Loan Modification Recovery Plan

What to do During the Stressful Time

Do not panic, and certainly do not file bankruptcy hastily.  Remember that 4 out of 5 bankruptcies fail.  So begin by taking advantage of the other possibilities such as a loan modification. During the foreclosure process no one can take your home until there is a trustee’s sale, which takes approximately 90-120 days after default notification.  Therefore, if you begin the loan modification pr ocess in the early stages of foreclosure, you will be able to examine all of the options available to get you the best results.

Beware of Scams

Be aware of predators like collectors and con artists who love to prey on the desperation of people in trouble. Remember, if it sounds too good to be true it probably is not.  Do not believe anyone who guarantees specific results. There are no guarantees. 

Spend Your Time and Money Where it is Most Important

Your home is your most important asset.  Try not to be bothered by other credit card creditors who are harassing you with phone calls, remember that they will use any trick possible to collect their debt because it is unsecured. Focus on saving your home first with the help of our Loan Modification Attorney. 

Do Not Procrastinate

We know it is tempting to hide out and try to avoid all the stress, however, the longer you wait the fewer options you have, until you eventually have none left.  Your payments will continue to accrue. Sitting back and taking no action allows your lender go through the steps necessary to sell or repossess your home. No matter how fast we work for you, your mortgage lender still needs time to process your approval.  So don’t wait, get started today.

Recovery Plan Steps

Step 1: Get Your Sanity Back

Stop worrying about the harassing phone calls. Guilt is something you do not need right now.  Do not allow creditors to drive you crazy. The creditors do not care about you. They will still harass you regardless of what you tell them. Focus first on saving your home and getting back on financial track.

Step 2: Plan Your Recovery

Now that you can think straight, plan your attack. This is a war that you can win. The plan can be simple. First, look at what went wrong, and what you can do to recover quickly. Then plan on what you will do to stay on track with your mortgage once you have recovered. (We can help you with your mortgage but it is up to you to plan your personal recovery and make it happen)

Step 3: Get Back into the Drivers Seat

Focus completely on your recovery plan.  Get your finances in order. Take care of business (get a new job, second job, roommate to share expenses, realistic budget, etc.)

Step 4: Start Saving

Catch up on your essential payments before you can start saving.  Essentials are food, medical needs, utilities, etc, Do not use Credit Cards.

Step 5:  Hire an Attorney & Start Your Loan Modification Processs

You will need some time before you get a response back from your lender, usually 30 to 90 days.  If your lender approves your loan modification, your savings should be substantial enough to save your home

Loan Modification Case Studies