FAQ's

Find the Answers to all your Questions!

What is a loan modification?
A Loan Modification is a way to renegotiate your current mortgage allowing you to maintain or repair your credit. Many aspects of your mortgage can be changed to your benefit, including the term of the loan, interest rate, balance of principle and monthly payments. It's even possible to have late fees waived. There are many opportunities opened through loan modification and each home owner's situation is unique. A large number of homeowners will use loan modification to prevent foreclosure on their home. For anyone who is unable to make their monthly payments, or is in danger of being buried under a past-due balance, contact the lender or a skilled negotiators who will contact your lender on your behalf to renegotiate the terms of your loan.

Should I try to do this myself?
If you have the patience and have the discipline to follow up with the lenders on a consistent basis, you can attempt it yourself. Just be aware of what the lenders guidelines are and follow it to the T. The lenders currently are overwhelmed and your file will go to the bottom of the pile if any document is missing.
You should consider someone who understands your rights and the process of loan modification. Congress recently passed laws that give you special rights to help you modify your loan. Please research for a company like that and do a background check.

Why will the bank agree to my loan modification?
The bank does not want your house. Nothing will please the bank more than finding a way for you stay in your home.

What is predatory lending?
Predatory lending is a term used broadly to refer to various illegal and immoral activities many lenders engage in. These practices are a major cause of foreclosures, poor credit and unmanageable financial burdens. Our trained personnel are skilled at spotting predatory practices in your loans and using this to your advantage when negotiating on your behalf.

Is it too late to save my home?
No, just call the lender and ask for the loan mitigation or prevent loss department.

What kind of loan can be modified?
Almost any loan can be modified. Arm, 80/20 HELOC, FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, conventional, and the rest.

What's the best way for me to stop foreclosure?
 If you believe you face the threat of foreclosure call the bank immediately. Make sure you ask for the Loan Mitigation department. 

Is there another way to stop foreclosure?

This may be a bit drastic but filing for Bankruptcy will. 

How long does foreclosure take?
After you are 90 days past due your lender normally issues a NOD (Notice of Default). Shortly after you receive this notice they will begin the legal process of foreclosure within the court system. Every state has different foreclosure procedures which must be strictly adhered too. If no steps are taken to prevent the foreclosure of your home then it will eventually be sold at auction.

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