Loan Modification Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Loan Modification Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Loan Mod Attorney in Las Vegas.



We have received countless emails at the law firm that are just like this one:

My name is [John Doe]. A couple of years ago I had to retire from 30 years of ... service due to my wife having [major medical problems]. We tried to modify our loan ... [The process] dragged on for a year and a half. It was a nightmare. They [increased] our payment by adding ... without telling us. In the end [what] they actually gave is an offer with a higher payment than when we started.

[We then did a] short sale and our realtor had a buyer. [Our lender] approved the short sale. But the day before final approval they foreclosed. ...... I have had to withdraw 90 percent of [my retirement savings so my wife and I could] survive.

LEARN THE TRUTH ABOUT:

Loan Modifications-Trial Periods-Usefulness
"Help" From the Banks
The Typical Scenario
"Reducing Your Principal"
Other Problems Plaguing Loan Modifications
Stopping Foreclosure by Applying for a Loan Modification
Using an Attorney
Qualifying
Having Late Payments
Hardship Requirements

I.) Loan Modifications-Trial Periods--Usefulness
If you think your first loan was bad, if you modify it, it will be worse! It has also been said that if you think you were swindled by your lender on your mortgage, just wait until they modify it for you! While this may not always be true, sadly, it is important to note that in the Las Vegas market we have found that this seems to be often true. Our experiences dealing with loan modifications have led us to the view that lenders "engage" borrowers and suggest loan modifications knowing that it is likely you will lose your home anyway.

A.) Banks Promote Loan Modifications.
Banks have many reasons they promote loan modifications. Here are two main reasons:

1. Working on a loan modification will delay many inevitable foreclosures, reducing the number of foreclosed homes in their inventory, and therefore causing their accounting and financial reports to indicate they are in a stronger position than they really are.
2. If a borrower is behind in their mortgage payments, it is highly likely that a foreclosure is inevitable. By giving a borrower false hopes of saving their home by initiating a trial-period loan modification, the lender is able to induce a borrower to at least send some money to the bank while the lender waits for a more convenient time to foreclose anyway. Otherwise, a lender knows they will likely get no money at all.

B.) "The Trial Period"
If you are told you qualify for a loan modification and that there is a trial period, the realty is you have not fully qualified. At this point, the lender has not determinatively verified whether or not you "in fact" qualify for a loan modification. Equally as important, the servicer who supposedly qualified you for a loan modification and started you on a trial period has not obtained final approval from the investor or owner of your mortgage. All too often, six to ten months later, once the lender and their servicer has tricked you out of several thousand dollars in "trial period payments" and other related expenses, you will be notified that your modification has been rejected by the lender/investor/owner of your loan, and very quickly afterward your home will be sold in a foreclosure sale-sometimes with little or no notice.

C.) When are Loan Modifications Useful?
Loan modifications are useful when you use the modification process for your benefit as opposed to doing a loan modification that benefits the lender. Some clients, for various personal reasons, simply need to "kick the can down the road" for a few years.


Loan Modification Attorney Las Vegas
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