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What is the Difference? A loan modification is where you basically go to the bank, hat in hand, and beg them to re-do your loan so that the payments are lower. Very few loan modifications actually get done, and sometimes the bank even comes back with a higher loan payment! Most of the time the bank won’t even talk to you, say they haven’t received your documents, or simply don’t know what is happening. Loan litigation involves an attorney, representing you, filing a lawsuit against your lender and forcing them to come to the table. The first strategy is to delay your foreclosure sale, because the longer the bank has a non-performing loan on its books, the more anxious the bank is to remove it. During loan litigation, your loan documents are reviewed and violations of federal and state law are documented and put forth to the court as claims as to why your loan may be defective. The ultimate goal is a settlement which results in a loan which is good for you. Stay in Your Home One of the benefits of loan litigation is that the bank cannot foreclose during the litigation process. This permits you to stay in your home while the litigation is ongoing, which can be anywhere from six to 12 months or longer. My Foreclosure Sale is in a Few Days Often we can get a delay in the foreclosure sale (Trustee’s Sale) by initiating the lawsuit. Part of our process is to file a motion with the court asking for an order preventing the lender from foreclosing until the case is fully litigated. What if I’m Not Behind, But I’m Seriously Upside Down? This program may work for you as well. Because the goal is to create a new loan which is affordable and makes sense given current market conditions and values, we may be able to help you as well. What are the Costs? Unlike most attorneys, who require a $3,500 to $5,000 up front retainer fee, we are waiving the $3,500 retainer fee. We charge an affordable monthly maintenance fee to litigate your case and a contingency fee as a percentage of any principle write down that is settled upon with the lender. For more information on our Foreclosure Defense program, contact us at 623-298-4220 or email us.mailto:Info@BuschLawCenter.com?subject=Foreclosure%20Defense%20Info,%20pleaseshapeimage_6_link_0
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