Behind on Your Mortgage?
Don't Lose Hope, We Can Help.
Remember the 2010 housing crisis? Loan modifications, or “loan mods” as they’re called, were a lifeline for many homeowners then, and they’re still a powerful tool today. Think of it like a mortgage makeover: you can restructure your loan, dodge foreclosure, and breathe easier with a smaller monthly payment. And bankruptcy need not be involved – loan mods are a separate path to keeping your home, keeping a bankruptcy off your permanent record.
But, if you’re juggling other debts and want extra security for your home, filing for bankruptcy can actually boost your chances of getting a loan modification approved. The bottom line? You deserve a payment you can handle, and debt relief can be on your path to financial stability.
The Loan Modification Process
We’ll guide you through every step, from the initial application to the final handshake, including:
Expert guidance, swift progress.
Keeping You Informed & Involved
Optimal terms, best outcome.
What’s Loan Modification?
We reshape your loan, making those monthly payments manageable again. Breathe easier with perks like:
- Lower monthly payments: More money in your pocket, less stress on your shoulders.
- Sweetened interest rates: Save thousands over the life of your loan.
- A longer loan term: Spread those payments out for smoother sailing.
- Temporary relief from a portion of the principal: Catch your breath and get back on track.
- Wipe away late fees and penalties: Say goodbye to those pesky charges.
- Protect your credit score: Foreclosure stings your credit, modification? Not so much.
- A streamlined process: Skip the foreclosure drama, this is your stress-free zone.
- Tailored solutions: We don’t believe in cookie-cutter approaches, your plan is unique to you.
- Keep your home, sweet home: This is more than just a loan, it’s about your sanctuary.
Worried About Timing? Don’t Wait!
Early Consultation puts you in control.Common Questions
What Documents Do I Need For The Application?
Your loan modification application needs key documents like recent pay stubs, tax returns, and bank statements, plus your mortgage statement and a hardship letter explaining your financial struggles. We’ll walk you through the process and ensure you have everything you need for a strong application.
What Happens If My Financial Situation Changes During The Process?
Life happens. If your financial situation changes during the application process it is ideal to make amendments asap. We’ll stay in close contact, reassess your needs, and adjust your budget for sustained success. Unexpected expenses, income shifts, family changes? We’re flexible and ready to adapt. Remember, open communication is key.
What Happens If My Loan Modification Isn’t Approved?
Our goal is a successful modification, but we’ll assess your situation to explore other options, like flexible repayment plans or temporary forbearance, to help manage your mortgage debt. Even if modification isn’t granted, we’re committed to finding a workable solution. There may also have been software errors causing unfair denial.
When Is It Too Late To Start The Loan Modification Process?
While seeking assistance early is highly advantageous, the opportunity for loan modification remains open even during foreclosure proceedings. Provided your income and financial circumstances have stabilized and can convincingly support a modified mortgage payment, a successful application is still possible.
Are Lenders Required to Offer Loan Modifications?
Lenders are not always legally required to consider you for a loan modification, especially if your loan is not government-backed. However, if you have an FHA, VA, or Fannie Mae/Freddie Mac loan, there are specific guidelines that require lenders to evaluate loss mitigation options before proceeding with foreclosure. Even with conventional loans, lenders may still offer modifications if it’s in their financial interest to avoid foreclosure.
