What is a loan modification?

This is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, increasing the loan term, forgiveness of payment defaults & Fees, or any combination of these. Our most common loan modification involves requesting a lower rate and a fixed rate. When applicable, our office will also request that all delinquent payments or property taxes be brought current by the lender and added to the back end of the loan.

How do you get a loan modification?

Not everyone qualifies for a loan modification. There is several determining factors that include income, debt, property value, and current mortgage status. To find out if you qualify and to inquire about starting the process today CLICK HERE.

What mistakes should you avoid in getting a loan modification?

There are several critical mistakes that most people make when attempting to do a loan modification themselves. In most cases, you only have one chance at getting your modification. Some of the most common mistakes are: trying to do it yourself, improperly documenting your financial situation, not knowing what to do if you are turned down for a modification, submitting an incomplete package to your lender, talking to the wrong people and the wrong departments, and crafting a poor hardship letter. Our extensive experience will avoid all these mistakes.

Why is using a professional loss mitigation specialist important?

We don't cut our own hair and we don't do our own plumbing. Sure, we could try, but the results wouldn't be pretty. With a loan modification, you're talking about saving your home from a bad mortgage. This is something you don't want to get wrong. You may be successful in getting yourself a modification, but our office has the experience to maximize your benefit. We frequently see customers who received an 8% fixed rate when our office could have given them a 5% fixed rate! That person would have saved thousands of dollars per year if they used our services.