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Frequently Asked
Questions
 What
is a Loan Modification?
A Loan Modification is a permanent change in one or more of the
terms of your mortgage loan, it allows the loan to be reinstated, and
results in a payment that you can afford. Also a loan modification is
different from a forbearance agreement. A forbearance agreement
provides short-term relief for borrowers who have temporary
financial problems, while a loan modification is a
long-term solution.
Do I have to be behind on my mortgage to qualify for
a Loan Modification?
NO! you do not have to be behind on your mortgage to
qualify.
Can
we qualify for the Loan Modification when the mortgagor is unemployed, the spouse is
employed, but the spouses name is not on the mortgage?
YES! since you are married we can qualify your financial
situation based on your spouses income.
Will a Loan Modification effect my credit?
If your currently behind on your mortgage payment your Mortgage holder most likely will report that to the credit Bureaus. However, if your current a loan modification will not effect your credit at all. You are simply renegotiating your note with your Mortgage Holder.
Is
a Loan Modification right for me?
If you are facing a rising adjustable interest rate, if you have
fallen behind on your mortgage or foresee falling behind on your
mortgage due to financial hardship, or if you are 'upside-down' on
your loan (owing more than your home is worth), then a loan
modification is probably right for you.
Is it true I may be able to skip a
payment during the modification process?
YES! Oftentimes, we are able to capitalize at least one months
payment in the process of the loan modification.
Do I need good credit? Is this a loan?
NO! You
do not need credit nor do you need a loan. You already have one with
your current lender. We are simply going to negotiate with your
lender to reinstate or modify your current mortgage loan so that you can stay in the home.
What happens through the Loan Modification Process?
During the Loan Modification process, your
loan’s terms, like the interest rate, monthly payment or the length
of the loan, can be renegotiated to match what you can pay. So if
you can’t afford to make higher payments on your mortgage, we
negotiate with your lender to keep the lower payments.
Are lenders and banks willing to go
through this process?
YES!
We want to make it very
clear that mortgage lenders also want to avoid foreclosure. Lenders know
that they will lose money by foreclosing on your home and trying to
sell it in this market. Because of this, lenders are very open to the Loan
Modification process. They do not need any more foreclosures on their
hands.
Is this the same as Debt Consolidation
or Refinancing?
NO! This is not debt consolidation or refinancing. Our services are
for Loan Modifications, whereby we renegotiate with your lender the
current terms of your loan, ie. interest rate, loan amount and
length of loan. If you are upside down in your home, or have been
told "NO" to a traditional refinance, a loan modification may be
right for you.
Will I have to meet with the Bank/Lender
or deal with Paper-work?
NO! We handle all of the paper-work for
you. You won’t have to worry about the legal jargon and
negotiations. You never speak with your current mortgage holder. We
perform all of the necessary legwork and take the headache away.
Why is the lender foreclosing and what is foreclosure?
When you wanted to purchase a home, you didn't have all of the money
necessary for the purchase. You borrowed the money, and created a
mortgage or deed of trust (promissory note). Your home was the
collateral for the loan and the promissory note basically stated
that should you not meet your mortgage payment obligations, the
lender can take your property. Foreclosure is the legal
process through which this is accomplished.
Although you have rights and entitlements, what you should realize
is that the lender does not want your home. There are way too many
foreclosed homes out there today. They would rather lower your
interest rate then have another foreclosed home on their hands. It
costs them Thousands and Thousands of Dollars to take back a home
and then try to sell it at a loss. They want you to continue paying monthly mortgage
payments. But time is of the essence. The longer you take to act,
the more this will cost you.
How long does the
Loan Modification process take?
To
find out if you qualify we can determine by a
short no-cost consultation with one of our certified loan
modification experts. This can take as little as 5 minutes. Once we
receive your loan modification application and documentation in most cases your Modification
can be completed in as little as two weeks.
Who qualifies for this service?
Any
homeowner that has one or more of the following:
Encountered a hardship condition.
Behind on
their mortgage.
Your rate keeps adjusting up or simply can't afford
your current house payment.
Click here to apply
and we can quickly determine whether you
qualify, at no cost or obligation to you.
The
sad fact is that some homeowners will not qualify to keep their home
and we can still help. Our entire philosophy is to give you free
counsel and to help you in your situation. We have alternative
solutions that can help any homeowner who is delinquent or in
default on their mortgage. Do not deed over your home to an investor
if you do not need to. Remember you do not need to be behind on your
mortgage to qualify. If you had a decrease in
income due to the difficult economic times, you could still be
eligible for a loan modification
We want to answer all your questions
call our Loan Modification experts at: 800-521-4929
 
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MORTGAGE
