Home Loan Modification Services

Frequently Asked Questions

What is a home loan modification?
Is a loan modification the right course of action for me?
What is the process when working with Heitmann Law?
Can't I do this myself?
Is this really just a loan refinance or some type of debt consolidation service?
What do I need to do to get started?
Do you have specific requirements in order to work with me?
How long will this loan modification take?
Is it better to wait? Or should I take care of this now?
I'm unemployed.  Can you help me?
Do you count just my income, or everyone in the house?  What if my spouse works but isn't on the title?
I'm currently renting out my property (or not currently living in it).  Can you help?
I heard this modification process might allow me to skip a payment.  Is that true?
Why would lenders and banks be willing to modify my loan?
Will I have to meet with the lender somewhere to sign a lot of paperwork?
What will my modified interest rate be when we're done?
How do I know if I qualify for a loan modification?
Is there any way to stop the foreclosure on my home?
Am I somehow being tricked into selling my home?
To qualify, do I need to be behind on my mortgage payments?
Do you prefer working with specific lenders?
I have received a Notice of Trustee sale alread.  Is it too late to help me?
What documentation is required of me for the loan modification application?
How successful are you in getting loan modifications approved for your clients?
How is payment handled for your services?
What forms of payment do you accept?

What is a home loan modification?
This is a negotiation between our team and your lender in an effort to adjust your loan's terms, like the loan duration or interest rate, to better reflect your current financial situation. This is a legal procedure and is done with the approval of your lender.

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Is a loan modification the right course of action for me?
If your adjustable interest rate is rising, or you've fallen behind (or about to fall behind) on your mortgage because of financial hardship, or if you owe more on your loan than your home is worth, then a home loan modification is likely the right course of action for you.

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What is the process when working with Heitmann Law?

Once you've completed the Loan Modification Package, we negotiate with your lender in an effort to modify your loan's terms, like the monthly payment amount, loan length, or interest rate. This process is geared toward getting (or keeping) your loan payments at a level you can afford.

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Can't I do this myself?
Probably not. Lenders are typically not responsive to working with borrowers directly in these types of negotiations, as you might have already found out. Our attorneys, though, can get things moving. We deal in real estate law, and we are experienced in legal dealings with lenders. We will work hard to protect your home.

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Is this really just a loan refinance or some type of debt consolidation service?
No, it's not. Even if you've been unsuccessful in an attempt to refinance, you might be approved for a loan modification with our assistance. Loan modifications are an attempt to adjust the terms of your existing loan through legal negotiations.

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What do I need to do to get started?
Read more about our Loan Modification Package and free consultation services.

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Do you have specific requirements in order to work with me?
We try to work with anyone in financial trouble with their loan.  However, if you have received a notice or default, have an ARM where the rate has increased, are the victim of predatory lending, are experiencing financial hardship, are already in foreclosure, or have a negative amortization loan, you are an ideal client for us.

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How long will this loan modification take?
This varies.  Everyone's situation is different and lenders have different processes.  It could take a few weeks or a few months. We do, however, negotiate with your lender to ensure you are able to stay in your home during this process.

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Is it better to wait? Or should I take care of this now?
The sooner you act, the sooner you can get results.  Waiting will likely limit your options.

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I'm unemployed.  Can you help me?
No, to qualify for a loan modification, you need a verifiable source of income.

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Do you count just my income, or everyone in the house?  What if my spouse works but isn't on the title?
We take all household income into consideration, not just the primary homeowner's.

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I'm currently renting out my property (or not currently living in it).  Can you help?
Yes, we might still be able to help you.

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I heard this modification process might allow me to skip a payment.  Is that true?
Yes, in most cases, we are able to capitalize one month's loan payment for our clients.

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Why would lenders and banks be willing to modify my loan?
Lenders want to avoid foreclosure. Foreclosing on your home and selling it are expensive propositions for the lenders. With proper negotiations, lenders recognize the value to them in home loan modifications.

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Will I have to meet with the lender somewhere to sign a lot of paperwork?
No, our office works hard to take away the pain by cutting through the legal-eze, handling the paperwork, and managing the negotiations.

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What will my modified interest rate be when we're done?
This depends.  Typically, we've been able to negotiate interest rates anywhere between 2.6% and 5.7% and moved clients into 30-year fixed rate mortgages.

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How do I know if I qualify for a loan modification?
You'll need a verifiable source of income. You'll need proof of hardship. To work with us, the loan must be for a property in New Jersey or New York. There are other criteria as well.  If you are uncertain about your qualifications for a loan modification, you can request a free consultation with one of our professionals.

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Is there any way to stop the foreclosure on my home?
Yes.  An attorney admitted to practice law in the state where the property is located may be able to help you if you act immediately.  If you live in NYC or NJ, you can contact us to inquire about protecting your property from foreclosure.  Just request a free consultation and let us know about your situation.

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Am I somehow being tricked into selling my home?
No, this loan modification process is about renegotiating the terms on your current loan. You remain the owner of your property.  This is all on the up and up, and we hold ourselves to high ethical standard when working on behalf of our clients.

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To qualify, do I need to be behind on my mortgage payments?
Not necessarily. If you've recently suffered financial hardship and are about to fall behind, lenders will take that into consideration. The loan modification process is about helping homeowners who are in trouble, whether you already are or you can see it coming soon.

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Do you prefer working with specific lenders?
We'll work with any lender. However, each lender has specific requirements which can affect the outcome or the time period to complete the loan modification process.

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I have received a Notice of Trustee sale already.  Is it too late to help me?
No, but don't wait.  If there are still a few days before your property's actual transfer sale date, one of our professionals might still be able to prevent the foreclosure.

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What documentation is required of me for the loan modification application?
Take a look at our Loan Modification Package for more information on the required documentation.  Note that credit scores are not used for qualitifcation.

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How successful are you in getting loan modifications approved for your clients?
We have saved many of our clients' homes.  Our background in providing real estate legal services makes us particularly suited to negotiating with lenders on your behalf.

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How is payment handled for your services?
We are providing legal representation that needs to be paid in advance, as a legal retainer is paid for any legal service. In certain cases, payment plans are available.

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What forms of payment do you accept?
Cash, cashier's check, or most major credit cards.

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