Loan Modification

A Loan Modification is the most practical option if you want to stay in your home permanently. With this option, you negotiate with your mortgage lender(s) to reach an agreement to modify the original terms of your loan. The goal here is to reduce the monthly payment to a more affordable amount. This can include adjusting one or more of the following terms: 1) reducing or re-amortizing the amount of the loan, 2) the repayment term/length of the loan, and/or, 3) lowering the interest rate.

The success of a loan modification is determined primarily by the following factors:

  1. Your debt to income ratio (your monthly income vs. expenses);
  2. Completness and accuracy of the required documentation;
  3. Diligent follow-up with the lender;
  4. Understanding of the Lender's internal loan modification processing policies;

According to the checklist above, almost all borrowers should qualify for the HAMP loan modification program, right?

Unfortunately, the reality of qualifying is quite different. Statistics released by the U.S. Treasury in October 2010 report that less than 8% of all applicants successfully and permanently modified their home loans.

The success of a loan modification is determined primarily by the following factors:

1. Your monthly income

2. Completeness of the required documentation

3. Your diligent follow-up with the lender

4. The date that you applied for the program

5. Your luck in getting a skilled and well-experienced negotiator assigned by the bank to review and process your application.

We have seen scores of policy changes by both the banks and the government over the last 10 years. When meeting with the Lugash Law Center we will discuss your specific situation to make the best determination as to how to approach your possible loan modification application.

The best advise that we can give a homeowner in distress is to act quickly and avoid any further delays.


The Lugash Law Center has been involved in thousands of loan modifications and has learned that getting approved for a "permanent" loan modification can be extremely stressful and difficult for the average borrower.

Having an attorney who is experienced, knowledgeable and maintains relationships with lending institutions is an important step in giving a borrower the best chance at a successful loan modification.

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“I offer anyone who is interested a free consultation to go over their situation.  I can’t promise that I’ll tell you what you want to hear, but I can guarantee that you will leave our meeting with all of your questions answered and the information necessary to make an informed decision about what your next step should be”  - Spencer Lugash

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