Mortgage Loan Modification Lawyer in Media Helps You Avoid Foreclosure

Saving your home in Delaware or Chester County with loan modifications

For more than 30 years, the attorneys at David R. Black’s Bankruptcy Legal Group, a division of Black, Stranick & Cella, P.C. in Media, have helped clients avoid foreclosure by finding alternative ways to keep their homes. We understand how stressful it can be to face the prospect of losing your home. You do not have to face it alone.

What is a loan modification?

Loan modifications have become increasingly popular in the current housing market. A modification lowers your monthly mortgage payments, so you can afford to make them on time. This differs from a refinance, where you start fresh with a new loan — either from your existing lender or a competitor. A refinance is preferable in many ways, but homeowners who are struggling financially rarely have the high credit scores required to land a refinance agreement. However, they may have some leverage with their current lender, who might suffer a financial setback if the homeowner defaulted. This may allow the homeowner to negotiate terms of a modification, which might include:

  • Lower payments
  • Reduced interest rate
  • Increase in the term of the loan
  • Lower principal balance
  • Cash-out
  • Consolidation of multiple loans

The lender is not obligated to modify your loan, and each lender may have individual criteria for granting a loan modification.┬áIn cases where modification isn’t possible, a deed in lieu of foreclosure or filing a Chapter 13 bankruptcy to require the lender to work with you may be your best option.

It takes commitment and patience to navigate the system

When you hire our firm, we take the time to evaluate your situation and work diligently to determine the best course of action and prepare a mortgage foreclosure defense that allows you to keep your home. In some cases, we negotiate directly with your lender and reach terms that are more advantageous for you and your family. The David R. Black’s Bankruptcy Legal Group brings:

  • A strong work ethic. Many firms see your time of need as an opportunity to profit. Our esteemed reputation in the community reflects our strong work ethic and our determination to putting you on the road to financial recovery.
  • Experience. Our lawyers have experience negotiating and structuring loan modifications. Our law firm is experienced in both bankruptcy and refinancing and determines the best solution for your specific needs.
  • Diligence. We know where refinancing programs are and act as your guide to help you qualify. There are many federal programs, such as:
    • The Home Affordable Modification Program (HAMP)
    • The Home Affordable Foreclosure Alternatives (HAFA) program
    • The Federal Emergency Homeowners’ Loan Program (EHLP)

What can you expect from your attorney?

In efforts to relieve the distress you are experiencing, our firm works intensely through the multitude of documents required for your loan modification. Having your documents in order and readily accessible speeds up the modification process. Our experienced loan modification attorneys:

  • Prepare financial reports with copies of most recent pay stubs, expenses and tax documents.
  • Meticulously analyze your financial documents to determine what you can afford to spend monthly on your home. Having this figure prepared facilitates the negotiations and helps conclude this matter for you.
  • Prepare all hardship letters and required correspondence. As a borrower, you can improve your chances with an effective hardship letter clearly stating the specific details of your financial situation.

A loan modification may be your best option

Contact David R. Black’s Bankruptcy Legal Group, a division of Black, Stranick & Cella, P.C., at 610-365-1052 or online for a free consultation. Our office is conveniently located half a block from the Delaware County Courthouse, and is accessible by SEPTA, Regional Rail and the trolley. We are available Monday through Friday, 8:30 a.m. to 5:00 p.m., and are reachable by phone on weekends and after business hours if necessary.