LOAN MODIFICATION

Do You Need a Loan Modification? Are You in an Adjustable Rate Mortgage? Don't Worry Help is Here!

Obtaining a loan modification from your lender can be tricky. Let me teach you how to wrestle the sharks (your lender) and WIN! Just give us a call and talk to one of our Loan Modification experts FREE OF CHARGE! 

If you need professional help with your mortgage modification and want to use a lawyer who will look out for your best interests and not any of these fly by night scammers you will find on the internet. for a FREE consultation with a loan modification expert. All we do are Loan Modifications and work with all mortgage companies in the Nation.. 

2.2 Million homeowners may face foreclosure over the next couple of years. Many borrowers are stuck in these toxic adjustable rate mortgages and they cannot refinance out of them as their payments are going through the roof.

When you become late on your mortgage or you are facing foreclosure, dealing with your lender can be much like dealing with Guido and his band of mobsters that think breaking knees in better than working things out where everyone wins.

So, I thought it would be great to give homeowners some and the tools plus the education to assist them through this rough time. The tools I lay out here will allow you to FIGHT back against these unscrupulous lender loss mitigation departments and WIN! 

What loans are eligible for Loan Modification?

The streamlined loan modifications will be available for most borrowers who have a first mortgage owned or securitized and serviced by Mortgage Lenders where the borrower is seriously delinquent or in default. Mortgage Lenders also will seek to work with others who are unable to pay their mortgages due to payment resets or changes in the borrowers’ repayment capacities. This streamlined approach applies only to mortgages for the borrower’s primary residence. As with all modifications, borrowers will have to demonstrate their financial hardship by documenting their income.

The goal of this streamlined loan modification program is to achieve improved value for Mortgage Lenders by turning troubled loans into performing loans and, thereby, avoiding unnecessary and costly foreclosures. Accomplishing this goal will reduce the costs to the FDIC of the failure and provide improved returns to investors in securitized mortgages.

Some mortgages subject to additional contractual terms governing loan modifications. While additional steps are necessary to comply with those contracts, Loan Modification will work to expedite approvals for modifications to help eligible homeowners keep their homes.

We will only make loan modification offers to borrowers where doing so will achieve an improved value for  investors in securitized or whole loans. Loan Modification offers will be provided consistent with agreements governing servicing for loans serviced by others. The modification program does not guarantee a modification offer for borrowers.

What is the timeline for rollout of offers for Loan Modification?
Proposed modification terms already are being sent to loan modification borrowers based on information provided by the borrowers. Several thousand modification offers will be sent by the end of this week and we will continue to reach out to many more distressed borrowers in the coming weeks. Once the borrower signs the agreement and sends a check for their new mortgage payment, along with the information necessary to verify income, We will promptly finalize the modification once it verifies that the borrower’s income matches the specific modification offer. Borrowers who have not been contacted by with a loan modification offer, but who are experiencing financial hardship and are falling behind on their mortgage payments should contact the bank to inquire whether they may be eligible for a loan modification that could help them keep their home.

How will you determine which loans receive modification proposals first?
We are focusing on mortgages that are now seriously delinquent or in default in order to prevent further losses on those mortgages and to avoid unnecessary and costly foreclosures. Borrowers who have not been contacted by with a loan modification offer, but who are experiencing financial hardship and are falling behind on their mortgage payments should contact the bank to inquire whether they may be eligible for a loan modification that could help them keep their home.

What loan modification options will be available to borrowers?
Under the loan modification program, eligible mortgages would be modified into sustainable mortgages permanently capped at the current Freddie Mac survey rate for conforming mortgages (now about 6.5%). Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance. To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance.

If, consistent with maximizing the net present value of the mortgage, an interest rate reduction below the current Freddie Mac survey rate is necessary to achieve a 38% DTI, then we could reduce the rate further for five years. After five years, the interest rate would increase by no more than 1% per year until it capped at the Freddie Mac survey rate where it would remain for the balance of the loan term. Other modification features could be combined with an interest rate reduction, as necessary and consistent with maximizing the value of the mortgage, to achieve sustainable payments.

It is important to remember that there are no fees or other charges for this modification. All unpaid late charges will be waived.

