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Loan Modification Terms
Loan Modification Terms Every Negotiator Should Know
Loan modification negotiators are special people. You help people keep their homes and get them at affordable mortgage rates so that they live within their means. In the worst cases you are up against some tough predatory lenders. And if you have the right tools at your disposal you’ll beat them. Here are some loan modification terms you should know in order to win in court and at the negotiating table:
- Loan Modification - Any change to an existing loan, usually that is favorable toward the borrower.
- Loan Settlement Statement - A document given to a borrower at closing that shows all disbursements being paid to all parties involved in the transaction.
- TILA - Truth In Lending Act. Passed in 1968.
- Regulation Z - A part of TILA. Most often cited for its right to rescission for the borrower.
- HOEPA - Home Ownership And Equity Protection Act. Affords protections to consumers of high interest and high fee loans.
- RESPA - Real Esate Settlement Procedures Act. Protects consumers of loans on HUD homes.
- ARM - Adjustable Rate Mortgage.
- Loan Auditor - An individual who does not represent either party to a loan transaction, but is capable of reviewing loan documents and finding lender violations
- Lender Violation - Any law that a lender has broken intentionally or unintentionally while servicing a loan.
- Mortgage Document Review - An independent review of a homeowner’s mortgage documents and analysis regarding whether any lender violations exist.
- Forensic Loan Audit - A thorough, scientific investigation of a loan to determine whether a lender has violated any federal, state, or local laws in the servicing of the loan.
- Foreclosure Defense - A strategy used to help stop the foreclosure process before the homeowner loses her home.
These are just a few of the terms a loan modification attorney should be familiar with in order to help homeowners keep their homes and save their mortgages. Hope it helps you succeed.
This information should not be construed as legal advice. It is FOR INFORMATIONAL PURPOSES only.
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