Mortgage Mitigation Help
Providing attorney representation for mortgage settlement, short sales, rate reduction negotiation, repayment modification, and mortgage deficiency judgments.
Our mortgage mitigation team understands that when a clients falls behind on mortgage payments, it results in serious consequences and tremendous financial anxiety. Many debt settlement companies are now "promoting" services that may not be in your best interest. The cold hard fact is, only an attorney is bound by law to exclusively represent your interest! That's why we say retaining an attorney from The Law Firm of Wampler, Souder and Sessing, L.L.C. to manage a loan modification, mortgage settlement or other mitigation issue is one of the best decisions you can make.
We're here to help you. Our mitigation attorneys can facilitate many solutions backed by laws governing financial institutions that are designed to protect you, the consumer! When a financial institution finds itself faced with legal counsel open to resolution, it can immediately create the conditions conducive to a favorable outcome for all parties. Unlike some settlement companies, our law firm does not originate mortgage products, nor does any lender compensate us for our services. We work on your behalf, exclusively!
Our mortgage mitigation services include:
- Debt Settlement: With mortgage programs, debt settlement can incorporate a wide range of scenarios. Some of the more common include:
- Outright reduction of the principle balance on an existing loan and the relevant adjustments to PITI payments. Reduction negotiations can include a reduction in rate to lower a set rate of interest, further reducing existing mortgage payments, making the home more affordable for the borrowers and in return providing the financial institution with a performing asset.
- Attorney based short sale negotiation is the process by which we negotiate an agreement with a financial institution which will allow you to sell a home on the open market, at market value, with the financial institution agreeing to release all liens on the property in exchange for the balance of net proceeds from your closing. Better than a deed-in-lieu of foreclosure, as the financial institution does not have to prepare and attempt to sell the property on the open market. In most instances, these negotiated terms can include allowing for both Realtor® commissions to be paid as well as all associated closing costs. Finally, we will negotiate to protect your interest and attempt to obtain a reduced or full waiver of deficiency judgment, in an effort to successfully clear our clients of any future financial obligation as it relates to the the home.
- Attorney based deficiency judgment reduction negotiation is the process by which our law team will attempt to negotiate a reduced settlement of an existing deficiency judgment on behalf of our client. These situation really are unfortunate as in most instances, had our law firm been retained during the lead up to the foreclosure, the judgment would most probably have been avoided. Financial institutions that have had to invest tens of thousands of dollars into foreclosing a home, then the subsequent time and investment in the sale of the home, are not very keen on waiving deficiency balances due to the extraordinary time and financial investments. Our lawyers are experts and can usually attain reasonable settlement amounts based upon your financial means.
- Loan Modification: Utilizing existing mortgage records, we can negotiate with your mortgage lender to make reasonable modifications to your existing loan documents that can make your ability to repay the obligation more realistic. Naturally, these modifications are based upon many factors to include your ability to actually meet any revised PITI mortgage payment, and may not be available to every person.
Attorney based loan modification can include:
- Converting an adjustable interest rate to a much lower fixed rate of interest without having to actually refinance an existing mortgage. This is typically the most effective way to adjust an out of control mortgage payment that's resulted from multiple interest rate resets.
- If you have a very high fixed rate of interest, but have fallen behind on your mortgage due to economic conditions, our mitigation attorneys can most probably negotiate a much lower rate, again, quite possibly without the need to refinance your existing mortgage.
- A permanent reduction in the principle amount owed based upon the existing value of the home in todays market, refactoring the loan payments based upon the revised loan amount creating a much lower payment.
- Each of these scenarios has the potential to dramatically reduce your mortgage payment.
- Mortgage Forbearance: Borrowers who have faced a financial hardship but now find themselves in a position financially to reinstate a mortgage to good standing via on time payments may face obstacles from lenders unwilling to work with them in good faith. Having an attorney to negotiate forbearance resolutions can make the process easier on you both emotionally and financially. Further, homeowners who used the FHA or VA loan program may have broader options to include assistance from HUD that lenders may neglect to present as a financial option.
