What is Loan Modification?
Loan Modification is a permanent change in the terms of your existing loan. Lenders may restructure your loan by a reduction in the interest rate, an extension of the length of the loan, a lowered principal balance, reduction in the amount of accrued back payments or late fees, as well as many other options to allow you the affordability to pay your mortgage. If you are behind on your payments, struggling to make your payments, expect an adjustment that will cause you to fall behind, you are facing foreclosure or fear foreclosure is just around the corner, then you are a candidate for loan modification.
The Loan Modification process usually takes 30-90 days of many long phone calls and negotiations. In some cases the process may take longer due to delays caused by the lenders.
Our processing team will handle every aspect of this process, and prepare a comprehensive loan modification package for your Lender, including but not limited to:
Financial Prospectus Workout – Detailed to include all income, assets, and all payments you make, down to every expense, including Gas! This allows a realistic view of your financial abilities to be sure you can continue to make your home payments for years to come once your loan is restructured.
Full Financial Package prepared for your Lender including:
Letter of hardship
Cost/ Benefit Analysis for your Lender to Modify your loan-
This proves to your lender why they can benefit by restructuring
your loan rather than Foreclosing
Financial Analysis verifying payments you can afford
Unlimited Communications with your existing lender and/or their attorneys
Loan Restructuring Proposal – We will request specific terms for your new loan. Our request is carefully discussed with you so that you are happy with your new loan.
Representation on your behalf in dealings with your Lender
CMA- Comparative Market Analysis of your home
Status Updates on the progress of your file.
Our processing team may request modifications in the following ways, however other options may be used to lower your monthly payments:
a) Request Adjustments, elimination or repayment plans on any delinquent and past due balances.
b) Request current and future rate of interest change and monthly payments to be lowered
c) Request loan balance amount to be less than current loan (lowering your principal balance)
d) Request Loan to be converted to a longer fixed term
The goal is to get you back on track, current on your payments
and to keep you in your home for years to come.
