Understanding Loan Modification
Forensic Audits
Success Cases
Testimonials
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Your Life After Bankruptcy
How It Works
Delinquent Tax
Debt Calculator
Fields Of Practice
Evictions
Pros & Cons
Deed In Lieu Of Foreclosure
Short Sale Process
Meet Our Team Of Lawyers
Contact InformationLoan Modification Process
Legal Debt Solutions 13 Step Process
-
Step 1: Intake Counseling
Legal Debt Solutions requires each client to sign and return both retainer and authorizations form prior to the start of any work. The retainer services as the contract between the client and Legal Debt Solutions. It defines the scope of work and the dollar amount that clients are charged. The last part of the retainer is an authorizations form. We will use this form to contact the mortgage holder to start the case. -
Step 2: Attorney Review & Approval
Each case will be reviewed independently by a practicing attorney.
Upon approval, the attorney will produce recommendations for the proper legal action to pursue. -
Step 3: Qualified Written Request (QWR)
A Qualified Written Request is a legal document sent on behalf of Legal Debt Solutions' clients to their lenders. It demands copies of certain paperwork associated with our clients to help modify your loan. -
Step 4: Processing
The case is organized and prepared by our experienced staff.
Case counselors contact clients to gather income and expense documents. In addition, case counselors will request bank statements and updated mortgage statements. -
Step 5: Underwriting Review
Each case undergoes a detailed review process to highlight any potential problems. Underwriters assemble the whole file together. Underwriters may contact client for updated income statements. -
Step 6: Forensic Audit
Legal Debt Solutions staff of mortgage experts will analyze every document for potential legal mistakes. A forensic audit will assess the loan documents received from the lender via Qualified Written Request. -
Step 7: Approval Prior To Submission
Legal Debt Solutions staff attorneys review each file prior to submission to lenders. Our attorneys check all the paperwork, review the financial information and make recommendations for you. -
Step 8: Submission To Lender
The file is sent to the lender via email and/or fax. Legal Debt Solutions contacts the lender to confirm that the file has been received. -
Step 9: Lender Review
Your lenders or bank will review the file.
If lenders seek more paperwork, they will usually contact both Legal Debt Solutions and the borrower for information. During this period, our underwriters will be constantly contacting the lender to follow up. -
Step 10: Negotiation With Lender
After reviewing the file, a loan negotiator is assigned to your case.
Our underwriters negotiate with loan negotiators on behalf of the client. The negotiation revolves around the amount of paperwork needed, income level, future payment amount, and trial plan payments. -
Step 11: Modification Offer
Upon a successful negotiation, Legal Debt Solutions' clients receive a modification offer which changes the mortgage note.
Our attorneys then review all modification offers to insure that the scope of work has been fulfilled. -
Step 12: Explanation Of Modification Offer
Legal Debt Solutions staff will contact the client to explain the offer.
We will advise the client regarding all available options. Our staff will assist the client, without pressure, until the client makes his/her choice. Commonly, all modifications include a trial plan, where the lender assesses the client’s ability to pay their mortgage. -
Step 13: Modification Approval
Upon accepting the modification offer, the client enters into a new agreement with the lender. Modification agreements are legal binding contracts signed in the presence of a signing officer (notary public).
Frequently Asked Questions [FAQ]
Still have questions? Read our FAQ to find your answer: Loan Modification FAQ
Forensic Loan Audits
The forensic loan document audit process is designed to discover if a lender violated the Truth in Lending Act: View Loan Audits