Frequently Asked Questions

What is a Loan Modification? (back to top)
A Loan Modification is when an existing mortgage is modified and the new terms of your mortgage are written. These changes are permanent and one or more terms of the note can be changed. A loan modification usually includes ARM's modified to a fixed rate, lowering your interest rate and lowering your monthly payment, bringing your loan current, extended term, possible principal reduction. Your modification can be a combination of any of these.

Am I Qualified for A Loan Modification? (back to top)
Your attorney must be able to prove to your lender you are in immenint danger of default. Your lender will need to know that you can make your new payments after the modification. This is why we ask you to get pre qualified, the law office will review your file and if they can help your file will be accepted. No two applications are the same so you won't find any cookie cutter answers here. Feel free to go back to our loan modification page and you'll see the heading What Qualifies For A Hardship it will help you.

What if my lender refuses to work with me? (back to top)
To put it simply, your dealing with the wrong people (through no fault of your own). Almost all of the lenders are using employees who have no authority to help you. That is why it's so important that you seek the experience of a professional law firm that already has systems in place relationships with key decision makers, and the negotiating skills necessary to win your case.

Can a Loan Modification stop foreclosure? (back to top)
Everything comes to a complete stop so everyone involved can focus on solving the problem. This is really important if your are facing immediate foreclosure. Now your attorney and your lender get to work to find a solution to complete the modification. The goal here is to come up with a workable solution so you can remain in your home. Upon completion of your loan modification your loan is finally current and your free to start over.

What happens to my credit if I do a Loan Modification? (back to top)
If you choose to do a loan modification it will not have a negative effect on your credit, however if you are late on your mortgage it will show on your credit as late. If you have a foreclosure it will definatley leave a negative mark on your credit. Doing a loan modification makes sense you get a lower payment and protect your credit as long as your current with your monthly expenses.

Is It possible to do a Loan Modification on my own with my lender? (back to top)
Yes, but again our clients tell us how frustrating it has been trying and trying to get somewhere only to find more time gone and you are further behind. You'll run into these blocks which waste precious time we found these the most. Common problems are just getting someone on the phone, waiting and redialing for hours only to get cut off. If your like us isn't your stress level going through the roof? You will be asked this more than once - can you refax it - again sometimes your entire file is "missing" or thrown out and lost. You can't seem to get anyone to tell you what's going on. Your hands are tied with nowhere to go to get a decision maker.

WE'RE HERE TO HELP YOU AVOID THIS NIGHTMARE AND KEEP YOU IN YOUR HOME - GET PEACE OF MIND