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Mortgage Modification During A Foreclosure
If you retain The Berlinsky Law Firm, Stephen Berlinsky if appropriate will seek to get a modification of your mortgage loan to make you loan more affordable. As part of the foreclosure process Mr. Berlinsky will file a motion for conciliation or mediation seeking a modification of your loan. Mediation is a process where after making an application for a modification, you meeting with your attorney and the lenders attorney before a Certified Mediator who will attempt to get the parties to reach an agreement to modify the mortgage. The fees charged by the mediator are split equally between the parties. Conciliation differs in there is no mediator and you meet with me in my office and we have a discussion with the lenders attorney and lender representative during a conference call. The results are often the same but the cost to you is less. Modification of your mortgage may include a reduction of your interest rate (which reduces the payment), or an increase in the term of the mortgage (which reduces the payment) or a combination of both. In some cases the past due payments are added on to the end of the loan as a balloon payment but do not accrue interest. In rare cases debt reduction can occur.
To apply for a modification you will generally have to provide: a hardship letter explaining what prevented you from making your payments, complete a request for mortgage assistance form (RMA), complete a Form 4506T (which is a request for a copy of your income tax returns in transcript form), copies of your pay stubs, copies of your bank statements, copies of a utility bill to prove you reside in the home, you will complete a Dodd-Frank Certification form which confirms that you have not been convicted of a crime within the last 10 years in connection with a mortgage or real estate transaction, furthermore you will sign a borrower authorization firm authorizing Stephen Berlinsky as your attorney to speak with the lender. In some cases you will also provide contribution documents if a spouse or relative not liable on the loan is willing to provide you with financial assistance to obtain a modifcation. After you complete all the forms I request that my clients schedule an appointment to meet with me for an appointment that will last about one hour, to go over your forms page by page to make sure they are complete.