Loan Modification

Are you a candidate for Home Loan Modification?

If your mortgage payments have or will become difficult, you are 1-90 days late on payments, or are currently in foreclosure or fear the threat of foreclosure, you are a possible candidate for a home loan modification program. In addition, if your interest payments are set to adjust and this adjustment will cause you an inability to pay your loan, you may be entitled to a modification of your loan terms.

The facts are simple:

  1. People do not want to relinquish their hard earned homes.
  2. The lending banks would prefer not to take them.

While refinancing is difficult, costly and most likely no longer an option, Debt companies can help you negotiate directly with your current lender to modify your existing loan into an affordable payment, based on your monthly income. Debt Solutions companies prepare a financial analysis of your loan and your current financial position which in turn enables the referral companies to negotiate your future payments and terms of your loan. With Debt companies individualized workout plans lenders may restructure your existing loan by a reduction in the interest rate on your loan, an extension of the length of the loan terms, a lowered principal balance, or even additional options to allow you the affordability to pay your mortgage. In response to a borrower’s long term inability to repay a loan, Debt Solutions companies demonstrate to your lender why it is mutually beneficial for both the bank and our clients to modify their loan in hopes that the new loan will enable you to meet your obligations, and ultimately, allow you to keep your home.

In response to a recent housing crisis several major financial institutions in conjunction with Congress and various state governments are announcing unprecedented financial assistance for home owners who are having enacted to help home owners retain ownership of their family homes, including the resetting of interest rates and terms on mortgages, as well as the prevention of home foreclosures.

The truth of the matter is your current lender or servicer would rather you negotiate the terms and rate of their mortgage loan with a bank attorney who has the skill and knowledge necessary to bring about a successful outcome. How does a home owner who goes to work every day have the ability to start the process of a loan modification? How does a home owner who falls behind get current when there is an unprecedented once in a century “credit crunch” which has basically erased all financial lending? How can a home owner be expected to contact a bank’s legal department or loss mitigation department and succeed?

Late payments, delinquencies, and arrears can in most cases be negotiated for a fraction of what is owed as well as be transferred to their current principal. In addition rates can be reset to low fixed monthly payments for many years without typical closing costs, taxes, or fico score ratios. If you are behind on your mortgage or you are finding it harder and harder to keep up with your payments, why not contact our office and receive a no cost consultation to get you the help you deserve.