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LOAN CLIENT SERVICE STANDARDS
MODIFICATIONS:
AVOID FORECLOSURE
AND SAVE YOUR HOME
1. Always keep our clients’ best interests in mind and do what is best
for our clients.
2. Return all phone calls and emails from clients immediately or as
soon as practicable by making it a top priority.
3. By providing our contact information to all clients and prospective
clients, we will be accessible to you when you need us.
4. We will spend the time to understand our clients’ needs, concerns
and motivations.
5. Keep our clients fully informed, and provide regular updates.
6. Exceed our clients’ expectations.
Law Offices of Michael J. Jaurigue
411 North Central Avenue, Suite 310
Glendale, CA 91203
Phone: (818) 432-3220
E-mail: michael@loomj.com
Law Offices of Michael J. Jaurigue
MISSION Do I need to be behind on my payments to qualify for a loan modifi- “attorney based.” In fact, however, many of these companies use
cation? non-lawyers to negotiate directly with lenders. The lawyers typi-
cally never meet with clients. These non-lawyers follow canned or
The U.S. is facing the worst housing crisis since the Great
Not necessarily. However, many lenders will only work with you if pre-determined scripts and use boiler-plate correspondence. They
Depression and foreclosure rates are at an all time high.
you are late or have missed payments. lack the training and expertise to exercise independent judgment
The Law Offices of Michael J. Jaurigue are committed to
regarding the needs of a particular client. This cookie-cutter ap-
helping homeowners avoid foreclosure and assisting
Why hire an attorney to negotiate my loan modification? proach is often not the best procedure for debtors, whose circum-
them in achieving the most effective and affordable
stances and financial conditions widely vary.
long-term solutions to keep their homes in this difficult
economy. Over 80% of owners who attempt to obtain loan modifications on
their own are denied. The loan modification process is complex,
In dealing with such companies, we recommend you do the fol-
SERVICES time-consuming, and it is easy to get lost in “the system.” More- lowing:
over, lenders represent their own interests - not your best interest
Ask to speak to the attorney involved with the company to
and they are unlikely to offer you the most favorable long-term
Mr. Jaurigue represents homeowners in negotiations with determine whether that attorney will actually analyze your
solutions or terms for a loan modification. For example, a lender
banks to obtain favorable loan modifications. The pri- financial situation, prepare your loan modification applica-
may offer you a forbearance. Forbearance agreements are not true
mary purpose of a loan modification is to help make your tion, and directly negotiate with your lender.
modifications to the terms of your loan agreement, and rarely pro-
loan more affordable and keep you in your home. Mr.
vide a long-term solution that keeps you in your home.
Jaurigue also performs forensic mortgage audits to evalu-
Beware of companies that offer 100% guarantees; attorneys,
ate potential claims against lenders (who failed to comply
When an attorney is involved, calls get answered and letters are by law, are prohibited from making such guarantees.
with federal and state government regulations in the
responded to in a more timely manner. The possibility of asserting
lending process or who engaged in predatory lending
claims against a lender may provide leverage in the negotiation Beware of companies that charge high up front fees, even
practices) .
process. Thus, using an attorney gets your lender’s attention and before performing a preliminary analysis of your chances in
can often make the difference between saving your home or losing getting a loan modification.
COMMONLY ASKED QUESTIONS
it.
What is a loan modification?
How is your loan modification service different and/or bet-
To achieve the best result, you should contact an attorney before ter?
A loan modification results in a permanent alteration of submitting your personal information to a lender or trying to inde-
the terms of a loan, allowing a borrower to reinstate a pendently negotiate a loan modification. It is important to know An attorney personally meets with each client and consults
loan. Loan modifications are usually granted in the form your rights and consult an attorney before signing any agreements with and updates the client throughout the entire process.
of interest rate reductions, followed by fixing the rate for with your lender or loan servicing company.
a certain time frame. A principal rate reduction may be An attorney performs an independent evaluation of a client’s
granted if the borrower meets certain strict criteria. What are “attorney backed,” “attorney assisted” or financial condition and mortgage(s), and recommends a long
“attorney based” loan modification services? term solution tailored to the client’s unique goals and needs.
How long does it take to get a loan modification ap-
Recently the demand for loss mitigation services has grown expo-
proved?
nentially. The industry, however, is loosely regulated. A substantial An attorney negotiates directly with your lenders to obtain
number of unethical companies that purport to provide loss mitiga- the most favorable loan modification.
The average modification takes between 60-90 days. tion, loan modification and stop foreclosure services have been
advertising that they are “attorney backed,” “attorney assisted” or
