asked Questions

...about our loan modification program

A mortgage-modification is re-structuring (making changes to) the terms of your existing mortgage.  It is not a refinance, and there are no closing costs.

Short Answer: No.

Long Answer: While these are not factors for qualification, significant equity in a home may impact negotiation or qualification.

We guarantee results on a best-efforts basis or your money back. In fact, if the attorney does not feel that he can achieve significant results, then he will not offer a money back guarantee.  This way, the customer may proceed "with confidence", and attorney does not waste his time if he feels the modification will not successful.  Please see our success stories before making a decision.

All cases are unique!  Call to speak with us if you have additional questions on this.

We guarantee results on a best-efforts basis, and each case is unique (see Success Stories below).  Our goal is achieve significant savings in the terms of your mortgage-note.  Mortgage aspects that may be modified include, but are not limited to: Payment; Remaining Term; Modification Term; Interest Rate; and Arrears.  Our goal is to not just meet, but to exceed your expectations.  On a monthly payment basis alone, we consider a 25% reduction in your mortgage payment as significant. That said, we have historically achieved 50% reduction in payments, and more, in some cases.

Normally no; however, there are situations where the term may be extended.

Any homeowner who is having a hardship.  Good examples include:

a) Home-owners who have had an ARM reset higher; experienced a job loss or loss of 2nd income; experienced a divorce; caring for an elderly parent; experienced a sickness or incurred medical expenses; other hardship where loss of income or increased expenses have occurred.

b) Business-owners whose personal income has decreased as a result of a drop in business revenues.

It depends.  A mortgage-modification does not affect your credit score as long as the modification is completed before late payments begin.

What information do you need in order for me to get started on my mortgage-modification?

1. Information on your current mortgage, including: Principle Amount; Interest Rate; Mortgage Term; Monthly Payment (with & without escrows); Annual Taxes; Mortgage Lender; Loan Origination Date; Is Homeowners Insurance escrowed?; Explanation of hardship.  Provide this information for each mortgage note.

2. Supporting documentation, including: Last years tax return; Last four pay-stubs or unemployment stubs; Last four bank statements; Current mortgage statement.

3. Payment:  Check or credit card.

Please refer to the Case Studies tab for recent success stories.

None to date.  Our attorneys review each case, prior to accepting it.  They will inform you up front if they feel that your situation does not warrant a modification.

Yes, but its not recommended.  Remember - the bank represents THEIR OWN interests; we represent YOURS.

Below is the true story of a homeowner who "saved" money by going directly through their mortgage lender.

On the first call, and after being on hold for almost 30 minutes, the homeowner was able to lower his $2,400 monthly mortgage payment by $400 for a period of six months; after which, the payment reverted back to its original amount.

Important: The $2400 "saved" ($400 x 6 months) was added to the back end of the mortgage.

After six months, the homeowner was free to negotiate with the bank again.

Would you rely on the word of the IRS auditor, or hire a good tax attorney or accountant to be in your corner during an audit?

The "Mod-Squad" as we refer to them are a small yet elite network of attorneys that specialize in real estate law and are experienced in loan modification and debt forgiveness.  Our coverage area consists of the NY, NJ, CT, FL, PA & DC regions.