Need a loan modification?

 

  • Simplify the process of obtaining a loan modification with Babi Legal Group
  • Save money by modifying your mortgage sooner than later
  • Get back on track with monthly payments

How to ease your mortgage through a loan modification in Livonia, MI

Have you been unsuccessful in loan modification? You’re not alone. Loan modifications are difficult to get, and many people have trouble understanding the process. At Babi Legal Group, we will help give you some insider information on a loan modification, and what steps to take if you want a loan modification.

In Livonia, MI you can protect your credit rating with a loan modification

A loan modification is often the best route for homeowners who are struggling to make their loan payments. The process can be complicated, but with help from an attorney or loan settlement company, you may be able to reduce your monthly payment or change the loan type to ensure that you can afford it.

If you’re struggling to keep up with your monthly mortgage payment—and don’t want to lose your home in the process—don’t despair. Loan modification can be a good solution. It’s important to find an option that best suits you and your financial situation. At Babi Legal Group, we have helped many people stay at home and find the best solution for their loan modifications!

What does loan modification mean?

Loan modification is a loan change made by the lender to help borrowers who are unable to afford their loan payments. Lenders offer different loan modifications, but they all have one goal in mind:  To prevent foreclosure so you get to stay in your home and the lender avoids the expense of seizing and reselling your property.

What does a loan modification do?

A loan modification is an agreement between borrowers and their lender where certain aspects of their original loan contract will be modified such as loan term, loan amount, interest rates, and monthly payments.  When you are offered a loan modification, find out how it is going to change your monthly mortgage payment in the short-term and long term. In addition to modifying repayment terms for your original loan, be sure that other costs like property taxes have been considered when coming up with an agreement!

A loan modification may involve lowering the interest rate on the balance remaining or extending the years before which one has to repay their debt but keep in mind there will still be future fees such as late charges if current conditions worsen so really think about what changes would work best for you now while trying new options first!

What is HAMP loan modification?

With the FHA HAMP loan modification you can make your monthly house payments more affordable. Work with our professionals to avoid foreclosure by making partial claims up to 30 percent of the unpaid principal balance as of the date of default combined with a loan modification. To confirm if you are capable of making the new FHA-HAMP payment, you must successfully complete a trial payment plan that is for three months and that requires each scheduled payment to be paid on time.

How to write a hardship letter for a loan modification?

The key to writing a great hardship letter for your loan modification is including examples of the hardships you are experiencing and any future plans that could help make payments. There are plenty of online examples, but our lawyers have proved time and again they are the best at solving this kind of situations based on your case. Contact us today!

What is HAMP loan modification?

With the FHA HAMP loan modification you can make your monthly house payments more affordable. Work with our professionals to avoid foreclosure by making partial claims up to 30 percent of the unpaid principal balance as of the date of default combined with a loan modification. To confirm if you are capable of making the new FHA-HAMP payment, you must successfully complete a trial payment plan that is for three months and that requires each scheduled payment to be paid on time.

How to write a hardship letter for a loan modification?

The key to writing a great hardship letter for your loan modification is including examples of the hardships you are experiencing and any future plans that could help make payments. There are plenty of online examples, but our lawyers have proved time and again they are the best at solving this kind of situations based on your case. Contact us today!

How to calculate the debt to income ratio for a loan modification?

The debt-to-income ratio for loan modification is the proportion of income that goes to paying debts. It’s important to include all monthly expenses in your calculations, not just housing or other loan payments. First, determine how much you earn each month and then find out what percentage this amount is of your total annual salary (before taxes). If it equals 30% or more, you should be eligible for loan modifications. The easiest way to calculate is simply take total monthly debts obligations divided by gross income each month—so if you owe $3200 every month but bring in only $3600 per year, your DTI would be around 85%.

How to get rid of a second mortgage without a loan modification?

If you’re struggling to make your loan payments, it’s best to contact the company who lent you money in the first place. They may be able to help with a loan modification or other relief options. Another option is taking out a second mortgage loan and paying off your original one which will free up some of your cash flow each month. However, if this does not work for you there are additional steps:

  • Selling your house for cash to pay off mortgage debt
  • Working with a settlement attorney at Babi Legal Group
  • Borrowing money from family
  • Getting assistance from government organizations

Who qualifies for a loan modification?

You can get your mortgage modified if you are at least one regular payment behind, or show that missing a payment is imminent. You must also provide evidence of significant financial hardship for reasons such as: long-term illness or disability; death of family member (and loss of their income); natural disaster; uninsured property damage; sudden increase in housing costs including hikes in taxes and homeowner association fees due to divorce.

What is a streamlined loan modification?

A streamlined loan modification is  a loan modification that is designed to help more borrowers and homeowners who have mortgages which are either owned or guaranteed by Fannie Mae or Freddie Mac.Freddie Mac Streamlined Modification is a no-documentation solution for severely delinquent homeowners. It provides a quicker path to affordable payments while enabling them to avoid foreclosure and stay in their home.

How to write a financial hardship letter for a loan modification?

In order to complete a loan modification, you may need to submit an official letter. Here are some tips for writing the best one and also includes a template that will guide you every step of the way. If you are in the unfortunate situation of needing to ask for a loan modification, following these tips will help your request be more effective. Keep it short and work with hard factual evidence like pay stubs or bank statements. Be honest- do not embellish or lie about any information that may affect your case negatively! Talk specifically what concession you would need from the lender when asking them for one; this allows all parties involved to remain on common ground as opposed to arguing over small details. The loan modification process is long and drawn out, but it is not impossible to complete. If you can prove that your loan needs a lower monthly payment due to financial hardship or show the lender proof of other assets (such as rental properties) then there’s a good chance that they will make an adjustment in their loan.

Who is eligible for a loan modification?

There are a number of reasons why you might not qualify for the loan modification, but if your home is in imminent danger and there’s no way out without assistance, then it may be worth looking into. There are some circumstances that will automatically disqualify you from getting approved for any type of mortgage help: being delinquent or close to defaulting on payments; suffering loss due to unemployment, death or disability; unable to make monthly payments because interest rates have increased dramatically since signing up (or decreased). But if none these apply and you’re still struggling with making ends meet while trying to keep up with your mortgage payment each month–then perhaps considering asking about what options could help prevent foreclosure before things get even worse.

How many times can you do a loan modification?

A lender may be more willing to grant a modification if it’s your first time asking for one. But, you should know that there is no legal limit on how many times you can ask for a change in loan terms. It will vary from lender to lender and on a case-by-case basis. Regardless of the number of requests made, lenders are generally understanding when life happens and people have financial difficulties as they go through different stages in their lives—for example, losing a job or experiencing the death of someone close.

About Babi Legal

Babi Legal Group provides exceptional legal and consulting services in a confidential and professional manner. The Firm’s combined 20 years of real estate experience, over 10 years of business law, criminal, bankruptcy, debt collection and debt settlement experience provide our clientele with the extraordinary personalized service they deserve.

Babi Legal Group is a law firm with an unrivaled reputation for providing exceptional legal services to clients in various areas of the law. The Law Firm of Babi Legal Group is fully committed to a philosophy of client service, excellence, proficiency, value and results.

Legal Practice Information

Babi Legal Group, PLLC
22710 Haggerty Rd
STE 151,
Farmington Hills, MI 48335
248-434-4110

See what others In Novi, MI have to say about Babi Legal’s Services.

Rocky H.

Melvin was a great attorney and took good care of me through the entire legal process. I highly recommend him for any legal services you may need.

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