The following is a short list of frequently asked questions regarding mortgage loan modifications.
Q: What is a Mortgage Loan Modification?
A: A Mortgage Loan Modification is a change to an existing loan to make it more affordable. This process by your lender involves Your (a borrower’s) long-term inability to repay it. Loan modifications can include a reduction in the principal balance, a lower interest rate or an extension of the length of the term of the loan. There can also be a combination of the three. If you have recovered from a hardship and can afford the new payment amount; you may qualify for a loan modification. Since they do not want your home; Most lenders can & do work with home owners. The can offer a loan modification settlement even if you have poor credit and have a foreclosure date, but you should speak with a attorney at that point. Make sure to let us know that and we’ll connect you with one of our attorneys to assist you.
Q: I have a second mortgage. Do I qualify?
A: Yes, but only your first mortgage loan is eligible for a loan modification. We have dealt with this several times. Contact us to see if we can help.
Q: Do I need to be behind on my loan payments to qualify for a Mortgage Loan Modification?
A: No. Some mortgage loans are adjustable (ARM’s) and if your payment is going to rise beyond what you can afford or if a hardship is coming; you can qualify for a loan modification. You will have to document your situation completely; including income and expenses. Then provide evidence of the hardship or change in your circumstances. Just be honest and thorough when you are taking everything into account. One of our team members can help you with this process to ensure that it is done correctly. Let us know by filling out any form and we’ll call you to go over your situation.
Q: If I’ve missed too many payments, can I still get foreclosure defensive help?
A: If you are still in your home; there’s time to get help. We always give expert advice for any situation. With that in mind; the sooner we can help, the better chance you have of avoiding foreclosure altogether. The farther you are behind, the more difficult it gets as you may already know.
Q: Can I stay in my house after foreclosure proceedings begin?
A: Yes; there are still options after the foreclosure process has started. You will need professional help at that point, so if that is your situation; contact us now!
Q: Can I get a loan modification by myself or do I need help?
A: Yes, you can. The fact remains that you wouldn’t be reading this if you didn’t feel that you needed help. People need professional help when it involves something this important. Wouldn’t you agree? Contact us and we’ll gladly help you out.
Q: Are there any government programs available?
A: Yes. The Home Affordable Modification Program (HAMP), the HOPE Now Program and the Hardest Hit are all loan modification programs provided by the government.
Send us a few details regarding your situation and we’ll let your know what loan modification programs you qualify for.