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Loan Modifications

The Law Offices of Nathan Pinkhasov, PLLC has a dedicated staff to assisting individuals and business who are having trouble with paying for their home mortgages, credit cards, student loans, line of credits and other obligations.

We have helped hundreds of clients with successful loan modifications, short sales, debt settlement, refinances or other repayment options.  We also offer foreclosure defense assistance and guidance.

The Law Offices of Nathan Pinkhasov, PLLC has a professional, competent, and courteous staff that can help you process and negotiate your loan modifications.  We handle HAMP and non-HAMP modifications on primary and investment properties and work on first and second loan modifications.

Loan Modifications

A Loan Modification is a permanent change in one or more of the terms of a homeowner’s mortgagor's loan, allows the loan to be reinstated, and results in a payment the homeowner can afford.  A modification can lower the rate, fix an arm product, extend the term and/or roll past due amounts into the principal and bring the account up to date.

HAMP Qualifications

The Obama Administration rolled out the Making Home Affordable Program, which is their effort to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.

Making Home Affordable includes opportunities for homeowners to modify or refinance their mortgage to make their payments more affordable. The program has recently been expanded to help homeowners who are unemployed or “underwater” (they owe more on their mortgage than their home is worth). It also provides options for homeowners who can no longer afford their home and are interested in a short sale or deed-in-lieu of foreclosure. HAMP reduces a homeowner’s monthly mortgage payment to 31 percent of their verified gross (pre-tax) income to make their payments more affordable.

To qualify for HAMP, you must:

  • Own a one- to four-unit home that is your primary residence;
  • Have received your mortgage on or before January 1, 2009;
  • Have a mortgage payment (including principal, interest, taxes, insurance, and homeowners association dues) that is more than 31 percent of your gross (pre-tax) monthly income; and
  • Owe an amount that is less than or equal to $729,750 on your first mortgage for a one–unit property (there are higher limits for two– to four– unit properties).

Homeowners who qualify for HAMP must complete a trial period of three or four months to demonstrate that they will be able to make their reduced payments on time before their mortgage will be permanently modified. To create an affordable payment, your mortgage servicer applies a series of modification steps in the following order:

  1. rate reduction to as low as two percent;
  2. term extension up to 40 years; and
  3. principal forbearance (or deferral).

A portion of the principal can also be forgiven, although that is optional on the part of the servicer.

The modified interest rate will be fixed for a minimum of five years as specified in your modification agreement. Beginning in year six, the rate may increase no more than one percentage point per year until it reaches the Freddie Mac Primary Mortgage Market Survey rate (essentially the market interest rate) at the time your permanent modification agreement was prepared.

Second Lien Modification Program (2MP)

If your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. 2MP is designed to work in tandem with HAMP to provide a comprehensive solution for homeowners with second mortgages to increase long-term affordability and sustainability. If the servicer of your second mortgage is participating, they will automatically evaluate you for a second lien modification.


You may be eligible to apply if you meet all of the following:

  • Your first mortgage was modified under HAMP.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
  • You have not missed three consecutive monthly payments on your HAMP modification.
  • You owe more than $5,000 on your second mortgage.
  • Your monthly second mortgage payment is more than $100.

Program Availability

Servicers participating in 2MP are:

  1. Bank of America, NA
  2. BayviewLoan Servicing, LLC
  3. CitiMortgage, Inc.
  4. Community Credit Union of Florida
  5. GMAC Mortgage, LLC
  6. Green Tree Servicing LLC
  7. iServeResidential Lending, LLC
  8. iServeServicing, Inc.
  9. J.P.MorganChase Bank, NA
  10. NationstarMortgage LLC 
  11. OneWestBank
  12. PennyMacLoan Services, LLC
  13. PNC Bank, National Association
  14. PNC Mortgage
  15. Residential Credit Solutions
  16. ServisOne Inc., dbaBSI Financial Services, Inc.
  17. Wells Fargo Bank, NA




  1. Most recent mortgage statement.
  2. Copy of summons and complaint indicating a foreclosure (if applicable.)
  3. Most recent tax returns with signature on the 2nd page(2)
  4. Copy of (2) most recent bank statements (all pages)
  5. Copy of pay stubs from the last 30 days (If self employed, copy of the most recent quarterly or year to date P&L   statement.)
  6. Letter or outline indicating hardship
  7. Copy of (2) most recent utility bills
  8. Financial statement.
  9. Third party authorization


Additional item needed:

  1. Mortgage statement(s) for other properties
  2. Rental/lease agreements