Receiving help with a loan modification application is especially for individuals who are:
More than three months delinquent on their mortgage
In Foreclosure already (a Notice of Default has been filed)
Self-Employed, or receive non-standard income (such as rent from roommates/boarders)
Live in properties that have defects or significantly deferred maintenance.
Too often, homeowners who are behind on their mortgage payments, and apply for a loan modification without the advice and assistance of an experienced professional make their situation worse. We also see homeowners – desperate for help and in a panic to save their home – fall victim to scams and other unethical actors.
The common mistakes that people make include:
- Not documenting enough income to qualify for the modified payment plan (because they don’t know the sweet spot for the necessary income – or even how to document non-standard income).
- Not establishing how the financial hardship has ended and that the application supports a likelihood of success in paying a loan modification (instead they often present an application that makes their financial situation look so bad, the lender cannot approve them).
- Submitting documentation that goes against the modification approval guidelines (it’s like shooting yourself in the foot).
- Not providing evidence that shows some expenses are paid by someone else or are not necessary to be paid at all.
- Not properly challenging a property valuation – or knowing when and how to challenge a valuation.
The help You need includes:
Writing a winning hardship letter with the right information stated.
Documenting sufficient income to support being able to pay a modified payment schedule.
Documenting self-employment or independent contractor income, and other non-standard types of income from monetary assets, government assistance, roommates, tenants, or boarders.
Documenting financial contributions that help reduce/offset household expenses.
Properly evaluate the property value and how to challenge the lender’s valuation.
With over 25 years of experience handling mortgage approval issues, Attorney Darren DiMarco leads our loan modification team. Since 2008, he has helped hundreds of homeowners receive an approved loan modification or other resolution to their delinquent mortgage. During a free initial consultation, he will first review your specific set of circumstances, discuss with you your options and the right strategy to obtain an approved modification.
At DiMarco Warshaw, our team provides a range of legal services aligned with the needs of our clients. When you hire us, you will always receive one-on-one client attention and representation that helps you get the best outcome for your legal situation. If you need an attorney in California, contact us at 888-890-5474 to schedule a consultation and get the advice and representation you need.
Contact DiMarco Warshaw, A Professional Law Corporationin California Today
Getting the legal help you need is right at your fingertips. Contact us today to schedule a consultation. We will discuss your circumstances, explain your options, and help you determine your next best steps.
Get in Touch
- 1 Free Phone Consultation
- 2 Serving All of California
- 3 Options to Solve Debt Issues