Dear Valued Client:

I’d like to take this opportunity to thank you for your previous business and offer a financial alternative for those in need during this distressed credit and financial climate. Many borrowers have found themselves on the depreciating and deficient end of changing home loan terms leading to an escalating financial hardship and potential home foreclosure.

Lenders are quickly realizing that loan modification is a better solution to the large amount of foreclosures they have been inundated within the last two years.  Housing advocates across the country continue to pressure banks to increase their loan modification efforts.  Statistics do show an increased willingness to work with law firms in helping borrowers stay in their homes, rather than have them be lost.  Legal professionals have advocated the additional aid to homeowners through government programs that could make it easier for servicers and lenders to offer modifications.  Some of the banks that were taken over by the government in recent months have already adopted stronger measures and tens of thousands of homeowners have been helped.

In understanding the challenges in obtaining a loan modification. Subject to your personal circumstance and need, the law firm of Stibor Group may be able to help you keep your home. The Stibor Group follows a multi-step process to help ensure a thorough review of your financial paperwork.   After you send in the paperwork, one of our compliance director’s will review your application. Each case is unique and numerous variables go into determining if you are eligible for a loan modification. Once the determination is made and payment is arranged, the attorney will diligently work through your modification package and begin negotiating with your lender.

In the most basic form, a successful loan modification will change your existing mortgage note and give you some type of modified rate, term or balance, which is geared towards making your payment more affordable, so that you can remain in your home.  Some of these modifications to the note are temporary while others are permanent.  Lenders might propose other options if they believe a loan modification is not possible. In general, lenders do need to see some type of hardship to warrant a loan modification and do need to establish other criteria to make sure a modification is feasible.   Some types of hardships include:  your payment adjusted higher and you can no longer afford; your rate is going to adjust and you are already have difficulty paying; loss of income due to unforeseen circumstances.   Hardships are usually demonstrated through financial information and other documents, which include but are not limited to last 2 years W2’s or 1099’s, copy of current pay stubs, 2 months of bank statements, and a copy of mortgage statements (if loan is adjustable, the date loan is adjusting or if loan is currently adjusting, original payment and current payment figures).

Lenders do also use common sense to assess the likelihood that person would continue to make payments if a modification was approved.  With approximately 2,700 people per day losing their homes right now and with millions in foreclosure, it is important that we begin helping you through this sensitive process as soon as possible.

We are here to help so please ask any and all questions.  If you do need more information, you can visit the law firm website at www.stiborgroup.com.

Respectfully,

Ryan Stibor, Esq.