Why should I use Janian & Associates instead of a different company?
We are a Law Firm that is committed and dedicated to helping our clients. If you are a wealthy real estate developer or a homeowner in default facing foreclosure, our team is well versed and experienced in the areas of distress real estate, mortgages and foreclosures. Our law firm has the experience, licensing and qualifications necessary to assist in your mortgage relief.
Why should I choose Janian & Associates over other companies that provide similar services?
We understand that other companies may be claiming to provide "legal services," however, it is advisable to stay away from companies claiming that they provide "legal service" when they are not a law firm. These companies are prone to be operating illegally.
It is all too easy to forget that the same brokers and loan officers that placed many homeowners into the situation that they are in are the same people claiming that they can get you out of your situation.
We have an experienced and dedicated team that will help you get back on your feet. We understand the position that you are in and our goal is to help you save your home from foreclosure.
What can I do to save my home, and how long does the process take?
We will examine your individual financial situation and find you a realistic solution that meets your objectives.
One of our options in the battle with mortgage companies is the Truth in Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"). These are guidelines mortgage companies must follow when originating loans. Nearly every residential mortgage loan has TILA and/or RESPA violations that can be used as leverage in negotiations, or litigation.
The following circumstances may affect your process' length of time:
- Your mortgage company
- Your type of loan
- Your financial capability
- The seriousness of the delinquency
- Your reason for default (if applicable)
What is foreclosure?
A foreclosure is a legal proceeding in which a lender repossesses a property because the homeowner has defaulted on the payments.
What should I do if someone comes to my house?
Investors or your lender's representatives may come to your property to evaluate the condition of the collateral on your mortgage. When you become a client of Janian and Associates you will receive a document from us that you may provide to anyone inspecting your property. The document states that an attorney represents you and all communication should be redirected to us.
Why do I receive a lot of mail regarding my foreclosure and how do companies get my info?
A foreclosure process by judicial sale is done under the supervision of a court and the proceedings are public record. The foreclosure information, including names and addresses, may be retrieved from these records.
How will I know my best option?
There will be many options and Janian and Associates will walk you through all of them to find the options that will suit you the best. Your options are dependent on your mortgage default reason, income, liabilities, expenses, assets, lender, and loan type. To provide you with the best solution, an analysis of all your documents is critical.
Why did my mortgage company refuse my mortgage payment?
In the case that you miss a mortgage payment, most lenders will not accept a payment less than the entire amount which would also include any late fees. This has created a problem that is hard to get around for many clients. There are legal ways to address these situations.
How long is the foreclosure process?
The timeframe for the foreclosure process varies from state to state. You need to keep in mind that the longer you wait, the more court costs, late charges, and foreclosing attorney fees will add up.
In utilizing the loan modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.
May a mortgagee perform an interior inspection of the property if they have concerns about property condition?
Yes, per Mortgagee Letter 2000-05, page 20, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor's continued ability to support the modified mortgage payment.
Can a mortgagee include late charges in a loan modification?
Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of a loan modification.
When utilizing a loan modification option, can a mortgagee capitalize an escrow advance for Homeowner's Association fees?
HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of the FHA-insured mortgage.
Is there a new basis interest rate which mortgagees may assess when completing a loan modification?
Yes, Mortgagee Letter 2009-35 states that the Mortgagee shall reduce the loan modification note rate to the current market rate. Please refer to Mortgagee Letter 2009-35 for more details.
Are mortgagees required to re-amortize the total amount due over 360 month period?
Yes, per Mortgagee Letter 2009-35, the Mortgagee must re-amortize the total unpaid amount due over a 360 month period from the due date of the first installment required under the modified mortgage.
What date is utilized when determining the correct interest rate for a loan modification?
The date the Mortgagee approves the loan modification (all verification completed and servicing notes documented, reported to SFDMS) is the date that Mortgagees are to use in determining the interest rate.
Will HUD subordinate a partial claim should a mortgagor subsequently default and qualify for a loan modification?
If a mortgagor subsequently defaults and qualifies for a loan modification, HUD will subordinate the partial claim.
Are mortgagees required to perform an escrow analysis when completing a loan modification?
Yes, mortgagees are to perform a retroactive escrow analysis at the time of the loan modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized.
Can a mortgagee qualify an asset for the loan modification option when the mortgagor is unemployed and the spouse is employed, but the spouse’s name is not on the mortgage?
Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a loan modification since the spouse is not on the original mortgage.