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Home Loan Modification Lawyer in Central Texas

Home Loan Modification

If you own a home and you are facing foreclosure because you are behind on your mortgage payments, do not forget that you have options other than filing a Chapter 13 bankruptcy case. Working with an experienced bankruptcy attorney and filing for a home loan modification can be a better alternative for you.

When your home loan has entered the foreclosure process, your mortgage servicer has retained an attorney and has commenced a legal process to take your home. You, therefore, need to also hire an attorney to represent your interests and protect your home. Thousands of Americans have lost their homes because they worked with a mortgage servicer and thought that the foreclosure process had stopped when indeed it had not. If the creditor who wants to take your home away from you has hired an attorney, you need one too.

If you file a complete home loan modification application 37 days before a foreclosure sale, federal non-bankruptcy law requires that the foreclosure process stop while your mortgage servicer reviews that modification application. It is therefore vital that you contact Erin Shank to commence the modification process as soon as possible. Texas is a non-judicial foreclosure state ─ this means that for most home loans the lender can foreclose on your home without ever asking a judge for permission. Since the process of foreclosure is very quick in Texas, contacting a lawyer familiar with foreclosure defense strategies and bankruptcy law is vital. Erin Shank is such a lawyer and has almost four decades of experience representing individuals just like you.

If you retain Erin B. Shank less than 37 days before foreclosure, Erin will attempt to stop the foreclosure sale with a written agreement from the mortgage servicer, while a home loan modification application is completed and reviewed. If such an agreement cannot be reached, she will file a Chapter 7 case, not a Chapter 13 case, in order to automatically stop the foreclose sale of your home. Foreclosure is therefore stayed by the bankruptcy filing and then a home loan modification application is submitted to the mortgage servicer. While a complete home loan modification application is pending, the servicer cannot start the foreclosure process without violating federal law.

Erin has obtained literally hundreds of home loan modifications for her clients thereby avoiding an unnecessary five-year wage and federal income tax refund garnishment Chapter 13 case. She is proud of her law firm’s innovative process of retaining client’s homes without the necessity of filing a Chapter 13 case.

In a home loan modification, Erin requests that the interest rate be reduced, and the term or length of the loan be extended so that the missed payments are cured. Many refer to this as putting the missed payments “at the end of the note”. This is a much more sensible way to cure missed payments other than a Chapter 13 bankruptcy filing.

Erin is currently suing two mortgage companies in federal district court in Waco, Texas who wrongfully denied two of her clients a home loan modification. She has saved these clients’ homes from foreclosure and is bringing to the Court’s attention the wrongful actions of these two mortgage servicers. Many servicers make incorrect decisions rejecting home loan modifications that harm homeowners. Additionally, it is anticipated that thousands of loans will go into foreclosure in early 2021 due to the Global Pandemic and the end of the mortgage foreclosure moratoriums in place due to the Coronavirus. You need an experienced bankruptcy attorney to help you save your home during the sea of foreclosures that are anticipated to begin in the near future.

Attorney Erin B. Shank and her paralegals have helped thousands of Texans through trying times. Erin has nearly 40 years of experience and deep knowledge of home loan modification, foreclosure defense, and bankruptcy law. She knows what you and your family are going through. Erin can help you understand your situation and explain what options will move you forward.

In this time of social distancing, Erin offers a 100% virtual experience to save your home. Her firm is committed to your convenience and safety during these trying and challenging times. Erin provides virtual consultations, electronic document gathering, electronic signatures, and e-filing. She is the only completely virtual “touch-free” bankruptcy attorney in Central Texas. That means that you can move through both the loan modification process and/or a bankruptcy case filing without ever leaving the comfort and safety of your own home.

For a free virtual initial case review from a home loan modification lawyer in Waco, Killeen, and Central Texas, contact Erin online or call her today.

How a Waco and Killeen Home Loan Modification Lawyer Can Help

If you are considering a home loan modification, talk with a mortgage loan modification lawyer about your options. As a Waco, Killeen, and Central Texas home loan modification attorney, Erin can review your case, explore your options, and help you move forward.

As a home loan modification attorney, Erin can help you by:

  • Avoiding foreclosure
  • Avoiding a Chapter 13 bankruptcy
  • Explain, complete, and deliver a complete home loan modification application to your mortgage servicer
  • Gathering the documentation to build the strongest case possible
  • Appealing wrongful denials of requests for home loan modifications
  • Advising you on the law and your rights
  • Explaining the repayment terms proposed on a successful home loan modification application

These are just a few of the ways that a mortgage modification lawyer can help you. If you are trying to avoid foreclosure and keep your home, a mortgage modification attorney like Erin may be able to help.

Potential Types of Loan Modifications

Every home loan is unique, and the type of mortgage modification you use will depend on the circumstances of your case. As a Waco, Killeen, and Central Texas home loan modification lawyer, Erin can walk you through your options and help you decide which one is best to pursue. A mortgage modification might give you:

  • Extended time to pay back the loan – You may be able to obtain an extension of your payment term or the length of your home loan payment. This allows you to pay back the arrearages on your home loan over a longer time and for a lesser monthly amount. Those lower monthly payments can reduce the financial pressure on you and make your home loan more affordable.
  • Reduced interest rates – A home loan modification may also allow you to get a reduced interest rate on your mortgage. A lower interest rate can reduce your monthly burden, resulting in significant savings and retention of your home.
  • Reduced principal – Some lenders may reduce the amount of principal that you owe on your home loan. This is especially the case when the alternative is foreclosure. If you have been struggling to pay your mortgage, talk to Erin. As a home loan modification lawyer in Waco, Killeen, and Central Texas, Erin can review your case and discuss your options.
  • Changing to fixed-rate from adjustable rate – When people first buy a home, they may take advantage of a low variable rate loan. Over time, the interest rates on these loans can greatly increase. By switching to a fixed-rate loan through a home loan modification, Erin may be able to help you reduce your monthly payments.