How do we determine whether the loan modified mortgage is affordable to the borrower?
We determine whether a loan modification proposal is affordable based on income information received from the borrower. Loan Modifications would be designed to achieve sustainable payments at a 38 percent housing debt-to-income (DTI) ratio of principal, interest, taxes and insurance. To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and/or principal forbearance.

How do borrowers apply for the Loan Modification Program?
Thousands of delinquent borrowers will be receiving proposed offers for a loan modification in the coming weeks. These offers are based on current income information provided by the borrowers. Borrowers also may call 1-888-813-9462 to talk with a Loan Modification Expert and find out if they may qualify for a loan modification under this program or alternatives that may help them keep their home. Once a borrower has provided financial information to us we will evaluate whether a loan modification may be available and, if so, provide a proposed offer.

Once a borrower has received a proposed loan modification offer, all it takes for them to bring their mortgage current and qualify for a final modified mortgage is to

1. sign and return the enclosed Loan Modification Agreement along with a check for their modified monthly mortgage payment and
2. provide verification of their income to confirm that they qualify for the proposed loan modification.

The borrower must then continue to make timely payments at the loan modified monthly payment amount and comply with all other terms of their mortgage agreements. If the borrower’s verified income information demonstrates that they do not qualify for the proposed loan modification, we will contact them to discuss alternatives that may help them keep their home.

LOAN MODIFICATION

Loan Modification is arguably the most effective tool that can be used by homeowners in midst of financial hardship to save their homes from entering foreclosure. Here at Loan-Modification411.com, we connect you with loan modification companies who can negotiate successful mortgage loan modifications on your behalf with your bank and save your house.

We also provide you with up-to-date and accurate information and loan modification advise so you can make the right decision. Here are some questions you will find answers to:

• home loan modification?
• save my house from foreclosure?
• loan modification requirements?

With loan modifications, the home mortgage loan is restructured to such an extent as to make it affordable and fit comfortably into the borrower's budget rather than being an overwhelming monthly drain on already tight finances. Loan modification Agreements come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so he/she can continue to make payments and stay in the home.

Majority of the home loans needing modification today are every day mortgage loans made based on Fannie Mae and Freddie Mac guidelines by big banks such as HSBC, CitiMortgage, Countrywide, Household, IndyMac, JPMorgan, Wells Fargo, Washington Mutual and Bank of America.

Latest Loan Modification success stories:
As reported by Loan Modification Service Companies:

Customer currently in foreclosure on 1st and 2nd with a sale date of 11/22
1st mtg is 8.4% neg am IO
2nd is 10.6% fixed

Approval is $7929.26 down, 1st 6.90 IO and 2nd remains at 10.6 as they do not modify 2nds.

3 months step to modification. If the payments are made as agreed, loan then modified to 6.90 fix, all past due capitalized into balance. The 2nd will be brought current and the payments will remain the same. Customer will be sent package for updated income at the end of 3 months, if all remains the same the mod will be approved.  Down payment due back with doc’s and first payment is 10/25.

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Pre-Modification - Adjustable Loan at 8.625%, payment was $4658.00 PITI.  Customer was in foreclosure and had not made a payment since 10/07

Loan Mod Approval is as follows…

5 years interest only at 3.25%. After the 5 years it will be a principle and interest adjustable at prevailing market rates at that time. 

So…. Not only did we take them out of foreclosure…..we took a customer from a PITI payment of $4,658 to a PITI payment of $1,561.99 saving them over $3000 a month!!!! 

Great loan for customer to get back on their feet…..

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Customer is currently in a "Neg Am Pick a Payment" that is currently at a 7.460% interest rate. Our approval is as follows:

• Oct 1st 2008 $1731.29 for 1 year 3% principle and interest payment
• Oct 1st 2009 $2082.67 for 1 year 4.272% principle and interest payment
• Oct 1st 2010 $2457.07 for 1 year 5.544% principle and interest payment
• Oct 1st 2011 $2850.67 for 1 year 6.818% principle and interest payment

Then the loan converts into a 30 year fixed at 6.818% for the remainder of the loan. If customer has a problem down the line, we also can go back for another modification.

