I have industrialized a loan modification and foreclosure defense formula for Massachusetts homeowners that: (1) increases their chances of a prosperous workout agreement; (2) gets their cases prioritized and handled by the mortgage enterprise lawyers, rather than a call-center operator with no authority; and (3) protects my clients' credit.
When I receive a call from a possible client finding for help with a loan modification or stopping a foreclosure, the most important demand they ask me is "What are you going to do for me?" They want to know either they're going to get results. My typical client is man who has worked hard all their life and doesn't want to waste legal fees on some lawyer who's just going to do the bare minimum. Another demand they have is "What makes using a lawyer separate than using one of those 'loan modification companies'?" The difference is simple. There are only two types of citizen who are allowed to legally record you: you yourself, and a lawyer licensed in your state. This means that if you want your rights, your family, and your home protected, you either need to record yourself or get a lawyer. And chances are that it will cost about the same dollar number either you use a loan modification enterprise or a licensed attorney.
Beaconhill
What does the average loan modification enterprise do? Not much. They ask you to fill out a financial questionnaire, collect documents that show your revenue and expenses, such as your tax returns, pay stubs, and utility bills. Then they ask you to give them those documents. Then they submit those documents to the mortgage company. That's all they do! They collect your documents and submit them -- something you could certainly do yourself -- and fee you thousands of dollars to do it. No wonder the loan modification commerce was recently called a "scam" by one of the most important state attorneys general in the country.
The formula for Massachusetts loan modifications and foreclosure defense. After spending essential time researching federal and Massachusetts mortgage and consumer-protection law, I have come up with a six-step process for getting a loan modification. It's legal, it's effective, and it's relatively simple.
1. Send a Respa "Qualified Written Request" to the mortgage company.
The Real Estate hamlet Procedures Act governs what your mortgage enterprise (called a "loan servicer") must do if you have a dispute with them. But the first thing you need to do is see if there is anything that is certainly worth disputing. There could be over-escrowing, allowing the loan servicer to hold on to your money without any good reason. There could be disputes over how much you owe for determined fees the servicer is charging you. There are myriad problems. No matter what the problem is, the formula for dealing with them is the same: sending a "qualified written request."
A grand written invite is plainly "a statement of the reasons for the reliance of the borrower, to the extent applicable, that the account is in error or provides adequate information to the servicer concerning other facts sought by the borrower." This means that you have to tell the servicer what they did wrong, and give them adequate facts to verify that that something was certainly done wrong.
After you send the grand written request, the mortgage enterprise has approximately one month to send an acknowledgement letter to you (simply stating your invite was received), and three months to resolve your issue. If they fail to do either of these in a timely manner, you can sue them for money damages.
And, maybe most importantly, it protects your credit. While the grand written invite is pending, the mortgage enterprise is certainly prohibited from doing any negative credit reporting about your account. This means that if you stop development your mortgage payment while this time, they can't description it to the credit bureaus. This is immensely important, especially if you are trying to refinance or keep your credit score up.
2. demand the mortgage-related documents and payoff facts from your mortgage company.
Here in Massachusetts, we have a wealth of consumer-protection laws. Take advantage of them. Some of our fellow citizens in other states aren't quite so lucky, no matter what your understanding is of the lawmakers on Beacon Hill. For instance, if you send a demand for the payoff number (the number you would have to pay to pay off your whole loan today), the mortgage enterprise is required to tip off you of the number within five enterprise days. Further, if you send a demand to your mortgage servicer for a copy of all documents connected to your account and all documents that have your signature on it, you must received a response within five days.
In the real world, most of these mortgage fellowships don't care adequate to send you this important facts within the time allowed. That means that, if they don't send you the facts in time, you can sue them for statutory damages, as well as for attorney's fees (if you get an attorney).
