Liberty Credit Law Navigates Obstacles to Obtain Positive Results for Struggling Homeowners

The legal team at Liberty Credit Law, P.C successfully negotiates loan modification agreements for its clients daily. The team is comprised of experienced bankruptcy attorneys, mortgage experts, and paralegals who have dedicated their careers to assisting consumers experiencing financial difficulties with effective assistance. Liberty Credit law has helped over 1,000 homeowners stay in their homes more affordably. As you could probably imagine, Liberty’s legal team has heard it all. Banks lie and deceive consumers every day. Our team is well trained to overcome every deceptive practice the banks throw at them. Losing paper work, asking for documents already submitted, robotic denials. ”NPV” failures, premature foreclosure sales and the list goes on. There is not a single obstacle the banks can think of that the Liberty Credit Law legal team has not overcome.

Any one of the bankruptcy attorneys or paralegals on staff at Liberty Credit Law can probably write a book of stories and anecdotes about clients of the firm who were bullied and lied to by lenders and servicers. They can also talk about the many clients that thought they were out of luck before Liberty Credit Law came to the rescue and helped save their homes. Not a single business day has gone by in the last six months in which Liberty’s legal team didn’t obtain a loan modification or otherwise succeed for AT LEAST one of its clients. In general during negotiations with banks, the staff tries to part with their emotions and go full steam ahead with the task at hand-to negotiate favorable mortgage terms for their clients, often saving a clients home from foreclosure. However, recently the firm has gained a few victories which the staff’s emotional involvement was ever –present. These victories are sweet and rewarding. Often the amount of work that is required to gain a positive outcome for clients is underestimated. Here is one such account as told by a member of Liberty Credit’s Law legal team.

“Our office was retained by a client who had previously been notified that his home was scheduled to be foreclosed and sold at an auction. As soon as the firm was retained and the attorney completed his initial review, he instructed the legal team how to proceed and we began working vigorously to collect all necessary documentation from the client. A complete loan modification application and worksheet was quickly compiled and submitted to the mortgage servicer with a proposal. We made sure that the file was quickly assigned to a person of authority at the bank, because there was already a sale date scheduled for the home. The servicer typically requires a copy of the homeowner’s recent pay stubs, so we were pro-active in obtaining that and sure to include them in our proposal. The bank’s negotiator contacted me and advised that the pay stubs he received were “crap” (new banking terminology?) and that he would not accept them. We decided that in this particular situation, we would better serve our client if we followed the servicer’s requests, which we viewed to be pretty arrogant, repetitive, and absurd, rather than enter a lengthy debate about the servicer’s procedural shortcomings. In addition to a request for new pay stubs, the servicer requested a letter from the client’s employer and copies of their W2’s, which our office gathered promptly and submitted upon request.

The servicer soon notified the firm that they decided to deny the modification request and close the file because the negotiator claimed to have advised our firm that he needed the updated documents within 24 hours. Since this claim was untruthful, The Liberty Credit Law team escalated the file to a superior at the bank who finally agreed to request a postponement of the home’s sale from the investor of the loan. However, the sale postponement was not granted by the investor and the home was sold at an auction within days.

Liberty Credit Law’s legal team was not going to accept this injustice. The sale of this property was unjust and immoral. The legal team strategized and one of the firms managing attorney’s escalated the file directly to the investor of the loan. He simply was not going to let the homeowner’s life be turned upside down because of an unscrupulous banker. A package was prepared to be submitted to the investor of the loan, which included a sale rescission demand letter from one of our attorney’s, a loan modification proposal, and a detailed report of our client’s personal financial information. In addition, a Net Present Value analysis (NPV) of the client’s home was conducted, which showed a detailed report of the investor’s financial outcome if they were to modify the client’s loan rather than foreclose. All of this information was immediately presented to the investor’s general Counsel and chief Executive officer via both e-mail and regular mail. A copy was also sent to the servicers General Counsel and Vice President Of Home Retention and the attorney tasked with overseeing the foreclosure of the home.

Within one week of submitting an appeal, Liberty Credit Law received a phone call from one of the partners of the lender’s law firm tasked with overseeing the foreclosure and was advised that the investor had granted the rescission of the sale. The sale of our client’s home was reversed and they were once again in active review for a loan modification. We continued to negotiate with the bank on our client’s behalf to assure that they can continue to live in their home. In June of 2011, just 6 hours before the home was scheduled to sell AGAIN, Liberty’s legal team completed its negotiations with the bank and the client was approved for a loan modification. Over a year of delinquency was placed on the “back of the loan” and our client is now current on his mortgage. A member of our legal team was honored to break the exciting news to the client.

Our staff loves making these types of phone calls to clients. There is no feeling more rewarding than when we hear our clients drop the phone and scream. “Honey I have great news, they did it!” we get to make these types of calls every day. This is what makes all the hard work worth it.”

Here are just a few more of the many recent successes which Liberty Credit law has obtained for its clients:

Mortgage Terms: Original Mortgage Details / New Mortgage Details
Interest Rate: 7.5% / 2.0%
Monthly Payment: $2,125.68 / $1,354
Delinquency Amount: $ 21,829 / $.0.00
# of Payments Behind: 17 / Current
Mortgage Type: Adjustable Rate / Fixed Rate

Monthly Payment Reduction: $771.68

Mortgage Terms: Original Mortgage Details / New Mortgage Details
Interest Rate: 6.0% / 3.850%
Monthly Payment: $1,425 / $1,147.38
Delinquency Amount: $4,679 / $0.00
# of Payments Behind: 6 / Current
Mortgage Type: Fixed / Fixed

Monthly Payment Reduction: $ 277.62

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Mortgage Terms: Original Mortgage Details / New Mortgage Details

Interest Rate: 7.9% / 2.0%
Monthly Payment: $2,321 / $954.83
Delinquency Amount: $25,790.89 / $0.00
# of Payments Behind: 12 / Current
Mortgage Type: Adjustable Rate / Fixed rate

Monthly Payment Reduction: $ 1,366.17