What is a Loan Modification?

A loan modification is when an existing mortgage is modified and new terms of the mortgage are written. The changes are permanent and one or more terms of the note can be changed. A loan modification can result in a lower interest rate, lower payment, extended terms, bringing a loan current - very important foreclosure stopped, principle reduction, change from an ARM to a fixed rate mortgage or some combination of any of these.

WHAT QUALIFIES FOR A HARDSHIP?

Borrowers with more fundamental financial problems such as having chosen an adjustable rate mortgage which is ready to reset or (already has) to a level that makes the monthly payment unaffordable.Other reasons could be reduction in pay, long term loss of hours, self employed decline in business. lt could also be medical bills, death, divorce, disability, ARM, increased family responsibilities (caring for elderly), cash reserves not sufficient to cover basic living expense.

WHAT ARE YOUR OPTIONS FOR STAYING IN YOUR HOME?

  1. Reinstatement - This is where a number is calculated to determine how much money you need to come up with - ALL OF THEIR BACK PAYMENTS, LATE FEES, ATTORNEY FEES, LENDER FEES, etc.
  2. Forbearance Agreement - An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise it’s legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments.
  3. Loan Modification - This is the option that most homeowners are able to afford. With a loan modification the lender will “re-write” the mortgage, which typically results in payments your going down!
  1. Interest Rates Reduced
  2. Bring Loan Current - FORCLOSURE STOPPED - SAVED YOUR HOME
  3. ARM’S Modified To Fixed Rate
  4. Extend Terms
  5. Principle Reduction
  6. Our Attorney’s negotiate for your best interest
  7. Modification and Peace of Mind

We are a nationwide company and we look forward to serving you and your family.