Monday, November 24, 2008 VOLUME 1 ISSUE 17  

Davis Miles, PLLC
560 W Brown Road, Suite 3004
Mesa, AZ  85201
Pre-Paid Legal Services, Inc Members
Call 1 (800) 435-5081

davismiles.com Home Loan Modifications
by Bryan Memmott and David Brown


At Davis Miles, PLLC, we have seen a dramatic upturn in clients needing help with their mortgages.  It’s a familiar story. The client owns a home worth less now than what they paid for it.  Frequently the mortgage payments have been readjusted upward.  Couple that with increases in groceries and utilities and many families are at considerable financial risk.  And they don’t know where to go for help.  Unfortunately, there is a lot of bad information being disseminated through the mail, in the press and over the airwaves. This situation is further complicated by the inability to get information from the lenders that own the loan.    There are also unscrupulous businesses now preying on people and taking advantage of the confusion.  However, amid all of this confusion and difficulty, there is knowledgeable and affordable help available. 
Davis/Miles, PLLC has the experience and knowledge to help you through this crisis.  We are passionate about helping people who have become victims of the economic meltdown and predatory lending.  The time is now for a loan modification and Davis/Miles, PLLC, is the right firm for this service.  The perfect storm of foreclosures and delinquencies has struck and the mortgage lending industry and the Federal Government have responded with loan modification programs that go into effect in December 2008.  Davis/Miles, PLLC, is at the forefront of synthesizing this information to present the right proposal to modify your loan and to save your home or investment property. There are several programs being offered by lenders and servicers and through the FDIC and FHFA. 
Our firm takes the time to meet with our clients face-to-face to help them understand what programs are available for their specific situation.  We also make sure that we are available as questions arise. We are your advocate and friend throughout the process. 
There are several lenders that are taking very aggressive steps to renegotiate adjustable rate loans and pay-option loans.  Both Bank of America and CitiMortgage have announced programs to modify these types of loans that they service or own. Bank of America and CitiMortgage will modify these loans into 30-year fixed-rate loans and in some cases write down principle balances.  Also, JP Morgan Chase stated it will seek to modify its pay-option loans into 30-year fixed-rate loans or other options like 10-year interest-only loans.  Borrowers are not required to be delinquent to participate in these programs. IndyMac through its receiver FDIC has set the standard for loan modifications and is aggressively renegotiating principle and interest write-downs.  The other major investors are following this standard.
The Federal Housing Finance Agency, the regulator for Freddie Mac, Fannie Mae and the Federal Home Loan Banks, has proposed a streamlined modification program for certain loans it owns as an investor.  This program is designed for delinquent primary residence loans.  It is patterned after the program offered by FDIC in its capacity as receiver for IndyMac.  A borrower must be 90 days delinquent to participate in this program. Contact us at Davis/Miles, PLLC, to see if you qualify.  This program kicks off on December 15, 2008.  
Davis/Miles, PLLC, through our Loan Modification Service is in the ongoing process of developing and perfecting the methodology to streamline modification applications.  Our experience in working with the various lenders permits us to design your modification submission to fit your lender’s requirements.  In this time of daily changes in the process you need a firm that is committed to innovation to meet the dynamic world of loan modifications.  Our modification service is committed to meeting these changes in programs to provide our clients with the latest and best options to modify their loans. 
This $4,000 program is currently available to PPL members for $3,000.  For information on how to meet with us, please call Davis/Miles, PLLC at 800-435-5081 or 602-285-4664.
Note: Davis Miles, PLLC reserves the right to change this program at any time, with or without notice.

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