These are a few of the ways that you may be able to modify your home loan. As a mortgage lawyer, Erin can discuss options that avoid foreclosure or bankruptcy and allow you to keep your home.

An Overview of the Home Loan Modification Process

A home loan modification application can be complex and involved. Erin has successfully obtained literally hundreds of home loan modifications for her clients throughout the past decade. She literally has a personal library of all the forms and required documents needed by each mortgage servicer in order to complete a successful modification. She is currently lobbying the federal courts to allow for a unified portal to get required modification documentation to servicers in a unified manner. She is a strong believer in the loan modification process.

  • Understanding your situation and your goals – A loan modification lawyer like Erin can review the facts of your situation, listen to your goals, and help you understand the best way to save your home for foreclosure.
  • Delaying or stopping a foreclosure – If you are facing a foreclosure on your home, a home loan modification application may delay or stop it. By completing a home loan application, your home can be protected from foreclosure while the lender reviews the application. If the foreclosure cannot be delayed, she will file a Chapter 7 bankruptcy case to stop the foreclosure on your home.
  • Gathering documents about your income, expenses, and debts – As part of your home loan modification, you will need to get Erin the same documentation that is necessary to file a Chapter 7 bankruptcy case. That is why Erin frequently files a home loan modification application and a Chapter 7 bankruptcy case. This allows her clients to discharge their unsecured debt and restructure their home loan to cure the missed payments thereby saving homes without filing a Chapter 13 bankruptcy case.
  • Explaining any financial hardship – Home loan modification applications require you to prepare a financial hardship statement. Erin prepares that document for you so that your financial predicament is accurately and completely explained to your mortgage servicer.
  • Preparing your application – Home loan modification applications can be tricky. If any documents are incomplete or missing, your application may be denied. As a mortgage loan modification lawyer, Erin will actually prepare your application for you, obtain your signatures on a touch-free basis, and submit it electronically to your mortgage servicer. Her paralegals then call your mortgage servicer on a weekly basis to “nudge” your application through the approval process.
  • Fighting for you in case of refusals or denials – In some cases, lenders may refuse a home loan modification or deny it altogether. This may be due to problems with the application or it may be that a lender is acting illegally. A loan modification lawyer like Erin can be your advocate in this process. She has filed two lawsuits in federal court against mortgage servicers who have wrongfully refused to modify her clients’ home loans. Those clients have retained their homes and may be awarded damages by a Central Texas jury for their actions in denying the home loan modification requests she filed for her clients.

Is a Home Loan Modification Right for Me?

A home loan modification may be a good fit for you. Many people use home loan modifications when they have suffered a financial hardship. You may be going through a hardship right now. However, you believe you will be able to make reduced or modified payments in the future. If that is the case, a home loan modification may work for you. If you have enough income to pay a modified home loan on your primary residence, you may qualify for a loan modification.

Does Applying for a Loan Modification Stop Foreclosure?

A home loan modification may be able to stop foreclosure. It is important to speak with a mortgage lawyer about your situation as soon as possible. In general, lenders are not legally allowed to do something called “dual tracking.” Dual tracking occurs when a lender pushes forward with a foreclosure while discussing a home loan modification. If you are facing a foreclosure, speak with Erin, a Texas home loan modification lawyer, about how a loan modification may help you.

What Effect Could a Home Loan Modification Have on My Credit?

A home loan modification can impact your credit, but the impact may be small. If you are behind on your home mortgage payments, chances are that your mortgage company is reporting negatively on your credit report. However, when Erin obtains a home loan modification for you, the mortgage is then reported as current, on those modified terms. This will help restore your credit, at least as to your home loan.

Talk to a Central Texas Home Loan Modification Lawyer Now

If you are facing a foreclosure and have been told that Chapter 13 is the only way to retain your home, please contact Erin regarding other alternatives. Chapter 13 is a three to five-year wage garnishment case that should be used as the last alternative to save your home, not the only alternative to save your home. Erin B. Shank is committed to helping people like you get out of financial hardship and move toward a brighter future with home retention. With nearly 40 years of experience advising Texans with financial challenges, Erin can explain how a home loan modification might help you.

Erin and her paralegals offer a 100% virtual and touch-free process to all their clients. That process includes virtual consultations, electronic document gathering, electronic signatures, and telephone court appearances. If you are considering a home loan modification, Erin can help.

For a free, initial, virtual case review, contact Erin online today or call her.

Associations & Awards
  • Client Companion Award | Erin B. Shank
  • Avvo Review Badge
  • Preeminent Award | Erin B. Shank
  • avvo
  • state bar of texas
  • avvo
  • Avvo Top Attorney Badge
  • GreaterWacoChamber
  • nacba
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Office Locations
Killeen Office
Waco Office