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For most people, their home is their most valuable asset, but it is also much more than that. Home is where we find comfort, where memories are made and families grow together. Losing your home to foreclosure is much more than a financial setback, it can throw your life into complete disarray and upend many aspects of your life, from friendships and commutes to where your kids go to school. We help homeowners who are in danger of losing their homes to foreclosure and work with their lender to negotiate better terms on their mortgage. Massachusetts law requires mortgage lenders to make a good faith effort to avoid foreclosure by evaluating homeowners for possible loan modifications. Unfortunately, many mortgage companies are too quick to deny a loan modification request, often because of technicalities or insufficient documentation. This happens frequently, even when the borrower should qualify under state guidelines. Lenders evaluating a modification request must consider the homeowners ability to make an affordable monthly payment and determine whether the mortgage can be modified in such a way to achieve the affordable monthly payment, either through interest rate reduction, principal reduction, extension of the maturity date, or a combination of the three. If the sum of payments under a modified mortgage loan exceeds the present value of what the bank expects to receive at foreclosure, then it must offer a loan modification to the homeowners. When negotiating a mortgage modification, it is crucial to understand the guidelines banks must follow to hold them accountable when they do not. Often a simple miscalculation of household income, or an overestimate of the property’s value can result in the denial of a modification request.
We guide our clients through every step of the modification process, from application to appeal and, if necessary filing suit to ensure our clients’ circumstances are properly evaluated and that a loan modification is offered when they qualify. When the banks wrongfully deny an application, we hold them accountable, bringing claims under the Massachusetts Consumer Protection Act (Mass. Gen. Laws. C 93A) and other consumer protection laws. Lipton Law Group is dedicated to helping people avoid foreclosure and keep their homes. If you are having difficulty making your mortgage payments, have already fallen behind or even if you’ve already received a foreclosure notice we can help you to stop a foreclosure, modify your mortgage loan.