Hundreds of homeowner’s visit our website daily looking for mortgage help. Many complain about the red tape they have to go through in order to get help from their lender or other programs. For months the mortgage giants requested the same documentation over and over again and eventually initiated a foreclosure, sold the home, or turned the homeowner down for a modification. Does this sound familiar?
We help homeowner’s obtain affordable modifications which result in lower interest rates and mortgage payments, principal balance reductions, and negotiate to bring the mortgage current whether you are one payment or years’ worth of payments delinquent.
Definition of ‘Loan Modification’
A Loan Modification is a permanent change in one or more of the terms of a Borrower’s loan, allows the loan to be reinstated, and results in a payment the Borrower can afford.
New Refinance Assistance Programs
Several programs have been established to help homeowner’s refinance their mortgage and take advantage of today’s historically low rates. Prior to this year homeowner’s with negative equity, bad credit or income issues may not have qualified. Now several programs exist in helping homeowner’s lower their payment and rate.
Mortgage Loan Modification Programs
Homeowner’s behind on their mortgage or experiencing a financial hardship may not qualify for a refinance. A Loan Modification is described as a modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
Possible benefits of a Loan Modification
- Reduce your payment to an affordable one
- Restructure late payments and fees
- Restructure negative home equity
- Save your home from foreclosure
Available Options to Homeowners
- Making Home Affordable Programs
- In-House Programs
- Forbearance Program
- Short Sale
- Deed-In-Lieu of Foreclosure
Although we cannot guarantee outcomes; our partners can help you with the task of saving your home. Our team of professional loan modification experts can help steer you in the right direction towards saving your home & credit. We will take your information and calculate what programs match your situation and we’ll recommend the right people to help you with it. Our advise is free, but is also very valuable.
Send us a few details regarding your situation and we’ll let your know what loan modification programs you qualify for.