Loan Modification
In sum, a loan modification is a modification or change in the terms of an existing real estate contract. Mr. Avrashow’s experience as a real estate lawyer, a licensed California real estate broker and as a corporate officer at both privately-held and publicly-held real estate development firms, provides a unique understanding of the sale and financing of real property.
Lenders are often more receptive to negotiating loan modifications with attorneys as opposed to homeowners without counsel, or who are represented by someone who is not a lawyer. Many homeowners prefer to have an experienced attorney represent them rather than negotiating directly with the lender. Only a lawyer can determine whether your lender has breached the contract. In the event of a breach, the firm can use this information to help negotiate a more reasonable loan modification. Loan modification firms and skilled real estate agents are not qualified to analyze the terms of legal contracts in representing the borrower in a loan modification.
The firm analyzes all loan documents to ascertain if any misrepresentations or omissions occurred, including but not limited to, the Real Estate Settlement and Procedures Act (RESPA), the Truth in Lending Act (TILA) and the Promissory Note to assess a Lender’s compliance with all applicable Federal rules, codes and regulations.
After its review, the firm advises its clients on various legal defenses in the event of foreclosure and on alternative solutions such as a Deed-in-Lieu of Foreclosure, or a “short-sale” of the property. While there is no guarantee that foreclosure can be prevented or even delayed, the firm provides vigorous advocacy in exploring all legal avenues available to the borrower.
The firm’s experience in representing real estate developers, a real estate brokerage, an escrow company and mortgage firm, provides valuable expertise to its clients in seeking a successful loan modification.
To fully represent its clients all direct negotiations with lenders is conducted by an attorney, and all direct negotiations with the lender and/or the loan service entity are conducted by attorney Wayne Avrashow. The firm offers a complimentary initial consultation to evaluate the merits of pursuing a loan modification.
The firm’s opinion that California law should provide mandatory mediation to all borrowers of owner occupied residential property prior to foreclosure was recently published in a column by Mr. Avrashow in The Daily Journal, California's foremost legal periodical.
Lenders are often more receptive to negotiating loan modifications with attorneys as opposed to homeowners without counsel, or who are represented by someone who is not a lawyer. Many homeowners prefer to have an experienced attorney represent them rather than negotiating directly with the lender. Only a lawyer can determine whether your lender has breached the contract. In the event of a breach, the firm can use this information to help negotiate a more reasonable loan modification. Loan modification firms and skilled real estate agents are not qualified to analyze the terms of legal contracts in representing the borrower in a loan modification.
The firm analyzes all loan documents to ascertain if any misrepresentations or omissions occurred, including but not limited to, the Real Estate Settlement and Procedures Act (RESPA), the Truth in Lending Act (TILA) and the Promissory Note to assess a Lender’s compliance with all applicable Federal rules, codes and regulations.
After its review, the firm advises its clients on various legal defenses in the event of foreclosure and on alternative solutions such as a Deed-in-Lieu of Foreclosure, or a “short-sale” of the property. While there is no guarantee that foreclosure can be prevented or even delayed, the firm provides vigorous advocacy in exploring all legal avenues available to the borrower.
The firm’s experience in representing real estate developers, a real estate brokerage, an escrow company and mortgage firm, provides valuable expertise to its clients in seeking a successful loan modification.
To fully represent its clients all direct negotiations with lenders is conducted by an attorney, and all direct negotiations with the lender and/or the loan service entity are conducted by attorney Wayne Avrashow. The firm offers a complimentary initial consultation to evaluate the merits of pursuing a loan modification.
The firm’s opinion that California law should provide mandatory mediation to all borrowers of owner occupied residential property prior to foreclosure was recently published in a column by Mr. Avrashow in The Daily Journal, California's foremost legal periodical.
