Frequently Asked Questions
ABOUT OUR SERVICES
How Are You Able To Keep Your Fees This Low?
- We are a web based virtual company
- We have little or no overhead
- We have high volume file submission
- We have a well manned staff
- We have streamlined the Loan Modification process
- We have an effective, efficient and organized system
- Our Customer Service produces referrals
- Our software and programmers are among the best anywhere
ABOUT A LOAN MODIFICATION
What is Loan Modification?
A Loan Modification is a way to renegotiate your current mortgage with your current lender with the ultimate goal of placing you into a fixed rate mortgage or reducing your interest rate or monthly payment. In other words, many aspects of your mortgage can be changed to your benefit, including the term of the loan, interest rate, balance of principle and monthly payments. There are many opportunities opened through loan modification and each home owner’s situation is unique. Our skilled negotiators will contact your lender on your behalf to renegotiate the terms of your loan.
Are you a good candidate for Loan Modification?
Assuming you have the correct combination of eligible factors like an Adjustable Rate Mortgage, High Interest Rates, Negative Equity, Poor Credit, Reduced Income, temporary/permanent hardship, etc…You should get a loan modification approved by your bank or servicer.
Remember that waiting too long to get the process started may actually disqualify you from the program! Do not wait until your ARM or Interest-Only Loan resets again but instead act as soon as you realize that your financial situation is putting you at risk.
How long do I have to act?
Time is of the essence when you are having difficulty with your mortgage payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with.
Should I try to do this myself?
No… If you don’t use our service, the bank is not your friend they are looking after their own behalf. The temporary one or two month forbearance your lender offers is a Band-Aid but not a bona fide solution to the problem that will get worse and the only way to halt the skyrocketing house payment and keep your credit intact at the same time is with the help of a loan modification.
Yes…..If you decide to use or services and are now confident and armed with the tools, skills and negotiations savvy to get the job done!
Remember the benefits of starting a Loan Modification:
- No Credit Check
- No Appraisal
- No Closing Cost
- Saves Your Credit
- Lowers Your Payment
- Stops Foreclosure
- Get A Fresh Start
Is Loan Modification similar to Debt Consolidation or Refinancing?
The answer is a resounding no. Debt consolidation seeks to lump a group of unsecured debts into either a loan or a program that offers lower payments. It does not apply to mortgages. Refinancing a home requires the borrower to apply for a new mortgage for the home and as such will require a down payment, an appraisal, and a lot of fees for the lender. This is often not an affordable solution for a borrower who is already stretched to the max with the current mortgage payment and the existence of an adjustable rate mortgage that eats up a lot of the available funds on a monthly basis may actually be held against the applicant and thus causes the refinance application to be denied. Loan modification seeks to restructure an existing loan.
What is needed from me to get the process started?
Documents relating to your financial situation, income, and mortgage details help modification professionals to draft the papers your lender requires for a need based loan modification approval. Upon receipt, the terms of the mortgage are renegotiated to reflect a lower monthly payment. Best of all, the paperwork is handled in its entirety by the professionals in charge of negotiating the deal and you are not required to attend a closing or any such meeting.
How long is the Loan Modification process?
The Loan Modification process generally can take anywhere from one to three months to complete but varies with lender and other circumstances.
Consider Your Alternatives
You could do nothing and lose your home, ruin your credit and all the equity you have in your home. After the foreclosure sale you may be forced to vacate the property. Where would you go? What would you do?
The Bottom Line
For The Property Owner:
The longer you wait to make a decision, the harder it will be to stop the foreclosure. We are dedicated to helping you save your home and save your credit. We are here to help you in whatever way we can. Once you receive the notice of default, to save your home from the foreclosure. You must act quickly! If you do nothing you will lose your home or business!
For The Loan Modification Service Provider:
Let us assist you in providing the best for your clients and increase your bottom line!