HOW IT WORKS

A loan modification is a change in the contractual agreement of the terms between the lender and the homeowner.

The lender is not obligated to change any of the terms of the agreement to help you out, no matter how compelling your hardship is. The lender is entitled to rely on the agreement you made, and you and the law have given the lender the right to foreclose. However, a lender may be convinced to modify a loan if it can be persuaded that it is in its best interests to do so. American Law Firm will review your situation, including the reasons that led to your financial difficulties and the circumstances under which your loan was made, and will strongly advocate your case to your lender.

THE IMPORTANT FIRST STEP

The process begins when you contact our firm and begin working with your loss mitigation counselor. This is an important first step, and it is the hardest for most to take. Most people are embarrassed and humiliated that they have not been able to keep their ?word? and have fallen behind in their obligation. Many are in denial about the seriousness of their situation, or simply do not see a way out and so do nothing. Your loss mitigation counselor has worked with many in situations similar to yours, and if it is any consolation, perhaps worse. Your counselor is trained to know what you will need and will assist you in determining if you are a good candidate for a loan modification.

Taking that first step ? to find out where you stand and what your options are ? is the most important. We will not take your case unless it has potential for success. Likewise, we will not take your case unless you make an informed decision that is the right thing for you to do. With your counselor you will gather information necessary to make a realistic assessment. Whether or not you decide to go forward with the modification, you will benefit greatly from the thoroughness of this process.

UNDERWRITING AND LEGAL ANALYSIS

Once you have retained our office, the legal department will do a further in depth analysis of your matter. You lender will immediately be notified of our representation and will be instructed to direct further communication to our office. You will immediately be relieved of the stress and responsibility of dealing with your lender. Your case will be assigned to an underwriter who is familiar with your lender?s criteria and will analyze your financial information. Your case will also be assigned to a paralegal who will work with your underwriter and will keep you advised of progress. If you have provided us with the original loan documentation, we will review it for violations of RESPA and TILA and other consumer laws. We may contact you for additional information as the case progresses.

Our firm uses the most up-to-date technology, with sophisticated calendaring and tracking software, to streamline the handling of your case and to keep you informed of all progress and developments.

PRESENTATION OF CASE TO LENDER

The attorney will initiate communication with your lender. Depending on the facts of your case, the attorney may make certain legal demands upon your lender, such as a Qualified Written Request, to which the lender is obligated to respond within a stated amount of time, or may demand a ?face-to-face? meeting with your lender pursuant to CC § 2923.5. The attorney will take steps to put your case in a position of strength. Your case will be presented professionally and the merits argued strongly.

Through our analysis, we will demonstrate to the lender that the modification is in its best interest. We will make the demand for modification of terms of your loan, and negotiate with your lender to obtain the best terms possible.

MODIFICATION OF LOAN

Once we receive an offer it will be conveyed to you. Although terms vary greatly, generally you will be required to make a good faith payment to initiate the modification. Many lenders require borrowers to make payments under the modified agreement for a period of time such as 90 days, to demonstrate their ability to successfully handle the new payment, before they will make the modified terms permanent.

OUR COMMITMENT AND OUR GUARANTEE

The terms offered vary greatly, depending on many factors. An attorney is prohibited from guaranteeing specific results. We guarantee our best efforts in obtaining modification of you loan. If your lender declines to offer you any modification, we will refund the fees you have paid.