Michael Rooney Law Office (MRLO)

San Francisco Loan Modification - San Francisco Mortgage Modification - Bay Area Loan Modification - Bay Area Mortgage Modification

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Homeowners who want to stop foreclosure do have an option. 

Its called "loan modification" or mortgage modification.  

• When you can't afford your mortgage payments, for have fallen behind on your home loan payments or home mortgage payments, the first thing you should do is see whether you can apply for a mortgage modification.
•  Bay Area Loan Modification is a process of working together with your bank to restructure your loan so that the payments are affordable for you and also acceptable to your bank.

Michael Rooney helps homeowners in distress to stay in your home, renegotiate your payments, even lower your mortgage interest.   If you are a San Francisco Bay Area homeowner in default or foreclosure, please contact us today to learn what your options for loan modification and saving your home.

ATTENTION FORECLOSURE CONSULTANTS, MARKETERS, AND BROKERS: PLEASE READ THE CALIFORNIA BAR ASSOCIATION'S ETHICS ALERT ON FORECLOSURE RELIEF ATTORNEYS PRIOR TO CONTACTING ME.  http://calbar.ca.gov/calbar/pdfs/ethics/Ethics-Alert-Foreclosure.pdf

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Myth: I have to be 90 days behind to qualify
Reality: You don't.

Myth: I have to pay the amount I am behind.
Reality: You don't.

Myth: My disclosures were pretty accurate; I probably don't have any predatory lending violations
Reality: You probably do.  Most of the disclosures were "hidden" - you'd have to pull back the curtain to reveal the truth.

Myth: Bankruptcy seems like a better option than modification.
Reality: For 99.99% of homeowners, it's not.

Myth: I need to do whatever my bank wants, because it's the boss.
Reality: You're the boss.

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How is Michael Rooney Law Office different than other "loan modification" companies who are not attorneys?

Michael Rooney Law Office approaches from a legal standpoint, not from that of a REALTOR(R), although he is licensed by the California DRE as a real estate broker. This standpoint is more of an attack strategy, in which we go after the bank for all of the predatory lending and fraud violations that they have committed on your loan.  These include TILA, RESPA, common law fraud, Non-Compliance with Civil Code 2923.6, wrongful foreclosure, and more.  Non-licensed companies do not have this option.  Often, they will simply fill out your application for you and hope for the best.  With these so-called loan modification companies, no pressure is put on the bank, whatsoever. They play by the bank's rules, and let the bank stay in control.

However, if your legal rights have been violated, as they are in the large majority of the sub-prime mortgage loans in America, you should fight to get the best result.  Threatening to bring the bank to court is far more effective than playing by thier rules. 

We make the bank answer:

• for the fact that they didn't disclose essential information to you,
• for the fact that they don't have your note, and have no idea where your payment goes because they are servicing a "loan pool",
• for the fact that they can't prove your loan hasn't been paid by a 3d party, or another mortgage under the "pooling agreement",
• for the fact that the mortgage backed-securities they service were sold before there even was a mortgage to sell in violation of Federal Law,
• and many other legal issues that give you the right to rescind your loan, sue for damages, and demand justice.

TILA and RESPA Disclosures.

When the banks realize that you know and can prove these violations**, your likelihood of getting a mutually beneficial settlement increases astronomically.  It is in everyone's best interest to modify the loan, keep you in your home, repair your credit, and get on with life.

So why trust the bank that already stung you once not to sting you again?

Contact us today.
** - These statements apply to cases who qualify.  Contact MRLO today.

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Under  California Civil Code 2923.6, a servicer is mandated to accept a loan modification offer if the net present value of the new terms are more than it would recover by foreclosure! ** (See subsection 2, below)

Here's the statute:

The Legislature finds and declares that any duty servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a loan pool, not to any particular parties, and that a servicer acts in the best interests of all parties if it agrees to or implements a loan modification or workout plan for which both of the following apply:
   (1) The loan is in payment default, or payment default is reasonably foreseeable.
   (2) Anticipated recovery under the loan modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.
   (b) It is the intent of the Legislature that the mortgagee, beneficiary, or authorized agent offer the borrower a loan modification or workout plan if such a modification or plan is consistent with its contractual or other authority...

What it means: if your finances don't add up, you have a right to negotiate a modification with your bank under which the bank nets more than it would by foreclosure.  Period.  If the bank does not comply with its legally bound duty, we can block them from attempting to foreclose by filing a Notice of Non-compliance with the county recorder and forcing a judicial proceeding.  We turn the non-judicial foreclosure into a court-overseen legal proceeding, in which the bank must prove all of the necessary facts to establish their right to collect.  Often, the banks do not have the evidence because it was lost in the Wall Street madness surrounding these loans. 

MOREOVER, we can sue the bank for "specific performance," which means we can ask the court to mandate that the bank takes the better deal, which is the loan modification.

Try this calculation:
1.  Go to http://www.Zillow.com 
2.  Enter your address into the search bar and submit.
3.  Subtract $59,000 from the Zestimate(TM) on your home.++
3.  The resulting figure is what we will call "Lender Recovery by Foreclosure."
4.  Go to: http://www.homefair.com/tools/mortgage-payment-calculator/index.asp

• enter the "Zestimate" from above
• enter 5% as the interest rate
• enter 30 years amortization length
• click 'submit'
• The result is your possible new monthly payment, and this is what we will fight for when doing your modification.
• Why? Because the lender or servicer would net more if you paid the new loan terms than it would to sell your house to someone else.  Its their legal obligation as well as their BUSINESS obligation to modify to terms you can afford if they would make more money that way.
  

** applies to servicers only, not direct lenders.  However, there is a great likelihood that your loan was securitized.  In which case, the statute applies.
++ $59,000 is the average total costs to banks to foreclose.  If the bank has to pay this money, and still can only collect the CURRENT FMV for your home, then it doesn't make sense to foreclose if your modification would make more money.

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