Marc Victor

About Marc J. Victor, P.C.

The law firm of Marc J. Victor, P.C. was founded by attorney Marc J. Victor. Mr. Victor has been a licensed member of the Arizona State Bar in good standing since 1994. Mr. Victor is also admitted to practice in federal court and has appeared in federal courts both in and out of Arizona including the 9^th Circuit Court of Appeals in San Francisco, California. The law firm of Marc J. Victor, P.C. represents clients in both criminal law matters as well as homeowner loan modification matters. For information regarding the criminal law division of the law firm, please visit www.AttorneyForFreedom.com . For more detailed information about Marc J. Victor, please click here http://www.attorneyforfreedom.com/meet.nxg

Marc J. Victor is an experienced jury trial tested attorney who has represented numerous clients in complex federal mortgage fraud cases both in Arizona as well as out of state. Mr. Victor has a well deserved reputation for rendering straight forward legal advice. Mr. Victor has successfully represented bank presidents, loan officers, mortgage brokers and escrow agents in high profile federal mortgage fraud matters. As such, Mr. Victor is experienced in identifying, negotiating and litigating a wide variety of federal mortgage violations.

The homeowner loan modification division of Marc J. Victor, P.C. was established to focus on real estate loan modification matters including debt negotiation, predatory lending violations and beneficial settlements. Loan modification matters are accepted nationally. Our primary mission is to render well reasoned legal advice and aggressively pursue beneficial resolutions for our clients who are in need of home mortgage loan modifications.

The law firm of Marc J. Victor, P.C. actively attempts to both halt residential home foreclosures and identify and mitigate mortgage lending fraud. The law firm of Marc J. Victor, P.C. employs a staff of well trained, experienced and professional paralegals to assist our clients. The majority of our paralegals have extensive and diverse experience in the real estate mortgage loan industry. Such experience includes former bank underwriters, compliance officers and mortgage brokers.

Marc J. Victor, P.C.
3145 South Price Road, Suite 110
Chandler, Arizona 85248

Main : 866-330-3466
Fax : 480-857-0150

Email: mike@AttorneyForLoanMods.com

As many homeowners are painfully aware, the national housing market has suffered from one of the worst economic crises in the history of our nation. Not only have home values declined sharply in recent years, many homeowners have suffered drastic reductions in income as well. As such, countless Americans now find themselves either presently unable or likely to become unable in the near future to meet the financial obligations of their home loans.

Due to this widespread problem, many lending institutions find themselves in the position of having to sell substantial numbers of foreclosed properties in an effort to recover funds from homeowners unable meet the obligations of their loans. In many cases, it is in the interest of the lending institution to voluntarily renegotiate the terms of a home loan rather than foreclose on the property. Because the homeowner generally desires to remain in possession of the home, loan modification has become a "win win" scenario in these cases.

The law firm of Marc J. Victor, P.C. represents borrowers throughout the nation who desire to modify the existing terms of their home loans. Such modifications are common in cases where the borrower is either presently unable to repay the loan on the existing terms or is likely to have such an issue in the near future. Successful loan modifications may include a reduction in the rate of interest, forgiveness of a past due balance, lower monthly payments, an extension of the loan's term, an entirely different type of loan, a fixed interest rate rather than one subject to adjustment or some combination of these modifications.

The law firm of Marc J. Victor, P.C. will initially assess a potential client's financial circumstances to evaluate the likelihood of obtaining a favorable loan modification. Representation will be declined in cases where the potential client is unlikely to obtain a favorable loan modification. Such an analysis may include a careful review of the potential client's income statements, investment accounts, bank accounts, tax returns, original loan documents and other financial data. Specific hardship facts will also be analyzed and considered.

If a client is accepted for representation, the law firm will begin the process of organizing the financial and hardship materials for presentation to the relevant lending organization. The materials will accurately be presented to the lender in the light most favorable to the client for the purpose of securing a favorable loan modification.

As you may expect, home mortgage loan mitigation is not a one size fits all endeavor. The universe of possible solutions is vast. As such, the law firm of Marc J. Victor, P.C. will thoroughly review your circumstances and desires before recommending a course of action. Your financial circumstances, existing loan documentation and legal rights will be reviewed and considered. We will work with you to achieve a solution which fits for you and your family. The staff of the law firm of Marc J. Victor, P.C. have many combined years of experience in the mortgage loan industry. While other organizations may simply submit a loan modification request, which may be ignored by the lender, we actively and aggressively negotiate the most advantageous solution for our clients.

