FOR IMMEDIATE RELEASE
(Free-Press-Release.com) June 24, 2009 -- Feldman Law Center - Press Release by Feldman Law Center - A home loan modification, for many homeowners, is the only option standing between them being able to stay in their homes and being forced to move after a foreclosure, a short sale, or a “cash for keys” negotiation. If events are unfolding rapidly, the modification is one shot deal that must be done correctly and as quickly as possible. The following tips will give you the best chance at getting your home loan modification completed with terms that you can sustain for the long term. They are:

1) Be realistic - If you’re behind on your payments without relief in sight, magical thinking isn’t going to get it done. It’s time to figure out who is going represent you in your modification.

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2) Hire a professional – Getting a loan modification executed, with terms that address your specific needs is not child’s play. This is the roof over your family’s collective head. Hire an experienced attorney to make sure the modification happens and that the terms are within your budget and sustainable for the long term.

3) Pull your paperwork together - You’re going to turn in about as much documentation as you did for the original loan. Have it copied and ready to go. Keep an extra copy just in case the lender needs a re-submittal.

4) Bring statements for all your credit card and consumer debt to your initial consultation – Your attorney is going to need to know the total of your monthly expenses to be able to negotiate the

right loan modification for you. Additionally, there may be an opportunity to set up a debt negotiation to run concurrently with your loan modification. The debt negotiation can save you more money and increase the odds of getting your modification approved.

5) Be honest with your attorney - Whether you were stating assets and income or something else, come clean with your representation. If you got creative with your tax returns during the application process, the new 4506-T form could work against you by permitting your lender to verify that the tax returns used to apply the first time are the same as the ones you turned in to the IRS. Let your attorney know about the situation so that he can prepare for it.

6) Be honest with your lender – Trying to put one over on your lender isn’t likely to work. Remember, they still have all of your original documentation, so forgetting about bank accounts or enhancing your “resume” will be caught and definitely frowned upon.

7) Write a compelling hardship letter - This will be the basis of your loan modification. It’s basically a chronology of how events unfolded to put you in need of a loan modification and how you’re going work your way out of it.

8) Be patient – Loan processors have more than they know what to do with at present. Working with a law firm will expedite the process but the workload on the lender’s side is so heavy that process will take time.

9) Respond to requests for additional information quickly – You may be asked for updated versions of statements and paystubs as the modification process moves forward. Responding quickly will keep your file moving and on the top of a processors stack of applications.

10) While the home loan modification is in process, save as much money as possible – The excess money that you may have as a result of not paying your mortgage can be used to rebuild your savings and cushion you from a possible income shock down the line.

And a bonus tip:

11) Continue saving any excess funds you may have after the loan modification is completed – This goes for excess funds generated from a debt negotiation as well. A high number of loan modifications go back into default within months of the modification’s completion because the borrowers continue to spend money over and above their budget. Nobody wants to go through the process a second time and consistently saving money is great way to make sure it doesn’t happen.


About Feldman Law Center
The Feldman Law Center was founded for the purpose of negotiating loan modifications on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or avoid foreclosure proceedings. The mission at The Feldman Law Center is to provide the highest level of professional service while delivering the best possible result on each loan modification we negotiate on the behalf of the families we represent.

Having negotiated over 500 attorney driven loan modifications, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your loan modification with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing.

The people at The Feldman Law Center completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the loan modification process and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The Feldman Law Center today at 800-588-0425 or visit http://www.feldmanlawcenter.com.