What is Loan Modification? Loan Modification is a procedure in which a loan's terms, like the interest rate, the monthly payment or the term, are changed to meet the current financial situation of the homeowner. All of this is done with the approval of the lender.
In other words, the attorneys negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment and length of the loan), to allow you to keep a lower monthly payment and keep your home.
The most important part is to get the process started, so the attorney can stop foreclosure.
Is Loan Modification right for me? If you are one of the millions of Americans who are facing financial hardship, then Loan Modification may be right for you.
If you are a homeowner with an Adjustable Rate Mortgage that is about to reset to a higher monthly payment or find yourself unable to keep up with your current mortgage, then Loan Modification is probably right for you.
Since most folks that got interest-only and adjustable rate mortgages don’t have much equity in their home, it will be next to impossible for them to refinance. A Loan Modification procedure does not have any negative credit or tax consequences; it allows you to keep your home while making a more affordable payment.
Does everyone qualify for the Loan Modification process? Every situation is unique and we find that the majority of homeowners with financial hardships qualify, but unfortunately in certain situations, you may not. This is usually the case with people who have simply waited too long to act and take charge of their situation. There are other options available, and the team of attorneys will explore every possibility to save their home.
When is the best time to do something about my ARM or Interest-Only Loan that is going to reset? DON’T WAIT! Time is your worst enemy in a situation where your payment is going to increase or where you are behind already. Since it typically takes more than 60 days to complete the process, the best thing you can do for yourself and your peace of mind is to call RIGHT NOW and speak with one of our specialists at 1-631-656-1023!
What do you need from me to get the process going? Calling us is the first step! Typically we ask for some details about your financial situation, your income, loan balance, months behind in payment and other debts. Then we prepare detailed paper-work for the attorneys who will speak to the homeowner directly detailing the procedure.
How long does the Loan Modification procedure take? There is no set time frame as each situation is different. It can be done in as little as 60 days, but typically it will take about 90 days, depending on your lender. The most important part is to get the process started and call now so the attorney can stop foreclosure proceedings.
Are lenders and banks willing to go through this process? Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it, so the majority of lenders are very open to the Loan Modification process.
So we consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike.
Will I have to meet with the Bank/Lender or deal with Paper-work? Absolutely not! At the American Home Crisis Center, we take care of all of the paper-work for you and hand it over to the attorney so you don’t have to worry about the red-tape and negotiation associated with the process. You will never have go to your lender, or bank, the attorney will do all of the leg-work for you and the attorneys will fight to reach the ultimate goal of keeping your home, and arriving at a monthly mortgage payment you can afford.
Isn’t this the same as Debt Consolidation or Refinancing? NO. This is not debt consolidation. And this is not an offer to refinance from a mortgage company. It’s a shame to see so many debt consolidation companies out there that claim to help people but really end up just taking their money. Most debt consolidation procedures out there consist of just putting everything a person owes on a credit card, trying to negotiate a better rate, charging a high fee and calling it a day. For a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people, not to mention they would need to have excellent credit and documentable income.
Do I have enough time to stop my foreclosure, what if I’m already in foreclosure? Time is your worst enemy in either of these situations! Successfully dealing with these situations has to do with, in many ways, you taking charge of your situation and acting now! There are some required timelines, like getting a loan, loss mitigation, document preparation, etc…..They all require time. If you’re worried about what to do, then please call right now and let us help you before it’s too late!
How successful have you been in other cases? Loan Modifications have shown a high success rate, simply because the attorneys fight for the client, not the lenders. We are professionals with decades of experience dedicated to helping you save your home. If the attorneys think your situation is beyond remedy, we will tell you right away. We know you’re used to getting your hopes up only to be let down later and want to be up-front and honest with you from the very beginning. If we accept your case, we will explore every possibility to save your home.
What programs are available to homeowners who don’t qualify for Loan Modification? Besides Loan Modification there are quite a few options, some better than other. We can get loans, refinance, sell your home, do a short-sale or lease buy backs…It all depends on what is best and possible in your situation. We specialize in working with homeowners who want to keep their home. The majority of homeowners who contact us want to save their home from foreclosure and get their lives back on track and that’s exactly what we do!
