Law Office of Kristy Hernandez, California Loan Modification Lawyers
Reputable Loan Modification Help Is Available
With the recent decline in the real estate market and homeowners stuck in adjustable rate mortgages, many people are struggling with the decision of whether or not to keep their homes. A loan modification is sometimes the determining factor in this decision.
What is Loan Modification?
A loan modification is when your lender agrees to change the terms of your home mortgage so that they are more favorable to you. Your mortgage can be modified in a variety of ways, including: interest rate reduction, adding additional time to the length of your loan (i.e. going from a 30 to a 40 year loan), or principal reduction. The idea behind loan modification is that it reduces your monthly payment so that the house is more affordable to you.
The Loan Modification Process Explained
Loan modifications are a privilege, not a right. Just because you want a loan modification, does not mean that you are going to get one. You are under contract to pay your current loan as it stands, and when you request a loan modification, you are asking the lender to make a concession that costs them money. Although the government has set up guidelines for who qualifies for a loan modification, the government has not yet enacted any law that forces banks to modify your loan.
To get the bank to modify your loan, you have to prove that there would be a hardship to you if the loan stayed at its current rate. When you submit this “hardship package” the lender can take many months (even more than a year sometimes) to review the package and determine your qualifications. Every month you must update the lender with your financial information until you have a final determination. Because the government has not made loan modifications mandatory, and because there is no specific time requirement for when a lender must make a decision on your qualifications, loan modifications can be frustrating and time consuming to undergo.
Why Should I Hire the Law Offices of Kristy Hernandez?
OUR OUTSTANDING REPUTATION
Because there are so many scams taking place in the loan modification industry, our office understands that clients must be confident in our reputation and honesty before they put the well-being of their home in our care.
Our law firm is compliant with all state laws, including California Senate Bill 94 that requires loan modification companies to only collect fees after performing work. We maintain an excellent reputation in the community, including having an “A” rating with the Better Business Bureau. Additionally, all of our attorneys have clean records with the State Bar of California.
The Law Office of Kristy Hernandez is seriously committed to helping California home owners save their homes through loan modification. Feel free to research our firm online, check out our attorneys on the California State Bar website, and call your local congressperson to see if they have ever had a complaint about us. We encourage potential clients to research our qualifications and welcome questions about our history and track record.
WE ARE EXPERTS IN OUR FIELD
Unlike the banks we work with, not just anyone can get a job at our firm doing loan modification work! All of our loan modification processers have a background in real estate and loan modification. Every single loan modification file is evaluated by an experienced real estate broker to double-check our clients’ qualifications prior to being submitted to the banks for approval. Our loan modification processers often spend hours on the phone teaching the uneducated “loss mitigation” workers with the bank how to do their jobs and properly evaluate loan modification candidates.
WE DON’T TAKE “NO” FOR AN ANSWER
Loan modification success is often about persistence more than anything. Anyone who has been trying to do their own modification knows that banks often lose paperwork, say that they did not receive documents when you can prove that they did, or deny modifications for ridiculous reasons. We document every communication that we have with the bank so we can prove to the lender that we submitted every document in a timely manner. Even when a loan modification for one of our clients gets denied, we re-submit the modification and continue working on the process up to 2 times at no additional cost.
WE BELIEVE IN QUALITY CUSTOMER SERVICE AND HAVE COMPASSION FOR OUR CLIENTS
Since loan modifications often can take six months or longer to be approved, we tend to have long term relationships with our clients. Part of doing our job effectively involves us knowing your hardships and struggles so we can explain your circumstances to the bank. Every week we call the bank on your behalf and then provide you with a weekly update on the status of your loan modification. Because we work together so closely, we really get to know our clients well and care about the outcome of every modification.
WE ONLY ACCEPT LOAN MODIFICATION CLIENTS THAT HAVE A GOOD CHANCE OF SUCCESS
If you are not qualified to receive the loan modification you want, we will decline to accept your case. As a law firm, our goal is to get results. We only take cases if we really believe that a home owner meets the lender guidelines for loan modification approval. You will receive a candid evaluation of your qualifications for loan modification from a licensed broker or attorney before we ever take a payment so that you can evaluate the chances of success. Also, since a large portion of our attorney fees is only due if you receive a successful loan modification, we carefully screen the cases we take to make sure that our office does not accept clients that are not good candidates. In the event that you are not a good candidate, we will present you with other options to help with your situation. It simply does not make sense to pay a lot of money for a service if you have no hope of getting the results you want, and you should know that up front.
WE ARE A FULL SERVICE LAW FIRM
There are lots of companies offering loan modification, but how many companies help you evaluate ALL of your legal options?
The Law Office of Kristy Hernandez does not just handle loan modification services. Our attorneys assist clients with loan modification, credit repair, bankruptcy, debt settlement, landlord/tenant services, short sales and much more. When you meet with one of our attorneys, we are not out to “sell” you on a particular service. Our attorneys will evaluate your entire financial situation and your goals to give you the best possible legal advice, whether or not that involves loan modification. Often times we are discussing several plans for how to save your home. Be careful speaking with a company that only offers one service, because there may be other options available to you that you are not learning about.
WE GET RESULTS
The Law Office of Kristy Hernandez has helped hundreds of California home owners obtain loan modifications. We track our results so you can see the outcomes of loan modifications that we have achieved with your particular lender. There is no cost for a consultation. Call us today to see if you are a good candidate for home loan modification.
How Do I Know If I am Qualified for a Loan Modification?
Since individual circumstances vary, it is best to contact a professional or your lender to determine if you are qualified for a home loan modification. However, certain circumstances are helpful in qualifying homeowners for modification. They include:
* You must have some provable income. (This can include contribution from friends and family.)
* Your house should be worth less than what you owe on it.
* You must have some hardship that makes the current loan very difficult to pay.
* It must make sense to you to keep the home. If you are so upside-down on the value of your home that you think it will never be worth what you owe, short sale may be a better option.
Do I Have to hire an Attorney to Assist with My Loan Modification?
No. You can apply for a loan modification on your own directly through the lender. However, do to the difficulty in determining qualifications and the long term nature of the loan modification process, many home owners prefer working with an attorney. The Law Office of Kristy Hernandez has helped hundreds of clients modify their home loans. Although it costs more than modifying on your own, the results speak for themselves.
Here is why you may want to consider using an attorney:
* A loan modification attorney looks at your case from a legal point of view. They know how to approach your lender and will prepare your application using the best negotiation techniques on your behalf.
* They have long-term relationships. A good loan modification attorney has established contacts with many of the major lenders. When the law firm calls the lender, they often speak with the same people time and again. We use these relationships to your advantage.
* Know who you are hiring. You can look up an attorney on the California Bar website to check their status. They are also regulated by the State to insure good conduct. There are a lot of scammers in the loan modification field. Don’t give your money to someone you can’t verify.
* We provide several options. If a loan modification is not right for you we’ll tell you. We will present you with many different debt relief options and you can decide what is right for you.
We track our success! Come in to our office and review the loan modifications that we have recently obtained for homeowners with your same lender. We also offer free consultations for all new clients, and have two convenient office locations. Contact an Bay Area Loan Modification Attorney at: 1-510-456-7400 or email us at: firstname.lastname@example.org