No Cost – Loan Modification Services to help you try to keep your home.
What is a loan modification?
A Loan Modification is a permanent change to the terms of a mortgage loan(s) to make it more affordable for borrowers with a financial hardship.
There are 3 primary steps in the loan modification process:
At the first sign of trouble in paying your mortgage, contact us right away. You can be assessed for many possible outcomes as we evaluate each situation on a case-by-case basis. Loan modifications are the most common option that may be available to help customers like you. We understand the different programs available and will assist you in understanding each program so that you can make the best possible decision with regards to your mortgage situation.
With regards to the four key steps, we employ the following ingredients when initiating each loan modification request.
Review and Analysis:
1. We determine eligibility.
2. We assist you in preparing your loan modification application.
3. We request from you the supporting documentation to provide within the total loan modification package and sent it to the lender.
4. We request that you sign and submit your documents to us so we can deliver the completed loan modification package to your lender(s) for review and approval.
Additionally, we will ask you to provide us with any supplemental or updated documents required by the lender to evaluate your loan modification approval.
Trial Period Plan
If your loan modification request which was submitted to your lender(s) happens to be approved, they will place you on a trial period plan to make sure you can make the payments on a timely basis. The trial plan is usually between 3 and 6 months. Making the trial payments is essential since it shows you can make your monthly payments on time as based on the new rate and terms offered by the lender.
Final Modification Agreement
If your loan modification is approved you will receive a letter from your lender explaining the terms of your loan, the amount of your trial payments and the next payment start date. Once you meet the terms of the trial period you will be assessed by a home retention specialist (review) and and accept or deny will be granted. If accepted for permanent loan modification an acceptance letter will be sent out to you for signature. The is what they call a “loan modification agreement”. You will need to sign the paperwork and deliver it back to the lender. At that time, the lender completes a final review. This can take up to 30 days. Once reviewed, the loan modification will be final.
What if foreclosure is my only option?
Let it be known, no lender wants to foreclose on your loan. They want to make sure they make every possible effort in allowing you to retain your home ownership. If this does become the only solution: Click Here.