Portland Mortgage Broker

A loan modification, simply defined, is an agreement signed by both lender and borrower to alter the terms of the original contract. Every modern mortgage contains the verbiage allowing this to take place, but it’s up to the parties involved to negotiate and agree to the terms of any changes. A borrower can initiate the modification discussion on his or her own, or they can hire an attorney to negotiate on their behalf. Almost every one of my modification clients has tried, in vain, to work something out with their lender by themselves. The process goes a lot like a court proceeding. Sure, you can represent yourself if you wish, but you likely only do this once in your lifetime and you’re going up against a prosecutorial team who does this for a living.

You have to ask yourself this question: “If your house was on the line, and whatever the judge ordered could potentially cost you tens of thousands of dollars in future mortgage interest, would you still be comfortable representing yourself?” If the answer is yes, then by all means – go for it. If your answer is a little more hesitant, or “no” altogether, then you need a good attorney.

This is where I and my legal partnerships come in. The average lender offer to a borrower seeking their own modification is a temporary reduction in the interest rate of between 1 and 2%. This is what Countrywide in particular recently offered more than 1 million borrowers. The legal office I use, on the other hand, has a proven track record of negotiating an average interest rate of 3.625% that is fixed for the entire remaining period of the loan.

If this is something that would benefit you, or you know somebody who is truly struggling to make their mortgage payments right now, please have them contact me right away so we can schedule a free consultation. I’ve helped a lot of homeowners already, and I look forward to helping you and your loved ones too.