A loan modification is the most effective way to save a home from foreclosure. The homeowner and the bank agree to modify some of the basic terms of the loan to bring down the payments to a level that the homeowner can afford. Some of the means of lowering the payments are:
- Lowering the interest rate
- Extending the term of the loan
- Creating a balloon payment which is interest-free and payable at the end of the loan
- Forgiving principal
The bank can use any one of these techniques – or a combination of several of them – in order to qualify the homeowner for a monthly payment that is affordable.
As a general rule, banks would rather do a modification than foreclose on a property. Unfortunately, though foreclosures do happen even when the borrower is trying to work with the banks. The banks lose documents, ask for additional documents, and turn over staff members so quickly that the borrower never knows who he/she is working with.
Since 2006, our firm has helped over 4,000 people to save their homes from foreclosure. We will dedicate a team member to work on your loan modification. When possible, we will submit your loan modification applications directly to the bank’s lawyer to assure that none of the documents get lost. We have worked successful loan modifications with all of the major banks and loan servicers.
Read More Testimonials
“There is nothing like waiting for that knock on your front door to be served foreclosure papers. Desperate after consulting with another attorney I decided to go to the courthouse to look up some paperwork on our home. As I was getting the paperwork I ran into an attorney who worked for the banks and though he could not directly help me I asked him which foreclosure defense attorney would be his highest recommendation. I will never forget his response. He said, ‘If you want the guy who is the biggest pain in the butt for the banks I would suggest Malcolm Harrison.’ Since the courthouse was closing I got the paperwork I needed and immediately called Mr. Harrison’s office. Due to the urgency of my situation, Mr. Harrison offered to see me that night. I don’t think I was even able to come in to see him until roughly 8pm. Yes he was still working, he gave me all the time I needed and said he would put in an emergency hearing with the judge to stop the final judgment. He did just that! The simple fact is, if it wasn’t for Mr. Harrison I would have lost my house a few years ago. Furthermore by virtue of time I received a letter one day that explained that our second mortgage was completely wiped away free and clear. It was for a very large amount, which has now given us equity in our home and Mr. Harrison and his amazing staff are now in the middle of negotiating a loan modification for us. My heart goes out to anyone who is facing foreclosure and my suggestion is, if you want help, just as that bank attorney advised me that day in the courthouse ‘you want the guy who is the biggest thorn in the banks side, call Malcolm Harrison’.”— PAUL, DELRAY BEACH, BANK OF AMERICA