What is a Loan Modification?
Loan modificationsis a change in one or more of the terms of a loan which restructures theloan without actually refinancing the property in question. In most cases, a distressedborrower and Lender enter a loan modification agreement when it is determined that thecurrent loan parameters can no longer be met by the borrower. A modification can include achange of interest rate, length of loan payback term and even a change in the principalamount owed. Professional home loan modification specialists and Attorney’s that specialize innegotiation with big Mortgage Banks can often help get the best possible deal for a borrowerseeking a reduction in his mortgage payment.
Do I qualify for a Home Loan Modification?
If you have an adjustable rate or interest only loan you should definitely look into having yourloan modified as it is very common for lenders to agree to new and more favorable terms forthese types of loans. Even if you have a fixed rate mortgage that you are struggling to afford,it is very likely that your lender may be open to modifying your terms to insure you do not gointo default on the loan. If you find your current mortgage payment to be unaffordable it isvery important for you to act quickly and see if a loan modification can help you before it istoo late. We have worked with many people that could have had more or better options if theycontacted us before too much time had passed and they put themselves in danger of losingtheir home.
How can a Loan Modification Help Me?
ALoan Modification Programcan lower your monthly mortgage payment to make it affordableagain which can relieve the incredible strain that the high payment you are currently payingputs on your budget. Imagine how a significantly lower monthly payment could affect yourfinances and improve the quality of life for you and your family! Amortgage modificationisalso a very viable tool for avoiding and even stopping foreclosure.
Does it matter what type of mortgage I have?
No, if you have a mortgage, chances are that we can help you regardless of the type. Wespecialize in out of court resolutions of government and non-government mortgagedelinquencies or home foreclosure claims for homeowners including FHA, Rural Administration,VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent. Evenprivate mortgages are eligible for loan modification. No matter what your type loan is, we lookforward to helping you modify it.
Can I just ask my lender for a Loan Modification myself?
Yes you can try to approach your lender and ask them for a loan modification. The problemwith this is that many Lenders are not properly set up to handle the massive number of peoplecurrently seeking Loan Modifications and many borrowers do not receive the attention thatthey need from these big banks. Lenders also know that there is a huge difference innegotiating with a distressed homeowner vs. negotiating with a Licensed Attorney that is anexpert in Loan Modification and knows what the best acceptable outcome of a loanmodification negotiation should be. Having a team of legal professionals fighting for you andyour home can result in a faster and much more favorable outcome for you.
Do I have enough time to stop my house from going into foreclosure?
It’s important that you act now if you are behind on house payments and wish to avoidforeclosure. Time is definitely not on your side in this situation. Each day that passes makes itmore and more difficult to get a work out agreement with your lender that is optimal for you.The home foreclosure process can take anywhere from a few weeks to many months,depending on your state law and the method of foreclosure your lender chooses to use. Wecan only help you once you are ready to help yourself.
Is Loan Modification the same as Refinancing, Debt Consolidation or debtsettlement?
No. They are all very different. Refinancing is the process of applying for a new mortgagewhich requires a certain amount of equity or down payment, an appraisal on the home andany assortment of bank fees including points, commitment fees, etc. To qualify for a refinance
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