Many people currently find themselves in a situation they never thought would happen to them-the possibility of losing their home through foreclosure. The recent severe economic downturn, combined with other factors such as declining home values, rising mortgage payments from adjustable rate mortgages and loss of employment or business have put many people in a position where they cannot meet their obligations and may soon be facing the possibility of a mortgage foreclosure. While many lenders are willing to consider loan modifications to help their borrowers avoid foreclosure, they simply do not have the resources to deal with individual borrowers who do not understand the process required to present a properly documented proposal for a loan modification. Consequently, many home owners who try to work directly with their lenders find the process frustrating and unsuccessful.
Gibson Ferrin, PLC offers professional assistance in this process. Our attorneys and staff have the expertise required to evaluate and determine whether a borrower will likely qualify for a loan modification, and if so, to prepare a loan modification “package” that will present to the lender a detailed, yet concise picture of a borrower’s financial picture and the benefit to the lender of modifying the loan. The likelihood of obtaining a modification is greatly enhanced when the lender deals with an attorney who understands what the lender needs to justify modifying the loan. The loan modifications that are available to qualified borrowers include interest rate reductions, converting adjustable interest rates to long term “fixed” rates, extending the term of the loan and sometimes reductions of principal. The goal is to find a solution that will allow the borrower to afford the mortgage and prevent or cure a default and foreclosure of the loan. This creates a “win-win” situation for both the borrower and the lender.
Gibson Ferrin, PLC will:
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Review, analyze and assess your current loan, assets and financial position to see if you qualify for a loan modification.
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Review and assess the lending institution’s financial position and willingness to modify loans.
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Handle all communications directly with the lending institution on your behalf.
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Prepare and present to the lending institution a formal loan modification request complete with supporting documentation and information.
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Negotiate directly with your lending institution to achieve a possible interest rate reduction, conversion of an adjustable interest rate to a fixed rate, forgiveness of delinquent balances, and/or a lower monthly payment.
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Preserve and protect your assets and rights.
Great peace of mind comes from knowing you have a law firm involved in this process that has years of experience in representing both lenders and borrowers in a variety of real estate and lending transactions, including “workouts” and loan modifications. Don’t rely on non-professional help in this important and difficult negotiation. You should only place your family home in the hands of experienced and qualified professionals like the attorneys and staff at Gibson Ferrin, PLC.
DO NOT CONSIDER ALLOWING YOUR HOME TO GO INTO FORECLOSURE WITHOUT LETTING US HELP. We look forward to helping our clients through this difficult time in their lives. This is a unique time in history in which lenders are willing to make significant modifications to mortgages in favor of borrowers. Anyone who believes they may qualify for a loan modification should contact Gibson Ferrin, PLC immediately for a free consultation.
