LEGAL TIP OF THE WEEK: Marine View Law & Escrow does Loan Modifications
DID YOU KNOW…
…that MVL&E can help you obtain a Loan Modification and reduce the principal amount owed on your mortgage?
Here at Marine View Law & Escrow we’ve helped many clients save their homes through loan modifications. We assist with not just first mortgages, but second mortgages as well. With a loan modification, we’re able to cure the default amount owed, and modify your monthly mortgage payment to an amount that is feasible for you and your family.
In addition to modifying the terms of your mortgage, as of March 2012, the US Department of Justice recently announced a $25 Billion Mortgage Settlement with five of the country’s largest mortgage lenders. In short, this settlement agreement requires these five lenders: Bank of America, Chase, Wells Fargo, CitiGroup, and Ally Financial, to provide financial relief to consumers.
What does this settlement mean to homeowners? The settlement requires the lenders to collectively contribute $20 Billion towards various forms of relief for homeowners. The primary form of relief being provided is a reduction of the principal amount owed on loans for homeowners who are in default and owe more on their mortgage then the home is worth. 75% of the $20 Billion in relief is required to be provided to homeowners within two years, which means that many homeowners will be entitled to such relief.
If you mortgage is through one of these five lenders: Bank of America, Chase, Wells Fargo, CitiGroup, or Ally Financial, or you receive any notifications in the mail regarding your eligibility for principal forgiveness, be sure to give us a call right away so that we can help you determine your rights, assist you with a loan modification, and save your home.
If you are facing financial hardship and are in default on your mortgage, and would like to keep your home and look into the possibility of a loan modification, give our office a call at (206) 878-8777 or visit us online at www.marineviewlaw.com.
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