Slow-Cooked Loan Modification

A culinary approach to your mortgage problems

Main Ingredient-Your home is worth less than the amount owed on the mortgage

Ingredient No. 2-Your Monthly Housing Expense Takes Up Too Much of Your Budget

• The loan payment, plus taxes and insurance (and/or the maintenance assessment paid to a condominium association or a homeowner’s association) should not consume more than 31% of the borrower’s gross monthly salary.

Consult and Choose a Lawyer Experienced in Real Estate Matters

Make Sure Your Case Is Analyzed By The Lawyer, Not The Lawyer’s Assistant

Cooperate With Your Lawyer With Documents And Information

A Pinch Of Optimism And Realism

• Optimism says “I’m sure the bank will modify my loan”.

• Realism says “the bank is not legally obligated to modify the loan”.

• These two thoughts are not only natural, but necessary, and you can reconcile the two by knowing that you’ve grabbed the bull by the horns and are going to do everything within your power to rescue your home.

Combine The Ingredients With The Guile Of An Experienced Attorney

A Bit Of Patience, Generous Amounts Of Persistence, And Voilá!

A monthly housing expense that doesn’t strangle your budget. In other words, the cost of housing will not exceed 31% of the borrower’s gross monthly income.

If you were in foreclosure, the signing of the loan modification agreement will terminate the foreclosure lawsuit. You will not lose your home.

With the peace of mind brought about by the modification, you can dedicate time and energy to resolving your other financial difficulties (credit cards, medical debts, car repossessions), perhaps by declaring bankruptcy.

If this recipe seems appetizing, call us at 305-477-3000. The first consultation is free, and you will meet with an attorney, never an assistant. Visit our website, www.alban-law.com, to learn more about our firm and its practice philosophy.