What is a loan modification?

This is the process whereby a homeowner(s) mortgage is modified and both the lender and borrower are bound by the new terms. The most common modifications are lowering the rate, reducing the principal balance, ‘fixing’ adjustable interest rates, increasing the loan terms, forgiveness of payment defaults and fees, or any combination of these.

How do I get a loan modification?

Not everyone qualifies for a loan modification. There are several determining factors that include income, debt, property value, and current mortgage status. To find out if you qualify today, CLICK HERE.

Can a mortgage company/lender include late charges in the loan modification?

No, all accrued late charges should be waived at the time of the loan modification acceptance by both parties.

How do I know if I will qualify for a loan modification?

The number one criteria your we are looking for is your ability to make the new modified payment now and in the future.  You need to supply us with a series of collected information to show that you will be able to afford the new lower payment.  You must also be able to demonstrate that you are facing a financial hardship-lower income or higher expenses for example.

Do I have to be currently delinquent on my payments to get a loan modification?

No, the goal is for us to help borrowers before they fall into default.

What is an acceptable Hardship situation?

Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan.  Generally, the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification.

Will a loan modification help me stop foreclosure?

Yes, that is the goal.  By working with our company, we will find a loan workout solution so your loan is brought current and the foreclosure process is halted.