Modifying Your Mortgage Loan

By Laura Margulies

Getting a mortgage lender to modify your loan can be a difficult process. Clients have told me that they submitted loan modification packages multiple times, only to be told the lender does not have all the documents or dealing with multiple representatives, none of whom are helpful. Some people are told they make too much money and some are told they make too little. We understand the intense fear of homeowners who have fallen behind on their mortgage payments, who tried to get their loan modified, only to receive a denial letter. It can cause the most unbearable of stress of not knowing where they or their family will be sleeping in days to come.

Lenders have set up a process that makes it very difficult for the average person to follow in order to qualify for a loan modification. There is nothing an individual can do to force the servicer/investor/lender to modify a loan. When we at Morris Margulies analyze a modification package, our goal is to get the lender to realize it is in its best financial interest to modify the loan. While there are no guarantees, we use our best efforts on behalf of our clients and work tirelessly to obtain the best modification possible. Under the new regulations, the process has now been streamlined and servicers are required to follow its rules.

If you are a homeowner interested in finding out if you qualify for one of these programs, you can call our office and we will give you a preliminary analysis. Our goal is to get clients into a mortgage loan they can afford so that they can retain their property for the long term.