Loan Modification Helps You Stop Foreclosure
Loan Modification Education
Mortgage Modification is a great solution for borrowers like you who wants to stay in their home, but cannot afford the current mortgage payment. In that situation, a mortgage pay rate reduction is an ideal solution because it will lower the monthly mortgage payment to a manageable amount.
Loan Modification is also a solution when the payment has not been made over a period of time, but the borrower can now afford to start making payments again.
The “repayment plan” is a type of Loan Modification that is most beneficial for a borrower behind on mortgage payments. A repayment plan takes all the interest, arrear, fees, and accumulated payments and adds it to the principal of the mortgage loan. The result of this negotiation is a slightly larger principal loan amount, but results in a status of “current” on the mortgage loan payments going forward.
With our home owner affordability and stability plan we can also negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level therefore getting you the foreclosure help you so desperately need.
The programs have numerous qualifications that must be met, of course, but as long as the homeowners have recovered from the original financial hardship and can prove a stable income, a loan modification may be the solution to the problem making it possible for you to avoid foreclosure all together. We also specialize in Forbearance, Deferment, Adjustable Rate Mortgage and Deed-in-Lieu.
Important Things to Know
Mortgage Loan Modifications do not require credit reports, title reports or appraisals. Modifications are simply renegotiations of the terms on an existing loan. Mortgage modifications are not a refinanced loan.