What is a Loan Modification and does it fit the needs of homeowners who cannot afford their mortgage payment and who owe more on their mortgage than the home is valued?
“A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.”
In the State of Nevada, an Attorney should negotiate on the behalf of a homeowner to get a loan modification approved. There are those that aren’t Attorneys that attempt to help homeowners, which is fine, but it’s against the law for them to charge you any up front fees.
A Las Vegas Homeowner does not have to be late on a payment in order to be approved for a loan modification. However; I have seen some Lenders deny a Loan Modification because the homeowners weren’t late on their mortgage, so it does come down to who your lender is.
We work with several reputable Attorney’s in Las Vegas they we can recommend to you if you are in need of a Loan Modification for your Las Vegas Home Loan. We can be reached at 702.838.7522 or complete our contact form and one of our representatives will contact you for a private consultation.
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As time passes we are also seeing the amount of approved loan modifications increase. Lenders are facing the facts with the nations downward sloping real estate values doubled by our depressed economy. In addition to seeing successful loan modifications, we are also gaining steam by using a program called Short Refinance. And the success with this program also depends on who your lender is and approval for the new loan is dependent on the home owner not being late on their mortgage.
This new trend is going to be a great thing for the real estate markets across the country. Laws are definately getting more accountable to this type of modification. I am a real estate agent in Colorado, just recently my state passed a law that allows for only attorneys and licesned mortgage brokers to negotiate the modifications for any individual.
This practice should have started 2 years ago and we may not be in the situation we are currently in. Good post.
what is the actual law in nevada that prevents “those who are not attorney’s” to charge up front fees on loan modifications??
Ms. Robinson,
Our legislation is currently in session right now. This was introduced as Assembly Bill #152. They will have to be licensed and not be able to charge upfront fees on loan modifications when it passes. Attorneys are a different story because they are governed by the State Bar of Nevada.