The Robert Russell Law Office has provided mortgage modification services since the beginning days of the mortgage/housing crisis. Unlike many places, we will not accept money and attempt a modification unless we really believe you should qualify. We offer a free consultation to see if you qualify. We provide homeowners with the tools and advice to save their homes through the various federal and private programs to modify mortgages and bring them current.
There are many types of mortgage modification including HAMP modifications (Tier 1 & Tier 2) , “in house” modifications and FHFA “Streamlined” Modifications. Regardless of the type, a mortgage modification results in your mortgage being deemed “current.” A modification may also result in a reduced mortgage payment, a reduced interest rate and/or an extended mortgage term. This means that a foreclosure will not occur as long as you do not default on the modified terms.
Also, if you have been the victim of a mortgage modification scam, we also have had success putting them out of business and/or obtaining refunds for injured clients.
HAMP modifications are those made available under a specific federal program (the Home Affordable Modification Program). HAMP modifications follow particular federal requirements and guidelines. There is an actual formula and rules to determine if you should qualify. http://www.makinghomeaffordable.gov/pages/default.aspx?gclid=CMn_q7qAy7gCFY9xQgodznEAbw
In House Modification
An “in house” modification is a modification offered by a particular mortgage investor according to rules they set themselves or set in house. Many of these programs are quite similar to HAMP requirements.
FHFA Streamlined Modifications
FHFA streamlined modifications are for Freddie Mac and Fannie Mae loans where a borrower is at least 90 days past due. Other qualifications exist. http://www.fhfa.gov/webfiles/25068/StreamlinedModInit32713Final.pdf