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Zachary Zawarski, Esq.
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Foreclosure Defense AttorneysZachary Zawarski is a Lehigh Valley foreclosure defense attorney. If you are facing foreclosure, we may be able to help you. We offer free consultations and we can determine if you qualify to refinance, can receive a loan modification, obtain short sale approval, or have any other options available to you to prevent foreclosure. Please contact us today for help.
Legal Services Provided
- Foreclosure Defense
- Short Sales
- Loan Modifications
- Mediation Representation
- Countersuits Against Lenders
- Striking Default Judgments
- Postponing Sheriff's Sales
- Deficiency Judgments
- Ejectment Actions
Loan Modification Advice
My mortgage exceeds 31% of my gross income, why won’t my lender modify my loan?
Fannie Mae and Freddie Mac own a lot of mortgages and they use loan servicers such as Bank of America, Wells Fargo, and Chase to service those loans. Servicers of Fannie Mae and Freddie Mac loans are required to review borrowers for HAMP loan modification applications. The basic eligibility criteria for a HAMP loan modification is that you mortgage payment must exceed 31% of your gross monthly income. If you earn $10,000 a month and your mortgage payment is $2,500, you are ineligible for the program. However, if your mortgage payment is $4,000, the HAMP guidelines would seek to lower your monthly …
10 Tips For Getting a Loan Modification Approved
Applying for and receiving a loan modification can be a frustrating process. Here are our top 10 tips to make sure that your loan modification process is handled efficiently and effectively to help maximize your chances of getting the relief that you need. 1. Make sure you qualify. In order to receive a loan modification, you first need to establish a bona fide hardship such as a decrease in your income, a loss of a job, unexpected medical bills, or a divorce. Second, lenders need to ensure that you will be able to afford a modified loan. If your loan …
What do I need to show to get a loan modification?
Many borrowers experience difficulty receiving a loan modification and the assistance of an attorney is often necessary in order to get approval. A successful loan modification requires an agreement between the borrower and the lender on the new terms of the loan. A loan modification puts both parties in better position so lenders do have an interest in approving loan modifications if the borrower qualifies and the borrower is able to continue making payments with the adjusted terms. Here is what is required in order to receive a loan modification. Loan Modification Requirements The borrower must establish the following three elements: …