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Mortgage Modification


Moss & Associates has pioneered mortgage modification mitigation in South Carolina, being the first law firm in South Carolina to successfully incorporate a mortgage modification within a chapter 13 plan.  Every new client is analyzed for eligibility for a reduction in monthly mortgage payments based upon income. 


There are a variety of mortgage modifications available to homeowners through mortgage mitigation.  The process is based upon the premise that the bank and the homeowner will find an agreement which is economically mutually beneficial.  The request for mortgage modification may be made at the start or during a chapter 13 bankruptcy.    


Our primary objective is to modify and lower the mortgage to payment terms which are based upon the homeowner’s current income.  Based upon Treasury Directive 10-02, our firm first looks to modify qualifying HAMP mortgages.  The United States Treasury has set the base guideline for modification at 31% of the homeowners gross monthly income.  Many factors determine qualification, and the bank makes the ultimate determination.  For instance, modifications can range from 10%-55% of a homeowner’s gross monthly income.  Our office simplifies the process for the homeowner by standing in their shoes after qualifying documentation is gathered and submitted.  The federal bankruptcy court may also be utilized to enforce good faith behavior of the mortgage servicer through orders of the court or mediation.  


-Sally has a mortgage with USA Bank, with payments of $989.00 per month and a balance of $183,000.00.  Sally is currently 5 months behind and facing foreclosure (Sally has a HAMP qualifying loan and has properly submitted all requested documentation to the Moss & Associates mortgage modification program).  Sally has been employed for six months as a dental hygienist and has gross  income of $1200.00 per month.

-MODIFICATION formula:  gross monthly income [$1200] x [.31]  = $372.00


*****Sally’s new mortgage payment will be $372.00 (this includes taxes, insurance and missed payments).  Sally must make 90 days worth of the new payments to become locked into the modification with USA Bank.   This is only an example, and could vary depending upon of number of factors.

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