Mr. Morrison focuses his practice primarily on loan modifications. He has extensive experience in commercial and civil litigation as well as significant experience in negotiating dispute resolutions.

About Loan Modification

A loan modification changes the existing agreement between you and your lender.  A modification can result in the lender reducing the interest rate on your loan, replacing your adjustable rate loan with a fixed-rate loan, increasing the loan term, reducing the principal balance remaining on your loan, forgiving payment defaults and related fees, or a combination of these. 

Eligibility Requirements

When you can document a hardship caused by factors such as a reduction in income, loss of job, or an interest rate change resulting in an unaffordable monthly payment, you may qualify for a loan modification.  However, you must have steady income, show an ability to make payments under the restructured loan, and exhibit at least one of the following:

 

1. You are currently behind, or close to being behind, on your mortgage payments.
2. You can document your current financial condition and your ability to make payments under a new loan agreement.
3. You are experiencing short term financial difficulty.
4. You have minimal equity or no equity in our home.
5. You can demonstrate a good history of making timely mortgage payments before the hardship occurred.
6. You currently have an adjustable rate mortgage (ARM) that is ready to reset.
7. You currently have a high interest rate fixed mortgage.

Benefits of a Loan Modification

 

 

1. No new appraisal (most cases).
2. No origination fees, refinancing or closing costs.
3. Cures your past due status.
4. Protects your credit rating.
5. One time flat fee for services.
6. Protects your equity in the home (if applicable).

 

Advantages of Hiring an Attorney

 

1. An attorney has comprehensive knowledge of the legal system.
2. An attorney has knowledge of consumer protection laws.
3. An attorney uses a systematic approach.
4. An attorney will have, and maintain, an objective view of the situation.
5. Banks tend to respond better when they hear the word "attorney.”

 

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