Why Loan Mod?

Loan Modifications are getting more popular lately and rightfully so. As millions of homeowners find themselves stuck in adjustable rate mortgages with no ways to refinance out. Loan modifications are becoming the only way to assist the ever growing struggling borrowers.

1. No credit check or minimum fico score
2. no new appraisal "in most cases"
3. no refinancing or closing costs
4. Cures your past due status
5. protects your credit rating
6. protect your home equity
7. one time, flat fee for service

Essentially this is when a lender modifies your current mortgage to bring your payment within an affordable limit. This modification is a consession made to the rate, balance, delinquent fees, and or term. In the past this was only used when a borrower was delinquent but now we will see it being used before someone is delinquent. This will be the hottest term and the best way to help people avoid foreclosure.

• The objective is to change the existing mortgage note and give the client and the bank an option to minimize loss. 
• Loan Modifications do not result in the need for a new closing, survey, appraisal, taxesl, or exorbitant legal fees. Whereas a rate and term refinance will be accompanied with a multitude of fees.
• Lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives.  Through a loss mitigation assessment we build a case to the lender with alternative to avoid certain hardship. We effective build a middle ground whereby the lender can view the assessment and find by reducing the rate, monthly payment, and making you home affordable to you. Which may allow for an affordable loan and avoid foreclosure.