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| Loan Modification |
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| At Connaghan | Newberry, in Las Vegas, Nevada, we represent clients throughout Clark County, including North Las Vegas and Henderson. We also represent clients in San Diego, California. Please read our diclaimer. |
As housing sales have fallen and mortgage re-financings have disappeared, loan modifications are the only thing
standing between millions of homeowners and the aspect of losing their homes to foreclosure. Simply put, a loan
modification is a negotiated transaction between a borrower and the current lender on that borrower’s mortgage.
The specific purpose of a loan modification is to bring the borrower’s monthly mortgage payments back in line
with his or her current financial situation. The primary requirement for a loan modification is a verifiable
financial hardship for the borrower. The hardship must directly relate to the borrower’s ability to make payments
toward the mortgage on the home in which he or she lives. Hardships include adjustable rate increases, a loss of
value in the property to a point of negative equity, and/or job loss. Once hardship is determined the work can
begin to reduce the monthly payments required of the borrower.
A loan modification can be negotiated by the borrower directly with the lender, by a modification shop, or
through an attorney’s office. Many borrowers will try initially to negotiate directly their lender in a do-it-yourself
manner. This is usually an extremely frustrating and unproductive endeavor due to the borrowers’ lack of
knowledge of the loan modification process. At the same time, lenders are reluctant to provide the time,
education, and advice in a situation where the lender would be negotiating against itself. Modification shops
participate in the loan modification process using negotiation templates that may or may not have been reviewed
by an attorney at one time. By running the process according to template, end results for borrowers can typically
be less than satisfactory due to the sense that money was left on the table in a negotiation didn’t yield as much
as it should have. Often forgotten is that a mortgage is, in itself, a legal document drawn by the lender with fine
print, difficult language, and obligations the borrower might not even be aware of. While these first two options
are always available to borrowers, an attorney’s experience and knowledge of mortgage documents and the
negotiation process can make a huge difference in the eventual outcome of a loan modification. Connaghan
Newberry prides itself in this area and works diligently on every case to get every concession they can from
lenders to bring mortgage obligations back to a level where they fit comfortably in to the budgets of their
clients.
standing between millions of homeowners and the aspect of losing their homes to foreclosure. Simply put, a loan
modification is a negotiated transaction between a borrower and the current lender on that borrower’s mortgage.
The specific purpose of a loan modification is to bring the borrower’s monthly mortgage payments back in line
with his or her current financial situation. The primary requirement for a loan modification is a verifiable
financial hardship for the borrower. The hardship must directly relate to the borrower’s ability to make payments
toward the mortgage on the home in which he or she lives. Hardships include adjustable rate increases, a loss of
value in the property to a point of negative equity, and/or job loss. Once hardship is determined the work can
begin to reduce the monthly payments required of the borrower.
A loan modification can be negotiated by the borrower directly with the lender, by a modification shop, or
through an attorney’s office. Many borrowers will try initially to negotiate directly their lender in a do-it-yourself
manner. This is usually an extremely frustrating and unproductive endeavor due to the borrowers’ lack of
knowledge of the loan modification process. At the same time, lenders are reluctant to provide the time,
education, and advice in a situation where the lender would be negotiating against itself. Modification shops
participate in the loan modification process using negotiation templates that may or may not have been reviewed
by an attorney at one time. By running the process according to template, end results for borrowers can typically
be less than satisfactory due to the sense that money was left on the table in a negotiation didn’t yield as much
as it should have. Often forgotten is that a mortgage is, in itself, a legal document drawn by the lender with fine
print, difficult language, and obligations the borrower might not even be aware of. While these first two options
are always available to borrowers, an attorney’s experience and knowledge of mortgage documents and the
negotiation process can make a huge difference in the eventual outcome of a loan modification. Connaghan
Newberry prides itself in this area and works diligently on every case to get every concession they can from
lenders to bring mortgage obligations back to a level where they fit comfortably in to the budgets of their
clients.
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