Mortgage Modification offers Stability & Affordability to Home Owners
Truth About Mortgage Modification Process
Even though the terms “loan modification” or “loan workout” represent a simple solution to a very difficult and personal problem, the key to a successful loan modification is to approach the process openly with a sense of cooperation and fairness, so it becomes a win-win situation for both you and the lender.
Currently, the lender/servicer employees are handling hundreds of files just like yours and are backed up on the processing. The fact is that loan modifications require time, effort, patience and strong negotiation skills to receive a loan modification that is right for you.
A soft loan modification can be processed much faster than hard loan modification, which can take up to 180 days. The bottom line is you need to present a strong, truthful submission package that will help the lender to make the best decision possible for your mortgage modification needs.
We make the mortgage modification process as simple and thorough as possible for you every step of the way. The information below will walk you through your relationship with us:
Initial Loan Modification Consultation
Whether by phone or in person, your initial conversation with the Mortgage Modification Consultant will take approximately 45 minutes. It is important that you honestly and frankly describe your current situation. All of our Modification Consultants will treat you with dignity and respect, and will offer you support during the conversation.
We understand that most situations are very emotional. The Modification Consultant will ask specific questions to determine your eligibility to work with 1st Mortgage Modification Solutions and the LIT Law Group on your loan modification. Of course, all of your information is entirely confidential.
Face-to-Face Loan Modification Application
Our Loan Modification Consultant will complete your loan modification application, collect your documentation and your payment for services in a face-to-face meeting.
Due Diligence-Review
Once all documents have been received by 1st Mortgage Modification Solutions, our Modification Counselor will begin preparing a detailed file and reviewing your particular situation. This review includes an analysis of debt ratios, loan to value, income and expenses, all based upon the information you have provided us.
At the same time, we are researching the value of your home by contacting appraisers in your area, real estate brokers and online resources. We want to develop a true picture of what your home is worth as well as determining a comfortable payment you can afford. The ultimate goal is to make it possible to stay in your home.
Loan Modification Package Reviewed
The actual mortgage modification process time line varies with each lender. Do not necessarily expect a decision quickly. During your review process they may ask for additional information or documentation which will be gathered by the Modification Consultants.
Mortgage Negotiation
If the lender accepts the offer and you can comply with the terms and conditions, you will then be at the final stages. However, if the lender makes a counteroffer, you will need to consider it carefully. Our Modification Counselor will negotiate the terms with your lender in attempt to meet your needs.
Final Loan Modification Agreement
The lender will finalize and prepare your loan modification agreement. The loan modification agreement will be reviewed by a staff attorney to ensure accuracy. You will sign the documents, submit any money as required and make future payments as agreed.
Remember, the process can be short as 30 days or as long as 6 months. The length of time depends on several variables. We know this is a stressful and emotional journey, and we will stand on your side until the process is completed.