- Predatory Lending Practices: It's not uncommon at all to come across cases where lenders have violated the law by engaging in predatory practices, charging excessive interest, or failing to properly disclose the terms of their loan. When this occurs, compensation can be obtained. While this does not occur in every case, working with qualified legal counsel based right here in Maryland is the only solution to make sure all of the bases are covered - from negotiating debt reduction to pursuing lenders that have violated the law.
- Truth In Lending Act (TILA): The Truth In Lending Act was created in 1968 as tool to protect you. It requires, in all consumer credit transactions, the clear disclosure of important terms in the lending arrangement. These terms include, but are not limited to, interest rate, interest rate resets, prepayment penalties, length of loan, the true cost of the loan and more. If you believe your lender failed to properly disclose the terms of your loan in violation of the Truth In Lending Act, The Law Firm of Wampler, Souder and Sessing, L.L.C. will be more than happy to review your case.
- Fair Credit Reporting Act: Every consumer has protection under the FCRA in how credit information is reported to credit repositories. The FCRA was created to provide consumers with protection against inaccurate credit information that affects your ability to attain new credit, your ability to attain a promotion or job opportunity and the financial damage that occurs as a result of the reporting of inaccurate credit information. If you believe creditors are reporting information which is impacting you, please contact The Law Offices of Wampler, Souder and Sessing, L.L.C. for a full review of the facts in the case.
With any mortgage mitigation option, the outcome will vary based upon your specific circumstances and the mortgage company we are negotiating with. The mortgage settlement and mitigation scenarios we provide are designed to educate you on what services we offer and where our services can be effective in creating financial solutions that benefit both you and your lender.
Economic conditions outside the control of consumers, from job loss, income reduction to rates of depreciation for homes not seen since the great depression, are putting millions of families at risk. These economic conditions have opened the doors to countless numbers of companies promoting their mortgage reduction or debt settlement services. Unfortunately (and all too often), these companies are making really outlandish promises to individuals and families preying on their desperation to truly ethically solve their financial problems - including promises that the debt will not only be completely forgiven, but also that the customer will get back money they have paid.
- Mortgage Payment Reduction Tip! Property tax appraiser offices around the country are charging consumers property tax rates based upon appraised values that have not taken into account the tremendous rates of depreciation over the last 2 years. Given the governments need for revenue, clearly they are in no hurry to reassess your homes value! Ensuring the county is accurately assessing your taxes at todays market value can reduce your mortgage payment from 3 to 10% or more based upon your area. This will result in lower escrow payments to the mortgage lender, and consequently, in a lower monthly mortgage payment!
The reality is that these debt settlement companies have little hope of being of assistance to their customers because they lack the high level of competence and the skill to properly negotiate debt reduction, and they have promised something that no one can deliver. Further, consumers have no assurances that these self professed "mortgage mitigation" or "loan modification" companies are really acting in their best interest. We know that it is outright deceptive to generally state that debts will be forgiven and money will be refunded. That's just not how real debt settlement, debt reduction, and mortgage reduction works.
Quality debt settlement and mortgage reduction that will produce real results requires more attention to detail, a thorough understanding of the laws that are designed to protect consumers, and the ability to take the actions necessary to enforce you legal standing. Intangibles the typical debt management company's sales-oriented "debt settlement counselors" can not legitimately equipped to handle.
Working directly to develop a custom solution for your exact situation, The Law Firm of Wampler, Souder & Sessing L.L.C. offers competent professional Legal Services to assist with debt settlement and mortgage reduction. Based right here in Maryland, we're pleased to represent clients throughout Maryland, Virginia, and Washington D.C. Our track record of obtaining reliable and successful results is really quite remarkable.
Please remember that each client brings different issues to the table. Debt must be resolved independently, unless Bankruptcy is filed, based on your own unique situation. You do have options! We're pleased to help our clients throughout Maryland, Washington D.C., and Virginia achieve excellent results through debt settlement, debt reduction, mortgage reduction, and through professional licensed legal services when necessary. Our ongoing track record of success in these each areas means you can rest assured that we'll actually help you find relief.
At The Law Firm of Wampler, Souder & Sessing L.L.C., we're truly committed to helping you! Real solutions are just a phone call away. Please Contact Us today at (301) 881-8895 to schedule an initial consultation.