The following is an overview of our attorney loan modification services. For more information see www.AttorneyLoanAudit.com
ATTORNEY LOAN MODIFICATIONS
OVERVIEW OF OUR LOAN MODIFICATION SERVICES
I. STEP ONE: FORENSIC LOAN AUDIT
We start our loan modification services with a loan audit. The reason for this is simple, WE ARE SEEKING TO ESTABLISH YOUR LEGAL RIGHTS AND TO SEE IF YOU HAVE A RIGHT TO SUE FOR DAMAGES OR WHETHER YOU MAY HAVE A RIGHT TO RESCIND YOUR LOAN UNDER TRUTH IN LENDING LAW, OR WHERE A CONTRACT IS DEEMED UNCONSCIONABLE, OR WHERE A FOREIGN LANGUAGE CONTRACT WAS NOT USED, OR WHERE HOEPA WAS VIOLATED. Without auditing your loan files, there is absolutely no way to gain any leverage during the loan modification process. The lender's/loan servicers are very arrogant and insist that you have no right to a loan modification. They also do not believe the loan modification process involves "negotiation." Rather, it is their philosophy that you merely submit your financials and they will tell you what you qualify, if at all.
As a law firm, we do not accept this approach unless we have to. Instead, we perform a detailed loan audit that reconstructs your mortgage loan. We are looking for errors, violations, non-compliance and anything else we can find that may help us tip the scale and turn this one-sided process into a "negotiation" where you have rights to and where we engage in a bargaining process.
Typical Violations we Look for when conducting a forensic loan audit.
(a) Truth in Lending Violations (failure to give each borrower or person with ownership interest two copies each of their notice of right to cancel in a covered transaction OR failure to disclose material lending terms such as under-disclosing APR or Finance Charges). A truth in lending violation gives a borrower a right to rescind the loan for an extended three year period following the close of the loan.
(b) HOEPA (hi-cost loan violations). Failure to provide required disclosures in a HOEPA loan or use of prohibited terms. A HOEPA violation also gives a borrower a right to rescind the loan.
(c) RESPA Violations (such as failure to provide the required disclosures - good faith estimate and final HUD)
(d) Fraud (such as fraudulent disclosures, bait and switch marketing)
(e) Elder Abuse (where the loan is a predatory loan inflicted on borrowers who were 65 years or older at the time of the loan)
(f) Business and Professions Code Violation (where there are violations of any of the above, a case of violation of B&P 17200 can be made). A four year statute of limitations applies.
(g) Contract Formation Issues: (was a contract formed? A contract is not enforceable where there are vague, ambiguous, or illusory contract terms). If the promissory note is not a valid contract, this can be challenged. If the lender cannot produce the promissory note, a challenge can also be made.
This is just a short list of the mortgage compliance and legal violations we look for when conducting a forensic loan audit.
II. STEP TWO: DEMAND&NEGOTIATE WITH LEGAL DEPARTMENT / OR SUBMIT FINANCIALS TO LOSS MITIGATION
After we have ascertained your rights under a forensic loan audit we can advise you which direction we should take next. Two possible routes ensue following the audit:
(A) ATTORNEY LOAN MODIFICATION OPTION ONE:
For more information about this option visit our attorney loan modification website at www.AttorneyMods.com
(a) Where legal violations are found, we can prepare a Demand Letter and send it in to the legal department (typically this is the route to take if you have already been denied a loan modification and/or if we find any of the legal errors described above). Our demand letter points out the legal violations detected and requests a meaningful loan modification that the borrower can afford. It is not our goal or intention to submit any financial documentation and have the lender tell us what the borrower can or can't afford. We typically give the lender/servicer 14 business days to respond to our demand for a modification. If the lender grants the modification, or offers a counteroffer, we will continue to negotiate on your behalf and upon accepting a loan modification we can review the final paperwork to ensure it matches the agreed-upon modification.
If the lender denies a modification, we can discuss whether filing a lawsuit would be appropriate, submitting a rescission letter, filing Chapter 7/13 Bankruptcy, Short sale, Turning over the Deed (Deed in lieu of foreclosure), or Discuss submitting financials under option two below.
(B) ATTORNEY LOAN MODIFICATION OPTION TWO:
(b) This option involves us submitting your financial package to the lender and requesting a modification. This is our second choice as we have found many lenders (who already got their taxpayer financed "modification" to their business failure) are only willing to provide a band-aid in the form of a loan forbearance that forgives late payments and seeks to raise your payment for the short term.
That being said, this may be your only other option. Under option two we perform a wide variety of services designed to help secure the loan modification. The following services may be provided (at the attorneys discretion)
(i) we may send in a qualified written request that seeks a "life of the loan" accounting and/or a copy of your loan file for forensic loan auditing purposes (assuming your file has not been audited yet)
(ii) we send out a demand to the Lender/Servicer to disclose the holder of the loan or master servicer
(iii) we make a civil code demand for a loan modification (which includes a foreclosure loss analysis)
(iv) We have you detail your income, expenses, and hardship and package this for lender review
(v) We submit the loan modification package and follow up with the lender until we receive a response to our loan modification request.
Contact us for more Information ABOUT OUR LOAN MODIFICATION SERVICES:
TOLL FREE (877) 276-5084
Notice/Disclaimer /Contact Information: The preceeding information is general information only and not intended to serve as legal advice or a substitute for legal advice. For specific legal questions please contact a qualified attorney licensed in your state to assist you. There are no warranites or representations made that the following information is accurate, complete or up to date. In addition, any emails sens to us are not confidential and do not create an attorney client relationship. Please use your discretion before sending confidential information. The Law Offices of Steven C. Vondran is operated by Attorney Steve Vondran. Mr. Vondran is licensed to practice law in the States of Arizona and California and only seeks to solicit and serve Clients in these states. This is an advertisement and communication pursuant to state bar rules. There are no guarantees a loan audit will reveal any legal errors of compliance violations. There are likewise no guarantees any lender or loan servicer will modifiy any loan. Each loan, property, borrower, investor and servicer are different. In addition, there are no representations made that Mr. Vondran will accept any litigation case following a loan audit and demand letter to the lender.
For more information about Mr. Vondran's law firm please visit www.VondranLaw.com
the Attorney Loan Audit program can be reviewed at www.AttorneyMods.com
If you are a California Real Estate Broker looking for a DRE Approved Advance Fee Agreeement please visit www.AdvanceFeeContract.com
We have over 20 approved DRE companies as of this writing and have several advance fee agreement options available including an advance fee agreement that allows for outsourced Attorney Loan Audits and/or a letter to the Lender. We also have spanish advance fee agreements available.
If you are a homeowner and are looking for an attorney or law firm to handle your loan modification request, please visit www.loanmodsolutions,net
Fill out the form and a representative of our firm will contact you promptly to discuss your situation. We also have loan modification information available at www.AttorneyLoanAudit.com
For Brokers interested in loan modification seminars, please visit www.loanmodseminar.com
. The next seminar is scheduled for March 20th, 2009 in Long Beach, California. There is also another event scheduled in San Jose, California for March 27th, 2009.
Our Offices: California: 620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660
Arizona: 2415 E. Camelback Road, Suite 700, Phoenix, AZ 85016
Phone (877) 276-5084 Email: Steve@VondranLaw.com