3. Analyze your mortgage documents for legal claims.
Getting a mortgage is a complex process, and there's a lot that can be done wrong while it. Even when you get the mortgage, there can be many reasons that the documents you signed at the closing are defective or could give you a claim against the mortgage enterprise or its agents. It is a highly regulated process. For example, did you know that determined Truth in Lending Act violations certainly allow you to rescind your mortgage and get back every singular dollar in interest that you've paid to the mortgage company? Did you know that if you paid fees at the closing that are unfair and deceptive, you could have a lawsuit against your mortgage broker? Did you know that it's an illegal trade practice if your broker put you into your loan at a high interest rate, telling you that the mortgage is only temporary and that you can refinance in a few years? From the Real Estate hamlet Procedures Act to the Truth in Lending Act, to the Massachusetts buyer credit Cost Disclosure Act to the Massachusetts buyer safety Act, there are many possible claims that you have against your mortgage company.
But what do all these claims give you? Leverage over the mortgage company. You can hold the threat of these claims over the mortgage company's head and use them to force the enterprise to give you a loan modification.
4. Analyze the mortgage company's responses to 1 and 2.
In increasing to the claims in the former letter, you can also analyze the mortgage company's responses to the demands you sent mentioned in Paragraphs 1 and 2. If there are any issues that were ignored, responses that weren't given, or documents that weren't presented (or weren't presented within the time requirements), you have supplementary claims. Most times -- at least in my Massachusetts law practice -- the mortgage enterprise doesn't respond in time. This gives you even more leverage on top of the other claims you found described in the former section.
5. Send a demand letter under the Massachusetts buyer safety Act.
This is ordinarily the last step. Let me be clear -- the goal here isn't to go to court, it's to get you a loan modification. But you need to threaten the mortgage enterprise with a lawsuit or else they won't pay attention.
Under the Massachusetts buyer safety Act, M.G.L. Chapter 93A, there is a exact process that a buyer must go through in order before he or she can file a lawsuit under that act. The process is that a buyer must send a "demand letter" stating what the mortgage enterprise did wrong, and requesting a dollar number that will right the wrong. If the enterprise doesn't send a response with a "reasonable" offer of hamlet within 30 days, and you then file a lawsuit against them and win, the number you win will be tripled by the court. This is a form of punitive damages that encourages fellowships to try to resolve buyer disputes before they go to court.
What will probably happen is that you'll receive a call from man at the mortgage enterprise asking you to hold off on the lawsuit in exchange for a loan modification agreement. You'll get to work with man higher up in the mortgage enterprise hierarchy; man with decision development authority who will comprehend the strengths of your position. At this point, you will of course need to submit facts to the mortgage enterprise documenting your revenue and expenses, and then you'll be done -- hopefully with lower payments and more money in the bank to take care of yourself and your family.
6. File a lawsuit to inflict your rights.
This is the last step, and one that you may not have to take. Your hope, if you are like most people, is that you will plainly get a loan modification, resume development payments (although at a lower, more reasonable rate), and get on with your life. This process can be draining, and most citizen are glad to desist it.
But if the mortgage enterprise is being difficult, this is a guaranteed way to force them to deal with you, one-on-one. At this point, the best thing you can do to safe yourself is get an attorney. Keep careful records while the preceding process and gift them to the attorney. The dollar number of your claims will bring the mortgage enterprise to the table.
Conclusion. By following the above steps, you have a much higher opportunity of getting the loan modification you're finding for. The mortgage enterprise will be forced to deal with you, and you'll get the advantage of dealing with man with the authority to give you what you want for your loan modification. Remember, these steps are exact to Massachusetts homeowners. Good luck!
Disclaimer: This description is made available by Culik Law P.C. And Attorney Josef Culik for educational purposes only as well as to give you general facts and a general insight of the law, not to provide exact legal advice. By reading this description you understand and respond that there is no attorney-client relationship between you and the author. This description should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
Getting a Loan Modification - Legal Strategy From a Massachusetts Lawyer
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