THE START TO FINISH PROCESS FLOW CHART OF LOAN MODIFICATION OR LOAN MEDIATION:

#1. IF AN INTEREST IN MODIFICATION/MEDIATION IS EXPRESSED, WE SUBMIT A PRE-QUALIFICATION PACKAGE (ONLINE) ABOUT YOUR FULL FINANCIAL SITUATION EITHER TAKEN OVER THE PHONE, OR SENT VIA EMAIL.

#2. AFTER 24 HOURS UNDERWRITING AND PROCESSING TIME, A CALL WILL BE RECEIVED BY BORROWER FROM AN LMAC ATTORNEY OR UNDERWRITING STAFF TO WELCOME THE BORROWER ABOARD AND INFORM THEM WHETHER THEY QUALIFY, HOW THEY QUALIFY, WHAT THEY QUALIFY FOR AND WHAT THE NEXT STEPS ARE GOING TO BE.

#3. PAYMENT OF FEE AND APPLICATION MUST BE RECEIVED WITHIN 72 HOURS (PAYMENT CAN EITHER BE CREDIT CARD ANNOTATED IN THE APPLICATION OR MAILED CERTIFIED CHECK). ONCE PAYMENT AND APPLICATION IS RECEIVED, A 5 DAY RECISSION PERIOD IS IMPOSED. THIS RECISSION PERIOD IS A LAW THAT MOST STATED HAVE TO PROTECT THE CLIENT AND THEIR RIGHT TO BACK OUT OF A CONTRACTS TERMS. ANYTIME DURING THIS 5 DAY PERIOD, THE CLIENT HAS THE RIGHT TO CANCEL WITHOUT ANY PENALTY.

#4. IF AFTER THE 5 DAY RECISSION, THE CLIENT HAS NOT CONTACTED LMAC TO CANCEL, THE PROCESS OF MODIFICATION OR MEDIATION BEGINS.

#5. WE COLLECT ALL DOCUMENTS REQUIRED FROM THE CLIENT WHICH WILL BE DETERMINED BY THE MODIFICATION OR MEDIATION ROUTE AND SPECIFIED BY OUR UNDERWRITERS FOR EVALUATION.

#5.5. THIS STEP IS ONLY DURING THE MEDIATION ROUTE, WHERE WE COLLECT A COPY OF THE WHOLE LOAN PACKAGE FROM YOU AND/OR THE TITLE COMPANY IF NOT AVAILABLE AND START THE SCRUBBING PROCESS BY OUR STAFFED ATTORNEYS.

#6. NEGOTIATIONS START WITH THE LENDER EITHER BY REGULAR MODIFICATION SUBMISSION OR ATTORNEY ACTION BASED ON THE FINDINGS BY OUR ATTORNEYS AND UNDERWRITERS.

#7. AFTER APPROXIMATELY 2-6 MONTHS, THE PROCESS DEPENDING ON THE ROUTE AND NEGOTIATIONS WILL BE COMPLETED AND AN OUTCOME OF A MODIFICATION SHOULD BE AGREEABLE BY ALL PARTIES INCLUDING LENDER, CLIENT AND LMAC STAFF.