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.

Loan Servicers, banks or lenders typically ask for a hardship letter from the homeowner as part of the documents needed for an acceptance in a loan workout or or loan modification.  A common hardship letter will detail the compelling reasons  why the homeowner should expect an acceptance to new loan conditions, rates and terms from the their lender.   This document is a vital component to having cause to stopping a current foreclosure.  This letter gives a narrative and outline of what has happened to cause a homeowner to arrive in the position they currently, hold.  It gives reasons why the homeowner is having financial hardships and why they can't make their financial opligations, as agreed in their current loan agreement.

When you put together your own hardship letter, keep it brief and straight to the point. Keep in mind that the average loss prevention employee is over worked and under paid.  They will most likely scan over your letter and look for key points to make a determination as to your merits.   Keep you letter  between 1 and 2 pages in length. 

Hardship letters have to have the specific reasons for the hardship bulleted or spelled out in the letter. Here is a list of the most common reasons for hardship:  

1. payment shock caused by an adjustable rate mortgage adjustment
2. Loss of you job
3. Divorce
4. Military duty
5. Reduced Income
6. Failed Business
7. Incarceration
8. Illness
9. Medical Bills
10. Damage to the property
11. Death
12. Death of a Spouse or Co-Borrower
13. Marital Separation
14. Loss of Job
15. Other, you specify.

Know you have the task to produce the compelling reason why you should be considered for a loan modification. Take your time, right down the key points and that start creating your letter.

We have several solutions to help you.  We have associate attorneys specialized in the area of loss mitigation, foreclosure, loan modification and loan document miss representation or fraud. They are ready to help you get results from your lender to get your loan modified into better terms and conditions, providing you qualify.  Our team of seasoned loan professionals, loan modification specialist, loan modification processors and attorneys work together to make sure the job is done right.  

1. Are you nervous about and adjustable arm increasing and your new payment is beyond your reach?
2. Have you tried to Refinance or negotiate you home with you bank without success.
3. Are you affraid of loosing your home and dont know where to turn for help?

Lenders generally prefer to work with us and not with the consumer. Consumers do not understand, Lenders often get frustrated with consumers  because they tend to provide a lack of proper information, miss communications and incomplete financial data, unacceptable reasons for a modification, etc... Lenders would prefer to work with seasoned loan specialist, attorneys, loan modification processors instead of consumers.

Large and small lenders and bankers are requesting that they work with us instead of the consumer, directly.  They are referring consumers to us instead of talking, direct.  Our collective efforts, produce the highest possible success rate offered in the industry.    Call us with any of your questions. We are here to listen. 

We have several options than can help you.  Option 1: Professional Loan Modificaiton Services.  Option 2: Professional Loan Modification Services and Attorney Services for maxium results when in actual foreclosure, close to sale or if you think you have been frauded by bad loan documents.