Lender Law


We can assist you understand, select, and obtain the best result to keep your home or to leave your home.

How to Keep Your Home

Chaper 13 Bankruptcy
This option allows you to reorganize your debts.  If you are behind on your payments because of illness or loss or reduction in income and can now make your payment, the court can require the lender to accept current payments and give you 3 to 5 years to pay back your missed payments. We can also request reduction in your payment that is an acceptable percentage of your new income level.

RMA Request for Loan Modification
We will review your initial documents to determine the likelihood of acceptance by the bank that you meet the required guidelines. Requesting a loan modification with the lender is a long process.  We will work with the bank and present the information to the bank to ensure that they are properly processing your documents.  You must submit all documentation at least 37 days prior to your sale date.  Don't hesitate to get your documents immediately when you receive any Notice from your lender.

The bank will waive your payment for a few months if you will be disabled or unable to pay for a short term. Your payment will then begin ata  time certain without any negative impact on your loan.

How to Leave Your Home

There are many factors to consider when deciding that you are going to leave your home.
Deficiency - If you owe more than the value of the home, the bank may request that you pay the difference.  If they write off the difference, you will be sent a 1099 that will increase your taxable income for the year.
Credit Report - the foreclosure mark on your home significantly decreases your credit score and will remain on your credi report for up to 7 years.
Vandalism/Home Vacancy/Moving Costs - If you abandon your home, it may be subject to vandalism.  The value of the home will decrease significantly which may increase the deficiency amount.

You have options that will address these issues. 
Short Sale - In a short sale approval process, we will request that the bank waive any deficiency.  We will also request that the bank pay your attorney fees, realtor fees, and pay you an incentive to stay in the house to maintain its value.  There also may be HAFA incentives that you are entitled to receive under the Home Affordability government guidelines. A short sale is a better rating on your credit score.  You may qualify for a home loan 2 to 3 years after your short sale.

Deed In Lieu of Foreclosure - The bank may agree to accept the deed to the house instead of foreclosing.  You will have a date certain that you will be required to leave the house.  We can also negotiate payment for your moving costs.  It will be better on your credit score than Foreclosure rating.

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