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Vokshori Law Group is keenly focused on mortgage law and real estate transactions. We provide clients with meaningful solutions at a time of significant change in the way the mortgage and real estate industries do business.
Our unrivaled approach
At Vokshori Law Group, we are committed to providing California homeowners with outstanding service, thoughtful counsel, and zealous advocacy.
What sets our practice apart from other loss mitigation companies is that our efforts are directed by California licensed Attorneys. The staff and Attorneys at VLG are well-versed in the law and thoroughly understand how to negotiate favorable loan modification terms directly with the servicing companies and their loss mitigation departments. We take pride in helping homeowners throughout California navigate through and qualify for a variety of loan modification programs.
Homeowners are facing unprecedented adversity
In the midst of the mortgage meltdown and the current financial crisis, many homeowners are running out of time to preserve their biggest asset, their homes.
In recent years, many homeowners were sold mortgage products that they did not understand or could not afford. Due to sloppy underwriting and greed, hosts of unscrupulous mortgage brokers and banks marketed loans irresponsibly. As these mortgages begin to re-set or as balloon payments become due, many find themselves unable to keep up with the payments and in many cases, unable to refinance their loan. As a result of the real estate crisis, the country has witnessed double-digit percentage declines in real estate values and many homeowners are faced with mortgage balances that far exceed the fair market value of their properties.
The tides are turning in your favor
Mortgage lenders and servicers recognize the disadvantages of carrying out foreclosures and are often willing to negotiate a loan modification to keep borrowers in their homes.
According to the Joint Economic Committee of Congress, the lender’s pre- and post-foreclosure expenses amount to $50,000 on average. The lender must bare the costs of losses on the property itself, property maintenance, appraisal, legal fees, lost revenue, insurance, marketing, and clean up. After making a cost-benefit analysis, these lenders realize foreclosure may result in net losses to investors. Therefore lenders and servicers are proactively seeking loan modification as a viable alternative.
Loan Modification is intended to help both the housing market and homeowners substantially. The housing market is already saturated with foreclosures; the fewer homes coming on the market, the quicker the market can absorb excess inventory and allow housing prices to stabilize and start to increase.
The Home Affordable Modification Program (“HAMP”) is the most widely used and known loan modification program. HAMP allows homeowners who have experienced financial hardship or other temporary hardship – income loss, medical expenses, divorce, etc. – and are struggling with or behind on their mortgage payments to modify their mortgage via such measures as lowering the interest rate to as low as 2 percent and extending the length of the mortgage up to 40 years so that the mortgage payment doesn’t exceed 31 percent of the homeowner’s gross income. Among other requirements, homeowners must make all their mortgage payments on time over a minimum three-month HAMP trial period to be eligible for a permanent HAMP modification.
But successfully completing a trial modification does not necessarily mean a permanent modification will be extended under HAMP. Homeowners need to pass strict HAMP eligibility guidelines that include, among other things:
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The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law); |
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The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill); |
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The home may not be investor-owned; |
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The home may not be vacant or condemned; and |
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First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than: |
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1 Unit: $729,750 |
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2 Units: $934,200 |
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3 Units: $1,129,250 |
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4 Units: $1,403,400 |
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Recently, HAMP has altered its guidelines such that borrowers in bankruptcy are not automatically eliminated from consideration for a modification. As a result, Vokshori Law Group has been able to successfully represent its loan modification clients in bankruptcy and its bankruptcy clients in negotiating a loan modification.
There are other programs that our loan modification Attorneys have experience with and have been able to successfully pursue on behalf of clients. For example, FHA loans will be considered under the FHA-Home Affordable Modification Program (FHA-HAMP), which has its own borrower eligibility criteria.
Our law firm will advocate for you
VLG has built its reputation by providing California homeowners with exceptional judgment, creative thinking, and a deep commitment to solving their problems.
Let Vokshori Law Group be your mortgage and tax advocates. Although each case is different and we cannot guarantee the outcome in any individual case, our recent outcomes have included reduced interest rates, forbearance of principal mortgage balance, lower monthly payments, forbearance agreements, extended terms of existing mortgage loans, temporary interest-only payment plans, mutually-agreeable short sales, and deed in lieu of foreclosure agreements.
Vokshori Law Group will help you explore your financial and legal options to achieve mortgage relief and retain homeownership. We will advocate on your behalf with the goal of saving your home and saving you money. To receive more information about our services please contact us at 213-986-4323, or get a free evaluation now |
