Loan Modification Questions |
| |
Questions and Answers about lowering payments and saving your home!
|
| Click here for information about stopping foreclosure. |
| |
What is a Loan Modification? |
"A change in the terms of a loan, usually the interest rate and/or term, in response to the borrower's inability to make the payments."
From EdwardJones.com
"A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford."
From HUD.gov |
| |
What can a Loan Modification do? |
Changes to your loan may include any of the following:-
Lowering the mortgage interest rate
-
Extending the years of the mortgage
-
Setting a fixed mortgage interest rate (instead of an adjustable one)
-
Adding arrearages (delinquent amounts due) onto the back end of the loan
-
Reducing the principal balance
-
Or a combination of several of the above.
Each loan modification case varies. Each homeowner will have a unique set of circumstances.
|
| |
Who Qualifies for Loan Modification? |
Howeowners with a temporary hardship that caused a delinquency, but has since been resolved are qualifed. You must also be able to make structured payments and have an income sufficient enough to support the new payment amount.
If any of the following situations apply to you, you may qualify to modify the terms of your mortgage and lower your house payment.
- A once affordable loan was recently adjusted and now you can't make payments
-
A recent job loss and decrease in income makes you unable to mortgage payments
-
Due to a disability you can no longer afford mortgage payments
-
Rentors damaged your property
and as a landlord you cannot afford current payments
-
You're a landlord who can't make payments because of evictions or non-paying rentors
-
Divorce
-
Bankruptcy
-
Pending foreclosure
-
Medical bills
-
Inheritance (Probate)
-
Death in the family
-
Other reasons which make you unable to make payments
|
| |
Can I File for Bankruptcy to Save my House? |
| According to the American Bar Association, 96% of homeowners who declared bankruptcy ended up losing their homes to foreclosure regardless. Chances are claiming bankruptcy in an effort to save a home may just lead to a "bankruptcy" and a "foreclosure" on your credit report. |
| |
Do You Offer a Free Consultation? |
| YES! We offer a 100% free consultation. Fill out our quick form and find out in 24-48 hours if you qualify for a loan modification. |
| |
Information Needed for the Free Consultation |
Preparing for a loan modification involves the same information as when you first applied for the mortgage loan. Our group will need to know the incomes and expenses for everyone listed on the loan. Most of the information needed can be found on your most recent mortgage statement. Please take a few minutes and gather the following information prior to your free consultation:-
Pay stubs for the borrowers (to calculate monthly income)
-
Loan numbers
-
Bank name
-
Type of loan (VA, FHA, FMHA, Conventional)
-
Interest rate, etc.
-
All monthly expenses: Car Payments, Car Maintenance, Car Insurance, Gasoline, Child Care, Medical, Utilities for the house, Cable, Phone, Internet, Food, Clothing, Credit Cards, Life Insurance, Entertainment, HOA, Student Loans, Other Loans
- Any other expenses that are not mentioned but that you pay on a regular, recurring basis
|
| |
I Already Talked to my Lender. They Won't Help. Can You? |
| Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have mitigated thousands of home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage. Saving your home is not magic. No one can make your obligation disappear, but it can be made manageable in most cases. We offer a 100% free eligibility assessment. There is no cost and no risk for this free evaluation. We work with a firm that has an A- rating with the BBB, zero complaints, and over 600 successful loan modifications under their belt.
|
| |