In many cases, we can contact your lender and get them to delay the foreclosure process without filing bankruptcy. Such a scenario allows us the opportunity to negotiate a "win win" resolution for both sides. Foreclosure is generally a very costly option for lenders. In certain instances, a modification of the existing loan is a good solution. Depending on circumstances, a deed in lieu, also known as "cash for keys" or "walk away" may be the right solution to keep a foreclosure off your credit report. There are many possible solutions to resolve a situation where a homeowner is either behind on payments or likely to fall behind in the near future. Such possible solutions include a modification or restructuring of the terms of your current loan to lower your mortgage payments, a recapitalization and principal balance reduction, a rescission of your current loan (up to three years) or a lawsuit against the mortgage company for predatory lending violations if determined to be appropriate after a proper loan document audit. There are many other possible resolutions as well. Our staff of loan modification professionals will assist you to determine which possible option is best for you.

Currently, Aurora, Citibank, Chase, Countrywide, GMAC, Litton, Wachovia and WAMU are among the major lenders routinely offering loan modifications. Although many lenders are willing to consider loan modifications, many lenders are unable to keep pace with the current demand for loan modifications. Even in cases where the borrower is currently in default, a lender offered forbearance agreement may not be the best resolution for the borrower. The law firm of Marc J. Victor, P.C. may be able to stop foreclosure by negotiating a loan modification; even in cases where a previous forbearance agreement has failed. Because we process many loan modification requests, our current relationships with lenders and loan servicing companies may allow us to bypass overwhelmed loss mitigation personal and negotiate directly with asset and portfolio managers as well as the lender's legal department.

In order to secure a loan modification, the law firm of Marc J. Victor, P.C. will make use of the tools provided by federal law. Such federal tools include both the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Both state and federal laws require mortgage companies to adhere to certain guidelines when originating home loans. Some existing mortgage loans have TILA and/or RESPA violations. When such a violation is determined to have occurred, the law firm of Marc J. Victor, P.C. will utilize such violation as leverage to negotiate a favorable resolution for our clients. Generally, lenders will seek to avoid costly litigation and are more agreeable to reaching voluntary solutions when such violations are identified and brought to their attention by qualified law firms.

During times of real estate booms, some brokers and lenders engage in unfair or illegal practices to close loans. An example of these practices may include charging unexplainable or unreasonable fees and charges. Other examples include not fully explaining interest rate adjustments, pre-payment penalties or the implications of option ARM loans with minimum payment options. Additionally, some brokers and lenders illegally inflated or otherwise manipulated financial statements to qualify buyers who would otherwise not have qualified for their loans. Simply refinancing out of these inappropriate home mortgage loans is now generally not an option because of declining property value or debt to income ratios.

The law firm of Marc J. Victor, P.C. can help to identify if you have been the victim of such an issue. In such a case, we can attempt to resolve these issues fast and efficiently so the borrower doesn't fall victim to foreclosure proceedings. Helping stop foreclosure and restoring financial stability for our clients is our main goal.

There are additional reasons to conduct a detailed review of the client's mortgage home loan documents. If a lender fails to properly provide adequate notice of the borrower's right to cancel, the right of rescission may be available to the borrower for up to three years. When such right is extended for three years, the borrower may be able to rescind the loan during such period. In such a circumstance, the loan is treated as if it never existed. Essentially, the borrower becomes entitled to all profits made by the lender as a result of the loan. As such, the lender or other creditor would be required to refund all interest paid, all closing fees, all broker fees, and even pay the borrower's attorney fees. This circumstance can create a legitimate windfall to the borrower. The extended right of rescission is a powerful tool to assist borrowers who have been victims of predatory lending. The law firm of Marc J. Victor, P.C. can assist in determining if such a right exists and will assist its clients in exercising such right in appropriate circumstances.

