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Q: What is a loan modification and how does it help me?
A: A loan modification is an agreement between a borrower and a lender to alter the terms of the
current mortgage in order to benefit the borrower. A modification usually involves lowering the
rate, extending the term or converting an adjustable rate to a fixed rate. This provides a more
manageable payment which allows the homeowner to avoid foreclosure and remain in the home.
Q: Will Expert Loan Relief expect me to sign over the deed to my house?
A: Absolutely not, we simply negotiate with the lender on your behalf to workout the best
solution for your specific situation. We will never ask you to sign over or add our company to
your deed. Beware of anyone who asks you to do so.
Q: Can I work out a loan modification with the lender myself?
A: Yes, but wouldn’t you rather leave this very important work to professionals? You can
represent your self in a court of law, you can sell your own home…but don’t the majority of
people use the services lawyers and Realtors respectively? Our dedicated staff has relationships
with most lenders and it is their full time job to work with lenders to modify loans. Many
homeowners waste valuable time by attempting to modify their loans themselves yet ultimately
call us after their efforts prove unsuccessful. It has been proven that over 80% of homeowners
have been unsuccessful when attempting to negotiate a loan modification without professional
help. You could potentially cost yourself tens of thousands of dollars by not letting our trained
professionals negotiate the best possible modification available to you.
Q: How long is the loan modification process?
A: The entire process from start to finish can take anywhere from two weeks to 90 days. The
precise time will depend on each individual situation and lender and may vary according to stage
of delinquency and financial hardship.
Q: Can you help me if I am unemployed?
A: You will need a source of income to qualify for a loan modification but there may be other
options available such as a short sale or deed in lieu of foreclosure. Contact us for more details.
Q: Do I need to be delinquent on my mortgage payments?
A: No, although there are lenders that will not modify a loan that is current.. Financial hardship is
a major factor in the lender’s decision to work with a borrower.
Q: Can you help me with properties that I'm not living in or currently renting out?
A: Yes.
Q: Is it too late to help borrowers who have already entered the foreclosure process?
A: No, we can sometimes prevent foreclosure up to the actual sale date. Although, the sooner
you contact us the better chance we have of assessing your situation and succeeding.
Q: What do you look for in clients?
A: Certain situations make a borrower an ideal candidate for loan modifications or other
assistance. We may be able to help if any of the following apply to you.
* Behind on your mortgage payments.
* Foreclosure proceedings have begun.
* Have an adjustable-rate mortgage that has already increased or will soon increase.
* Have negative amortization loans.
* Have tried to refinance and been declined by a lender.
* You owe more than your home is worth.
* Your home was purchased with "100% financing" or "no money down".
* Experiencing financial hardship due to bad loans or predatory lending.
* Have been unable to refinance your loan.
Q: What interest rates can I expect after a loan modification?
A: Your interest rate will vary case by case depending on your individual situation and the
lender. We have seen rates as low as 2.5% to the mid 5% range. We also have had much
success in converting adjustable rate to 30 year fixed rates.
Q: Can you help borrowers who are currently in bankruptcy?
A: Yes. But we cannot negotiate with your lender until the mortgage has been removed from the
bankruptcy proceedings. Our staff can still determine if you are a good modification candidate
and proceed with negotiations after the mortgage is removed from the bankruptcy.
Q: Why would a lender agree to modify my loan?
A: Your lender does not want to foreclose on your home; they are in the mortgage business, not
the real estate business. By foreclosing on your home, they are spending valuable time and
money that is taking away from their core business. In most cases, a loan modification saves the
lender money over foreclosing on a loan.
Q: What is a short sale?
A: A short sale is an agreement by the lender to accept less than the owed balance when a home
is sold to a third party. This scenario usually occurs when a home loan balance is equal or greater
than the home value.
Q: What is a deed in lieu of foreclosure?
A: A deed in lieu is an agreement by the lender to accept the deed of a property from the owner.
You are, in essence, handing the title and keys back to the lender. The lender may see this as an
alternative to ultimately having to foreclose and incurring those related costs.
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