MOST COMMON MISTAKES BY HOMEOWNERS ATTEMPTING TO OBTAIN A LOAN MODIFICATION

Loan ModificationBy Omar J. Arcia, Esq.
Foreclosure Defense and Bankruptcy Protection Attorney

            As a result of various nationwide class actions and lawsuits filed against mortgage companies by private individuals and government agencies, lenders have become more receptive and willing to assist homeowners in modifying their loans. However, lenders have also become more demanding of certain documentation to support loan modification requests. These are the most common mistakes homeowners make when processing a loan modification on their own.

            Provide Too Much Information. Most Homeowners believe that the more information they provide to their lender about their finances, the more likely their loan modification will be approved. Just the opposite is true. Most lenders are looking for specific information regarding a homeowner’s income and expenses, specific reasons to support a financial hardship for a loan modification, and they require a specific order and timeframe to submit the required documents. Overwhelming your lender with the same unnecessary documents time and time again will only place your file farther back in line for consideration. The Arcia Law Firm has represented homeowners that have been trying to modify their home loan on their own for years, and within just a few months after retaining the Firm and submitting the appropriate documents, a loan modification is achieved. Last year, the Arcia Law Firm successfully modified over 130 loans, and so far we have modified more than 40 loans this year.

            Refusing to Seek Legal Assistance. We have counseled hundreds of clients in mortgage related cases through the years, and the most significant mistake that homeowners make is to wait until the last minute to hire a knowledgeable and experienced attorney. Many homeowners think that they can easily defend themselves in a foreclosure proceeding, process their own loan modification, and save their home. However, some of the legal defenses to a foreclosure are highly technical and require specialized knowledge. The attorneys representing banks and the judges overseeing in these cases are interested in obtaining a final judgment of foreclosure, sale of the property at a public auction and closing the case. In more simple terms, this means you are out of your home before you can finish your loan modification. The key to prevent this end result is for every homeowner either in foreclosure or at risk of foreclosure, to stop playing “Russian Roulette” with their family home, and immediately hire a highly qualified law firm to assist them

            The attorneys at the Arcia Law Firm are privileged to successfully represent hundreds of homeowners in our community. We have foreclosure defense, loan modification and bankruptcy departments. You can view videos and testimonials of our satisfied clients at our website under “Success Stories.” If you are struggling to make your monthly mortgage payments, if you are in the middle of a frustrating loan modification process, or if you just received foreclosure papers, contact the Arcia Law Firm today at 954-437-9066 to schedule a free personal consultation with Omar Arcia, or visit www.arcialawfirm.com to schedule your appointment online.

Detailed explanations of different options available to homeowners are also discussed in a consumer DVD developed by the Arcia Law Firm entitled “Fight For Your Home.” If you mention that you heard about the DVD through this blog post, you will receive a complimentary copy during your free consultation to discuss your case in detail.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.