Mortgage and loan servicing companies generally do not want your home and most will work diligently with a law firm to avoid foreclosure. Litigating mortgage fraud and predatory lending cases can become costly for both sides and should be avoided unless the lender will not comply or there are significant damages to the borrower. Our clients retain us to make a best effort at resolving their hardship and to fight for their rights. In most cases, the client's goal can be realized without costly litigation by using existing relationships to find an amicable resolution to stop foreclosures.

A loan modification proposal offered by a law firm may result in a more favorable loan modification agreement than your lender will offer you directly. Many modifications offered by mortgage lenders and loan servicing companies are forbearance agreements and are not a true modification to the terms of your mortgage. These types of agreements generally do not benefit the borrower in the long term and home owners facing foreclosure should consult with a law firm and fully understand the terms and ramifications before signing any of these documents.

In cases where neither refinancing nor a loan modification is a possibility, a short sale or a deed in lieu may be among the best options to both avoid foreclosure and a deficiency judgment. The law firm of Marc J. Victor, P.C. can help borrowers navigate through the possible options to determine which resolution is best for your particular circumstances. A real estate short sale occurs when the lender agrees to discount the loan balance and accept the sale proceeds in full satisfaction of the outstanding debt. In such cases, the lender has the right to approve or disapprove of the proposed sale. Lenders are generally inclined to agree to a short sale if they determine such action will mitigate losses as compared to foreclosure. The advantages of a short sale to the borrower include avoiding a foreclosure reported on credit history and mitigating or eliminating a possible deficiency. A short sale is generally faster and less expensive than a foreclosure. In summary, a short sale is a negotiation with a lender resulting in a payoff less than what is currently owed.

Not all lenders are equally amenable to short sales. Many lenders have pre-determined criteria for such transactions. Distressed lenders may accept any reasonable offer. However, junior lien holders such as second mortgages, HELOC lenders, and HOA (special assessment liens), may also need to approve of any short sale. Objectors to short sales sometimes include tax lien holders (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even unrecorded) and mechanic's lien holders. It may be possible for junior lien holders to prevent a short sale. Additionally, lien holders who are not mortgagees are generally unlikely to forgive the debts owed to them.

While a short sale appears on a borrower's credit report differently than a foreclosure, a short sale may nonetheless have severe consequences for the borrower in the future. A short sale may appear on a borrower's credit report as "foreclosure proceedings started." While not a foreclosure, a short sale may prevent the borrower from obtaining a new mortgage for seven or more years. Short sales are complex matters which should be handled carefully by experienced professionals.

The loss mitigation industry is a recent advent and has become large as a result of the current economic and real estate crisis. The loan modification industry is currently inundated with marginally qualified or unethical individuals, who are essentially salespeople, who have accepted fees in exchange for half hearted efforts or no efforts at all to provide loss mitigation services, loan modification or stop foreclosure services. As such, several states are currently considering legislation which requires attorney involvement for loan modification requests.

Some companies offering loan modification services claim to be "attorney backed" or "attorney based" in their marketing. In such a case, borrowers should be aware they are not contracting with or engaging the services of a law firm. Some companies simply hire an attorney for consultation to claim an association with an attorney. In such a case, the attorney does not represent the borrower and the company is not bound by the same ethical duties required by licensed attorneys. Additionally, no attorney client privilege exists with such a company and statements made to them are discoverable. To be sure, the borrower is encouraged to request to speak personally with the attorney. All clients of the law firm of Marc J. Victor, P.C. have the ability to discuss any aspect of their case, the fee agreement, the refund policy or the performance policy directly with Marc J. Victor. Our law firm has a long established history of fully satisfied clients, and we will do nothing to compromise that reputation.

IMPORTANT NOTICE

"Attorney based" loan modification companies are not law firms. As such, when you discuss the details of your mortgage with these companies, there is no attorney client privilege. Any conversation you have with a non-law firm loan modification company is discoverable by a state agency and not protected by attorney client privilege and therefore not confidential. Prosecuting agencies have become much more aggressive recently in bringing prosecutions for mortgage fraud based on overly optimistic or inflated representations regarding income or monetary reserves at the time of qualifying for the loan. Therefore, if you are concerned that statements you made on your mortgage loan application could be construed as false and you are at risk for foreclosure, please contact the law firm immediately and ask to speak directly with Marc J. Victor. Do not discuss this issue with anyone other than a licensed attorney.