Loan Modification

Do you want to try a Loan Modification?

Although Loan Modifications are 95% unsuccessful and do not fix the heart of the issue (your home is still upside down), we are providing you an entire do it yourself loan modification packet. This will detail everything you need to do to increase your chances of being successful. We understand that some people just would rather keep their home then short sale and we are offering this to you free.

Email Us Today for your loan modification kit.

Do It Yourself Loan Modification

As the foreclosure rate rises drastically, millions of Americans are facing the misfortune of losing their homes. We are committed to helping homeowners find alternatives to foreclosure. No matter how severe your situation is, there might still be time to avoid this.

This modification kit will organize your financial information into an easy-to-read format for your lender’s review. It is important that you disclose all details pertaining to your present circumstances and supply the documents that verify those details. It is also important that you are very specific in your Hardship Letter, as to what the circumstances are that caused your financial challenges, and how that is changing. Many loan modifications are for a period of time, 1-5 years, so the lender wants to see that there is going to be the ability to pay a higher payment in the future.

Once everything is complete and submitted to your lender, be sure to call them to ensure they received all your information and are working on your file. Contacting the lender on a weekly basis is the best way to make sure things are moving forward. Be prepared to resend the documents a few times, as it is not unusual for the lender to lose documents within their system. Keep a log of dates, phone numbers and who you spoke with, and what you were told.

Options to Understand

Loan Modification is an agreement by your lender to modify your existing mortgage terms; by either reducing the loan balance, payment or interest rate, and/or by fixing your adjustable rate.

Forbearance is a repayment plan that lenders arrange for you for a predetermined period of time. This will allow you to catch up on delinquent payments, while still making your regular mortgage payments.

Deed-In-Lieu of Foreclosure allows you to turn the property and title over to the lender. This method does not allow for you to have any idea of what the property actually sells for and how much you may owe on the deficient amount, which is the same situation that a foreclosure creates.

Short Sale is an agreement by which the lender agrees to accept a payoff amount that is less than what is actually owed on the loan. As such, you cannot receive and proceeds and the lender pays all the costs of sale, including the real estate commissions, escrow and title fees, as well as some of the buyer’s closing costs in some cases. Once we have listed the property and obtained a Purchase Agreement, we begin the negotiations with your lender(s).

Email us today for a complete Do It Yourself Loan Modification Packet.