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Loan Modification

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If you are one of the thousands of families in Las Vegas struggling to pay your mortgage, you may be eligible to modify your loan and with the help of The Law Office of Romeo R. Perez, you may be able to keep your home!

If you:

• Are struggling to make your mortgage payments or behind on your payments
• Have been issued a Notice of Default or Trustee Sale (auction date on your property)
• Are current but can’t afford to make the payment anymore
• Have lost your job or have suffered a valid hardship

There are several programs in place to help you.  Call my office today for a Free Consultation to see which plan best fits your situation. The Federal Government currently pays some banks an “incentive” to modify your loan.  Other banks have in-house plans that can help you. 

What is a Loan Modification?

A loan modification is much like a mortgage refinance that becomes a more affordable mortgage payment for your financial situation.  Under some programs, you may be able to adjust your loan to 31% of your income, including principal, interest, tax and insurance. 

Am I Eligible for a Loan Modification?

This will vary depending on your bank or loan servicer (who you send your mortgage payment to each month). The most common loan modification qualification standards:

• Experienced a documented hardship or change in financial circumstances
• Late or current on mortgage payments, does not matter
• Owns and occupies the property as a primary residence
• CREDIT HISTORY IS NOT AN ISSUE

Important factors that can affect your eligibility:

• Do not purposely default to get a loan modification (we will NEVER ask you to stop making payments on your loan)
• Make sure you are responsive in working with your lender
• If you decide to call your lender on your own, it is very important for you to know that they will record your conversation and will use the information in your favor and/or AGAINST you

What Do I Need to Show the Bank?

The Law Office of Romeo R. Perez will help you to present your loan modification request to the bank in a way that makes sense to the bank to modify your loan.

What might support your modification request? Here are the points that you must be able to show your bank:

• A financial hardship in your financial circumstances.
• An effort to make your mortgage payments.
• All supporting documents including
1. Two most recent months of paystubs and/or current income
2. Profit and Loss statement for the past six months if you are self employed
3. Two most recent months of Bank Statements
4. Last two years of income taxes

• All documents showing ownership and actual possession of your home.
• An ability to pay the modified loan amount.
• Any other documents requested by the bank necessary to make the decision.

Remember your bank is essentially making a new loan to you after taking a loss on the first one. You need to demonstrate to the bank that you are able to pay on the new modified loan terms.

 BANKRUPTCY

What is a Chapter 7 Bankruptcy?

Chapter 7 is a federal bankruptcy statute that allows for a discharge or release of the debtor from personal liability for certain specified types of debts. The debtor is no longer required by law to pay any debts that are discharged. The Bankruptcy Judge issues an order directed to the creditors of the debtor that they refrain from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls and letters.

Why do People File a Chapter 7 Bankruptcy?

Generally people file Chapter 7 bankruptcy if they have a large amount of unsecured debt such as credit card debt or medical expenses that they are no longer able to pay. Often unemployment, unexpected medical expenses, or divorce prompt the cause the debtor to seek protection from creditors by filing Chapter 7 bankruptcy.

What is Chapter 13 Bankruptcy?

Chapter 13 is a federal statute that allows a debtor to file a plan showing how some of the past-due and current debts will be paid over a period of three to five years. The most important thing about a Chapter 13 case is that it allows the debtor to keep valuable property, like a home or car, even if the debtor is behind on payments or if there is equity in property not covered by exemptions.

 Why do People File a Chapter 13 Bankruptcy?

Generally, people file Chapter 13 if they have valuable property not covered by an exemption, like a home or car, but want to keep this property. If a debtor is behind on secured loan payments a Chapter 13 bankruptcy can allow the debtor to make up these payments over time while keeping the home or car.

How Often Can I File Bankruptcy?

You can file for Chapter 7 bankruptcy again after six years has passed from the date of your last filing. A Chapter 13 bankruptcy can be filed at any time.  Either filing will stop bill collectors from calling. 

Here at the Law offices of Romeo R. Perez, we understand that these tough economic times have put people in difficult financial circumstances. The decline in home values combined with an adjustable rate mortgage has made it nearly impossible for families to keep the dream home. Also unemployment has caused many families to fall behind on their bills. We would like to help you through these times. Whether you feel a bankruptcy is right for you or a loan modification, we can help with both. call my office today for a free first time consultation and we will answers all of your questions and determine which is the right next step for you and your family.