Jamie Cogburn Featured in Bloomberg Article
April 26, 2011
Cogburn Law Offices works to provide clients the highest level of legal services while remaining dedicated to personal service.Loan Modification
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Las Vegas Loan Modification
Cogburn Law Offices will take the appropriate steps to restructure your current loan by providing you with a unique, professional plan that fits your situation. Our loan modification services will get you current on your mortgage, but they will also ensure that you can stay current on that mortgage. You will emerge with a fixed interest rate and a lower monthly payment. Often, the trick to a Las Vegas loan modification is getting the lender to accept the new loan terms. To do this, the homeowner must show that they need a loan modification, but also that they have the means to make the mortgage payment moving forward. We will help you navigate this process and rigorously pursue loan modification terms that make sense for you and your home.
Las Vegas Loan Modification Rates
Unfortunately, the need for a Las Vegas loan modification is all too common. Both the unemployment and foreclosure rates in Las Vegas are among the highest in the nation and have been so for much of the past two years. Meanwhile, home values continue to drop putting even more homeowners underwater on their mortgage—meaning the value of the mortgage exceeds the value of the property. If you're in desperate need of a loan modification, know that you're not alone. And while not every one meets the necessary criteria, too many homeowners miss out a chance to stay in their home because they mistakenly assume they don't qualify. Many homeowners have more options than they realize. Sometimes, a Las Vegas loan modification is the only way for a homeowner to stay in a home which has entered foreclosure; other times, the modification is used to get out from a bad home loan that threatens to drive the property into foreclosure.
Negotiating a Las Vegas Loan Modification with Lenders
The subprime mortgage crisis started with a huge number of home loans with unfavorable terms to the homeowner. Cogburn Law Offices will help you deal even with the most stubborn, predatory lenders when a Las Vegas loan modification is called for. There is one silver lining: More and more home lenders are realizing that no matter how favorable the terms of a loan may be to them, they still face huge losses in a severely deflated housing market when a homeowner can't make the monthly mortgage payment.
Indeed, many lending institutions are taking losses from foreclosed properties that are much steeper than they had ever imagined when the loan was first made. This creates added motivation for these lenders to modify loans. Moreover, the drop in home values has created a record number of homeowners who still have the ability to pay their monthly mortgage on time, but are nevertheless considering walking away from their mortgage because the value of the mortgage exceeds the value of the property. This rising incidence of "strategic default" has also made more home lenders willing to accept loan modifications.
Get a Successful Loan Modification with Cogburn Law Offices
With all this said, it's important to keep in mind that only by reviewing a homeowner's financial situation and the status of the mortgage itself can a loan modification be reached that makes sense for both parties. We'll give you every chance possible to stay in your home and get out from under the burdensome terms of your home loan. If you are in need of aggressive, courteous, and professional representation, call us at 702-384-3616 or fill out the free consultation form on this page.