What is Loan Modification?
Loan Modification occurs when your lender modifies your current mortgage in order to make your mortgage more affordable. A modification to your rate, balance of loan, delinquent fees owed, term of loan etc. can be made by the Lender. A change in rates and payments means you won’t be required to have a closing and forced to pay a number of fees and taxes.
Why can’t I do this myself?
Some people are knowledgeable enough about mortgage delinquency that they are comfortable negotiating with their mortgage company. But, having the proper guidance and representation can make all the difference in the world. You can represent yourself in a court case but hiring a lawyer is a safer bet because they knowledge and expertise you don’t. Our representatives can save you time, hassle and money.
Does everyone qualify for the Loan Modification process?
Unfortunately you may not qualify for the Loan Modification process in certain circumstances. This is usually the case with people that have delayed too long. There are other options available to folks and our team of expert consultants will explore every possibility to save their home and their credit.
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What do you need from me to get the process going?
We ask for some basic information about your financial situation like and we use that to prepare detailed paperwork demonstrating your inability to pay a higher monthly payment on your loan to the lender. Then we renegotiate the terms of your mortgage at a lower payment.
How long does the Loan Modification procedure take?
Typically the process can take anywhere from a few weeks to a few months. Fortunately, most lenders will approve a loan modification program once they have received a completed package. Most lenders will postpone the sale of your home once they have received the Loan Modification package.
Are lenders and banks willing to go through this process?
Lenders and banks do not want to forclose homes. They stand to lose money by taking your home and trying to sell it, so most lenders are open to Loan Modification because it benefits homeowners and lenders alike.
Will I have to meet with the Bank/Lender or deal with Paper-work?
No. We take care of all of the paperwork and negotiation associated with the process. We will fight with you to reach the ultimate goal of keeping your home, and paying a mortgage payment you can afford.
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