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What is a loan modification?
A loan modification is a permanent change to the rate and/or terms of your existing mortgage loan. The changes to your loan may include some or all of the following: rate reduction, extension of term, conversion of an adjustable rate to a fixed rate, loan balance reduction, elimination or reduction of past due amounts and any other changes that will allow you to allow you a more manageable monthly payment. A homeowner who may not qualify for a refinance may still qualify for a modification; late mortgage payments, less than perfect credit and lower home values are not deterrents to loan modifications as they are in a refinance. A loan modification is a great tool to lower your monthly payment and/or avoid foreclosure.
Who qualifies for a loan modification?
You may qualify for a loan modification if you:
- are behind on your mortgage payments
- facing foreclosure
- have an adjustable rate mortgage
- have a negative amortization mortgage
- have a high interest rate
- have little or no equity in your home
- do not qualify for a traditional refinance
- are facing financial hardship
- are a victim of predatory lending
What is the process?
Our professional team handles the entire process as it can be an intense and tedious negotiation between our experienced mitigators and your lender that can last from two weeks to three months depending on each specific situation. We begin with a detailed loan consultation that gives us a full picture of your financial situation. To give us a realistic view of your financial situation and ability to make your payments, we need to learn details of your mortgage, employment, income, expenses and any outside hardships you are currently facing that affect your ability to make your mortgage payments. We strive to only accept cases we believe we can win on your behalf. You will be a priority in our organization. If you are a qualified candidate for a loan modification, we will collect all the necessary documentation from you so that we can create a comprehensive package to present to your lender. A quick overview of the process that follows is outlined below:
- perform a financial analysis using a debt to income model
- conduct a market analysis to give us an indication of your current home value
- create a foreclosure analysis that highlights how a modification is a financial benefit to the lender as well.
- obtain a copy of your loan file by making a RESPA Section 6
- contact the lender to determine any specific modification prepare requirements.
- perform a loan audit on your closing documents to determine any violations.
- formulate a proposed loan modification request based upon your objectives
We will present this comprehensive package to the lender and request specific changes to your current loan which may include lowering your rate, extending your term, eliminating or restructuring late fees and accrued interest and principal reduction. Once the lender responds, the intense and sometimes time consuming negotiations begin with the lender’s mitigators and attorneys. During this period, all contact with the lender is documented for our records. We will not end negotiations until we believe we have reached the best possible modification for you and, of course, keep you updated throughout. Upon approval by the lender, your modification documents will be sent to you for your approval and signatures so that you may begin your new payment schedule.
Why should I pay a modification company if I can do this myself?
Your mortgage situation is a very serious situation and loan negotiations can be very complicated. You can, of course, attempt to handle your modification yourself just as you could sell your own home, do your own taxes and represent yourself in a court of law. Most people, without experience or extensive knowledge in those areas, prefer to hire professionals.
Our professional staff is experienced in negotiating with lenders and will feverishly work on your behalf to negotiate the best possible modification for you. With decades of mortgage experience, we have extensive knowledge of how to deal with lenders and cut through the bureaucracy. Ask yourself this question, if the lender’s mitigation department realizes they are speaking to a homeowner with less than extensive mortgage knowledge or experience, can you be certain they may not be upfront in offering you the best modification possible? By not negotiating the best deal that may be available to you, you could end up losing tens of thousands of dollars for yourself.
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