What is a loan modification?
A loan modification (loan mod)is a procedure in which a loan’s terms, such as but not limited to, the interest rate, monthly payment, and maturity date are altered with the approval of a lender. Typically loan modifications will reduce the interest rate of the loan; consequently reducing the monthly payments. Principal reductions are very rare. The decision to modify a loan is the lenders. Though there is constant media buzz regarding government involvement or encouragement to modify loans, it is not mandatory for the lenders agreement. For a lender to agree to a loan modification, they would have to be willing to take a loss on the existing loan in exchange for avoiding the expenses of a foreclosure For anyone who is unable to make their monthly payments, or is in danger of being buried under a past-due balance, our skilled negotiators will contact your lender on your behalf to negotiate the terms of your loan. We can help save your home.
Can I get a Loan Mod if I am not late on my mortgage?
Yes. Lenders do have specific departments dedicated to Imminent Default (current) clients. That being said, from our experience, the results of a current client are far less advantageous and much more time consuming. It is also harder to prove a hardship to the bank if you continue to make your payments. Unfortunately the servicers are spending the majority of their resources assisting clients who are delinquent.
Should I try to do this myself?
As you probably know already, it is possible to do a loan modification on your own. Most of our clients come to us after months of trying on their own with no results other than the typical “lip service” that lenders are known for. We leverage our relationships with your servicers at the investor level to negotiate rates and payments which make since for both you and the bank. This give us a unique ability to identify the investor as well as the FLOOR RATE which you may qualify for. The bank is not your friend. You need someone who understands your rights and the process of loan modification. We work for you. We are your advocate throughout the process.
Should I hire an Attorney?
Although we have attorney’s on staff if necessary, we have found that we get much more advantageous results for our clients with out. The reason is that most attorney’s threaten or talk down to the bank. immediately putting them on the defense. Most attorneys do not have the mortgage IQ necessary to properly structure your financial picture to qualify you for the best possibly scenario.. Our highly trained staff has over 30 years combined experience in the real estate industry.
Why will the bank agree to my loan modification?
With our 95% success rate, we are confident that we can help. The bank does not want your house. We completely understand the process needed to prepare your application for a modification. Our processors have modified thousands of loans with all of the major and minor banks. Our history with the bank will quickly stabilize your situation and shepherd your family through the paperwork intensive process. Our applications are professionally prepared which makes the banks modification staff breathe easier when they receive your application.
I’ve already tried negotiating on my own without much success. What more can you do?
Most of our clients come to us after months and months of trying this process on their own with no results. Call us and speak to one of our experts. Our experience working with lenders means we know who to talk to and what to say in order to cut through red tape and get results that are unlikely for an individual to achieve. We are professionals.
What is predatory lending?
Predatory lending is a term used broadly to refer to various illegal, immoral and unethical activities many lenders engage in. These practices are a major cause of foreclosures, poor credit and unmanageable financial burdens. Our trained personnel are skilled at spotting predatory practices in your loans and using this to your advantage when negotiating on your behalf.
What is a Short Sale?
A Short Sale is when a homeowner sells a property for an amount less than what is owed to the lender. Whether or not the short sale of the property is approved is determined by the lender and takes into account the buyer’s offer. In pursuing a short sale, a lender will typically request a full financial package i.e. pay stubs, tax returns, bank statements, etc. It is similar to qualifying for a mortgage. A Short Sale could be less detrimental to a borrower’s credit report. Instead of stating Foreclosure, the credit report could read something similar to: Lender settled for less than owed.
What is the cost of a Short Sale?
Typically there are no out of pocket cost associated with a short sale. The lender will pay the realtors fee’s from the proceeds of the sale.
Does a Short Sale affect my credit the same as a Foreclosure?
Even Credit Professionals cannot predict the exact hit one will take in a credit score. With a foreclosure or a Short Sale the range can be extensive based on a borrower’s other lines of credit. On course with a strategic default and an attempt to preserve one’s credit score, if a borrower is not making the mortgage payments they can attempt to keep all other lines of credit current. The majority of the problems with one’s credit score are in the reported missed payments. In the end result, a strategically defaulted borrower’ credit report could read “foreclosure,” in the case of a foreclosure. Alternatively the credit report could read, “debt settled for less than owed ” or “debt satisfied for less than full amount” in the case of a Short Sale.
Is it too late to save my home?
No, just call. If your home hasn’t been sold yet then there’s still hope. Contact us immediately.
I’m currently in bankruptcy proceedings, can you help?
While it is not possible to renegotiate your mortgage until it has been dismissed from bankruptcy proceedings we’d still be happy to provide our expert advice on what options are best for you. Once your mortgage is out of bankruptcy we can then supply the full range of our services to assist you.
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