WHAT WE DO:
We work directly with lenders nationwide, attorneys, real estate brokers and homeowners in processing their mortgage applications for loan modifications, refinances and short sales.
The difference between negotiating with your lender alone and employing an experienced mortgage processing company to help you is critical. There are many justifications a loan servicer can use to deny your application. The paperwork is often extensive and confusing. Unfortunately, the lender's new terms may not provide any real assistance.
Nearly all mortgage banks use a debt to income ratio to help determine eligibility. Even if you qualify, lack of documentation, an incomplete application or a poorly written hardship letter can decrease your chances for approval.
Lenders prefer that you apply without representation because you're less likely to understand all of your rights. We guide you through the entire process and will negotiate with your mortgage holder to secure manageable payments and true debt reduction.
Your circumstances are unique. There are laws that provide options to help protect families threatened with financial hardship or foreclosure. Lenders and debt collectors utilize all the resources available to them. Homeowners must do the same!
FREQUENTLY ASKED QUESTIONS:
WHY WON'T THE LENDER WANT TO HELP YOU MODIFY YOUR LOAN?
Many mortgage servicers claim to help homeowners by modifying their loan, but modifying your loan means lowering your interest rate. Lowering your interest rate means investors make less money and mortgage servicers want to keep investors happy. In addition, they want to keep your loan in default if you are behind. Mortgage servicers benefit the most when your loan is in default because they can tag late fees and penalties on to your mortgage payment and they don’t have to pass the extra money on to the investor. They also receive a premium from your mortgage insurance company if your loan is in default. Their goal is to keep your loan in default as long as it takes to make the most money.
WHAT IS A LOAN MODIFICATION?
A loan modification is a process in which the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to put the delinquent amount on the beck end of your loan, lower your interest rate, and lower your monthly payments for either a temporary or permanent period of time.
HOW MUCH CAN I REALLY SAVE BY DOING A LOAN MODIFICATION?
It’s possible to save hundreds or thousands a month. Remember, the length of a loan is typically 30 years. The loan modification that saves you $400 a month can equal $144,000 over the life of the loan.
WHY WILL IT WORK FOR ME?
The government has asked for ALL lending banks to help in the foreclosure epidemic and modify mortgages for troubled homeowners. New Legislation laws are enforcing that the banks stop foreclosing on homes that qualify under the new government programs.
WHAT IF MY CREDIT IS BAD?
A loan modification is not based on credit. The banks are trying to make a good loan out of a troubled loan.
WHAT IF MY INCOME IS TOO LOW?
You will need to show the bank that your household can afford the new payment. We will determine this in our Pre-Qualification when you start the process and can advise you how to qualify with the right amount of income.
WHAT SHOULD I EXPECT THE TERMS TO BE ON MY NEW LOAN?
Banks have rapidly changing guidelines for loan modifications. A bank will typically modify your loan into payments you can continue to pay. This may include a lower interest rate, payment rescheduling, principle reduction, longer terms or any other function that will keep the loan performing.
WHAT IF I HAVE A SALE DATE COMING UP?
We can still help you. We can expedite your application and documents and lenders are required to review it to determine if you’re pre-qualified and request with the trustee to postpone the sale date.
Worst case scenario, the most immediate solution to prevent your home from foreclosing on a sale date is to file a bankruptcy which initiates an automatic stay issued by the court. Upon filing, any foreclosure proceedings are frozen and all creditors must cease collection activities. This includes contacting you, lawsuits, garnishing wages, seizing property or placing liens on property.