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Loan Modification

 

This tough economic climate has hit many homeowners hard.  There are a growing number of homeowners who don’t want to sell their homes but are finding it more difficult to make their mortgage payments month after month. Everyone has their own unique circumstances and they’re all very real.

 

If this is happening to you,

Loan Modification might be a viable solution

to Save Your Home from Foreclosure.

 

If your lender concludes that there’s tangible evidence that is preventing you from making consistent payments on your mortgage under its current framework, then you could qualify for a loan modification.  A loan modification occurs when your lender agrees to adjust your current loan to a more affordable payment structure.  This can include a lower interest rate and/or payment amount, sometimes both if applicable.  Remember, your bank/lender doesn’t want to initiate a foreclosure if they don’t have to.  Foreclosure is a last resort after all avenues have been exhausted.

 

 


 

Loan Modification FAQ’s

 

Q: What is a Loan Modification?

A: loan modification occurs when your lender agrees to adjust your current loan to a more affordable payment structure.  This can include a lower interest rate and/or payment amount, sometimes both if applicable.

 

Q: Will a loan modification stop a foreclosure?

A: Absolutely.  A loan modification is designed to prevent a foreclosure from happening by altering the structure of your mortgage loan. Once your lender determines that you are able to afford the new payment structure, the foreclosure proceedings are terminated.

 

Q: What if I have bad credit?

A: Your credit score has no bearing on a loan modification.

 

Q: How long does a Loan Modification typically take?

A: The general rule of thumb is anywhere from 30-90 days.  This depends on how proactive and diligent you, your attorney and lender are during this process. If this is your first time doing a loan modification it’s imperative to work with someone whose familiar with the process in order to rectify the situation as swiftly as possible.

 

Q: What problems/issues qualify for a Loan Modification?

A: Typically this will depend on your specific lender, however some common reasons are:

  • Job Loss
  • Job Relocation
  • Business shut down/closed
  • Divorce/Separation
  • Illness
  • Incarceration
  • Medical Bills
  • Etc....

 

For all other questions please call us at (631) 388-6059