This was a initially a turn down by the lender. The front line had read us the denial stating client had too much disposable income to warrant a modification. It turned out they were not hitting the borrower for a payment on their n/o/o property and with that they were at a deficit.

Loan modification used to be reserved for borrowers whose mortgages became delinquent because of job losses, divorce proceedings, or illness, but today they are also open to those individuals who are suffering in the aftermath of adjustable rate mortgages skyrocketing and placing the monthly payment beyond the means of the borrower. It is vital to begin the process as soon as possible when the damage to the budget and the financial backup of the homeowner is still contained. The sooner a fixed rate is negotiated, the better the odds of receiving a most beneficial rate cut and experiencing the relief that lowered mortgage payments will bring.

If you love your home and know you can afford it, but the current mortgage is threatening a loss of both home and good credit, let us match you up with experienced loan modification legal professionals to see if you are a qualified applicant for the process. Fill out the form to the right to see if you qualify.

Even if you have attempted to work with your own lender in the past and have come away from that experience with a less than positive experience, we can help. As a matter of fact, many lending institutions experience a severe lack of trained personnel to help struggling homeowners save their homes and it is therefore common that the homeowner is left without any help - in spite of a business relationship with the company that may have spanned several years.

Understanding the plight facing homeowners today and the very real threat of foreclosure, legal assistance during the process of applying for a loan modification is essential in the attempt to make the lender sit up and listen and provide the best possible solution for any homeowner before it is too late. Do not hesitate to contact us so we can connect you with a legal professional today who is well versed in the field of loan modification and who will save your budget, your home, and your good credit. The assistance you receive is fast, concise and confidential.

Do not put it off any longer but enlist the help of a powerful ally today by filling out the form.

We have performed successful mortgage loan modifications in all 50 states:

This term has been getting a lot of attention lately and rightfully so. With millions of homeowners stuck in toxic adjustable rate mortgages and no way to refinance out of them, loan modifications may be the only way to assist struggling borrowers.
Purpose Of Loan Modifications

Loan Modification

A Loan Modification is a permanent change in one or more of the terms of a loan allowing the loan to be reinstated which typically results in a payment the borrower can afford. It is interesting to note that in most cases a homeowner in need for mortgage help will indeed qualify for a loan modification. To ensure that you understand what a loan modification will actually do for you, consider the following facts:

• A loan modification is indicated when the original loan that is secured by a residence has terms that make it impossible for the homeowner to continue making the payments, thus risking the loss of the residence.
• Loan modifications are not the same as debt consolidations, refinancing loans, or even forbearances. Instead, they are long term solutions for rising interest rates or other hardships that are threatening to overwhelm the budget of a homeowner.
• Loan modifications stop foreclosure proceedings and instead reinstate the loans as they are being modified.

There are some other facts that explain why lenders are actually in favor of working with borrowers and their legal specialists in order to negotiate equitable loan modifications.

• All or portion of the outstanding principal and interest, past due escrow, late fees, and even costs may be rolled into the loan modification and thus will not be lost revenue to the lender. Since they are spread over a long period of time, they do not pose a problem to the borrower.
• Modified mortgages may use a step rate approach or an extended term methodology to provide for the repayment of the due and past due funds. The lower payments ensure the repayment by the borrower while to the lender the added time is actually money in the bank in terms of yet to be earned interest due.
• Foreclosure is avoided and even though banks routinely foreclose on properties and sell the homes to other buyers for a fraction of a price, the slowing housing market has made it difficult for banks to unload such properties and then recover any additional funds from the previous homeowners. Loan modification is a fiscally much more attractive solution for any lender.
• A modified loan protects the credit rating of a borrower and it also helps lenders in showing less defaulting loans in their portfolio. This of course makes a good impression when the financial institution is wooing potential investors.

Here are the requirements you must meet in order to be considered a good candidate for a loan modification process to be started on your behalf:

• Your monthly mortgage must be affected by a verifiable reduction in income.
• It is required that you are currently employed or have another source of a stable and predictable monthly income that is provable.
• The home for which you are seeking to obtain a loan modification must be your primary residence.