Loan Modification is a change in the loan Contract agreed to by the Lender and the Borrower. The common modifications right now are those made to reduce the payment burden on borrowers faced with impending Interest rate increases that will make monthly payments unaffordable.

 The most common reasons for loan modifications are:

    -  To adjust the loan terms.

    -  To bring the loan current.    

    -  To remove a loan from Foreclosure.

We try to understand exactly what you financial situation is, how much you can afford, and realistically what your home is worth. Where other companies are using inexperienced representatives, we have highly qualified agents, attorneys and appraisers. We have a well connected network to help us achieve the best possible result for your particular situation.  We guarantee our work with a money back reassurance policy.

Click here to view an example of an actual case we handled.

Modifications are made when borrowers can no longer meet the financial requirements to make their monthly Mortgage payments. Lenders look at loan modifications on a case-by-case basis. The burden of proof is placed on the borrower.

You must show the lender Loan Modification is less costly to them then a foreclosure. According to the Center for Responsible Lending, citing a Joint Economic Committee Report, foreclosure costs a bank more than $50,000 on average per property.  This is where our experience helps you. Depending on your lender, they will request different items to help modify your loan.

Things lenders typically need:

• Your loan account number.
• A brief explanation of your circumstances. This is sometimes also referred to as a hardship letter.
  
• Recent income documents (such as Pay stubs; Benefit Statements from Social Security, Disability, Unemployment, Retirement, or Public Assistance. If you are Self-employed, have your tax returns or a Year-to-date Profit and Loss Statement available for reference)
  
• List of household expenses.
• Depending on your lender's requirements and requests, we may need different forms filled out by you throughout the process.

We make every attempt to make this process as seamless and simple for you as possible.

Some of your different options are: reinstatement, a workout program which includes Forbearance, Loan Modification (also called restructuring), and partial claim, Short Sale, Refinance, Deed-in-lieu of foreclosure, and foreclosure.

It is best to try to refinance before you reach the Point of facing foreclosure. Some lenders will refinance a property in foreclosure if there is enough Equity in the house. If you can not refinance or modify your loan, your best option may be to Sell Your Home. Selling your home before the Foreclosure Sale Date is a very good option.

A short sale is when a lender agrees to accepting less than the total amount the borrower has left due on their home loan. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale. Lenders usually will accept a short sale to avoid the time and expense of foreclosure. Lenders are not required to accept all short sale requests.