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Questions about Loan Modification:
Loan modification is a term that has suddenly created a buzz in the financial community. Although this term is not familiar to homeowners, it will not be long before we are bombarded with it on a daily basis. Adjustable mortgage rates, declining home values that prevent refinancing, and homeowners owing more on their homes than its current market price has left many of us feeling trapped in our homes, stressed out, desperate, and at the realization of losing our home to foreclosure is a real possibility.
The first thing a homeowner may consider is tapping into their Home Equity Line of Credit. Most banks are now shrinking these lines as they realize that home values have dropped across the country. The homeowner may then choose to “max” out their credit cards and finally, may decide to refinance.
Applying for a loan modification may be the only way for a homeowner to save the biggest investment of their life. Negotiating with the banks for a modification of your home loan can be an overwhelming process. However, by hiring a loan modification company we can easily guide you through the process and help save your home.
We will work hard to alter the terms of your mortgage - including but not limited to principal and interest reduction- and find a workable solution between you and your lender so it’s a win-win situation for all involved. There is no more time to waste; now that you have a viable solution to your mortgage problem call us today. Save your home and don’t let your family be uprooted.
What is Loan Modification? Contact_Info APPLY ONLINE
A Loan Modification is when your lender modifies your current mortgage (the lender will only make changes to the note however, the loan will remain the same) to make your mortgage affordable to where you can make payments with your current financial situation. A modification can include:
· Your Rate – Make it Lower and Fixed
· Balance of Loan – Adjusted Lower as Current Value and Income is calculated
· Delinquent Fees Owed – Negotiated as part of the Modification
· Terms of Loan – Would be reset to 30 years Fixed
· Your account would be brought up to date immediately
· You get a fresh start in managing your home
· No new Closing Cost as this is not a refinance
· No need to worry about Foreclosure any more
A Loan modification can:
· Lower your monthly mortgage interest rates
· Lower your monthly mortgage payments
· Stop Foreclosure on your home
· Lower your overall Loan amounts
· Eliminate or defer payments that were due on your loan
· Avoid declaring Bankruptcy
· Do whatever it takes to keep you in your home
A good candidate for Loan Modification is one:
· who does not have enough equity in their home to refinance
· whose credit is too low to refinance
· whose Debt to Income Ratio is too high
· who has been unemployed for a lengthy period of time
· who took employment with far lower wages
· who is behind in their Mortgage payments
· who is in Foreclosure
· who is self-employed and their business has declined, causing them to be unable to pay their bills
· who was a stated income borrower and does not have enough income to meet their current monthly obligations
· who had a death or divorce causing them to be unable to pay their bills
Besides a loan modification you can consider:
· Short sale:
A short sale occurs when a lender(s) is willing to accept less than is owed for a property when it is sold.
· Deed in lieu:
A Deed in Lieu of foreclosure is an option when a homeowner voluntarily deeds the property in exchange for a release from all obligations under the mortgage. The title has to be free of any other liens. Deed in Lieu are only for those that have only one mortgage on the property. We do negotiate Deed in Lieu and Short Sales.
When a Lender forecloses on a property:
· They lose money from missed monthly payments
· Their losses is greater when they take ownership of the property
· They have to pay the property taxes to protect their interest
· They are ultimately responsible for all HOA fees and penalties
· They are responsible to maintain the property including repairs
What if I have equity and I just want to sell my house? APPLY ONLINE
Great for you and there are options that are useful
· You can refinance and we can help you get the best rates and terms
· We can List your home and get you the best price in the shortest period of time
Loan Modification
· Convert to a fixed rate
· Waive past due balances
· Reduce your loan balances
· Reduce monthly mortgage payments
Short Sale
· Sell your home for less than owed
· Far less damage to credit then foreclosure
· Prevent foreclosure
Deed In Lieu of Foreclosure - Must only have one mortgage
· Deed over your home to the lender
· Far less damage to credit than foreclosure
· Prevent foreclosure
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