LOAN MODIFICATION - NEVADA
Frequently Asked Questions
Nevada State License No. 3330
What Do We Do?
So we can determine the extent we will be able to help modify your problem home loan for real estate located in the State of Nevada, we first need to conduct a comprehensive review of your loan and financial documents, and other personal information. We then use this initial information to determine the extent that your particular circumstances warrant relief under the various loan modification programs that are available under applicable bank or government sponsored programs.
What Can You Expect to Happen Once You Retain FMG To Assist You With Obtaining a Loan Modification?
After our receipt of the signed retainer agreement we send to you, and the complete Mortgage Mitigation Application package is returned by you to FMG, we will provide legal services to you in the form of assisting you to seek practical ways to improve your present real estate debt structure, including but not limited to: (1) assisting you with gathering the information necessary to submit your file for modification with your lender; (2) pre-underwriting the file for submission to the lender; (3) reviewing and preparing your file for submission to the lender to give you the best possible chance at receiving a modification offer; and (4) planning submission of your file to the appropriate department with your lender for consideration of mortgage mitigation. Our services are further explained as follows:
Stage 1 - Information Gathering: Various lenders require different types of information to be gathered for submission for modification. You are no doubt like most average homeowners and are unaware of what specific information needs to be provided to your lender to start and expedite the modification process. Submission of incomplete or incorrect documentation can often substantially delay a modification request, or even cause the modification application to be denied outright. FMG has the knowledge, training and experience with most lenders to prepare for you a complete package of the mandated documents that will provide you with the best opportunity to obtain favorable and swift consideration of your modification request. During this first stage we take the raw date you give us, organize it, and then make an initial determination regarding your eligibility and potential for a successful modification.
Stage 2 - Analysis, File Preparation & Submission: During Stage 2 of FMG’s services we will review and analyze the facts and circumstances relating to your basis for hardship, review, analyze and preparing your budget and financials for submission to your lender, pull comps for a market analysis review of your property in question, conduct preliminary underwriting of your file, and make initial contact with your lender regarding their receipt of your file and modification request.
With respect to underwriting the file in anticipation of submission to your particular lender, FMG’s staff and consultants have expertise in the mortgage industry as a whole and in loan modifications specifically. FMG is uniquely qualified to process the large amounts of data lenders ask to review for modification and to package that information together in a coherent manner that allows us to “pre-qualify” your file and to render an opinion to you regarding whether or not you are a good candidate for modification. By using the data you provide and then applying FMG’s own resources and expertise to calculate your debt-to-income ratio, property value based on relevant comps in the area, gross versus net income, and other different metrics used by the various lenders, FMG is able to provide you with an opinion up front about the likelihood you will qualify for a modification with your particular lender. By utilizing FMG’s services you can be more confident about your chances of retaining your home and hopefully obtaining the best modification offer available and in much less time than you likely would be able to receive on your own.
Stage 3/Negotiation of Modification, Forbearance or Other Workout: During the final stage of FMG’s services, FMG undertakes all negotiations and actions on your behalf necessary to obtain a modification or some other form of loan workout plan. A modification offer or workout plan can include any type of loan modification in the form of interest rate reduction, principal reduction, payment reduction, an offer to change payment from negative amortization and/or interest only payment to a principal payment, a term extension, a deed in lieu of foreclosure, a forbearance agreement, an account being brought to a current status and/or a short sale offer. We carefully review your file and discuss all options with you along the way to ensure that we achieve the best possible result for you and your family’s particular circumstances.
Will You Actually Negotiate With My Lender On My Behalf?
Of course! FMG’s negotiators are experienced and skilled at traversing the lenders’ various paths toward mortgage mitigation, and when you retain FMG to work with you toward achieving mortgage mitigation, we provide you with all the necessary negotiation services to save you hours of both time and frustration as the process moves forward. In addition, we have skilled and helpful customer service representatives who will keep you regularly update regarding the progress on your file and any updated information needed, and who are capable of addressing any questions or concerns you may have along the way.
How Long Will The Process Take?
Assuming you otherwise qualify, and that the lender and you are able agree to an acceptable modification of your home loan, the loan modification process typically takes between 90-150 working days from submission. As to FMG’s role in pre-qualifying you and preparing your application for submission, timing can vary based on a given client’s cooperation and active participation in the process.
Why Use An Attorney to Seek Mortgage Mitigation?
FMG and its staff are trained on how to best process a loan modification request. We know the law and how to apply the law to your best advantage. A portion of the flat fees earned by FMG under our contractual agreement with you is for preparing a file that has the best chance of qualifying you for a modification. Additional flat fees are earned by FMG for actually negotiating and obtaining an offer of modified loan terms from your lender or loan servicer. In either case, the objective is to position your case so that you hopefully are provided with the best possible loan modification offer, whether or not these negotiated terms ultimately are accepted by you.
There of course are no guarantees on how long it will take you and your lender to reach an agreement on an acceptable loan modification, if ever, or that the lender even will offer any loan modification, or that you or FMG can actually reach a point where the proposed loan modification offer negotiated with your lender would be acceptable to you. What is certain, however, is that FMG’s mortgage consultants and trained negotiators are better equipped to prepare a successful modification application and/or address loan modification issues than an average homeowner, and that FMG’s attorneys and staff will work to both prepare your package and to obtain the best offer we are able to negotiate on your behalf.
Also, if a loan modification turns out not to be available, or is not a viable option for you, FMG is able and willing to discuss your retaining us to negotiate and close on a disposition of your real property through other alternatives to loan modification, including forbearance, a short sale, or a deed in lieu of foreclosure. Any such negotiation services must be the subject of a separate written agreement negotiated between you and FMG.
Why Wait?
The earlier you get started on this mortgage mitigation process, the better your chances are of being able to negotiate modified terms of your home loan that you can manage under your current financial circumstances. Once you have achieved a loan modification that fits your current ability to pay, so long as you stay current on your new payment schedule obligation, you will stay on in your house without the cloud of foreclosure.
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For additional information, please contact our Mortgage Mitigation Department toll free at (888) 416-7093 option 5, or Andrea Grant at agrant@fmglegal.com or (858) 642-2002 x 359.