| WHAT IS LOAN MODIFICATION? |
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Loan Modification is a permanent change in one or more of the loan terms of a homeowner’s mortgage loan, reinstating the loan which results in a payment the homeowner can afford. We help our clients qualify for a loan modification through the use of legal avenues and consumer laws. |
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Loan modifications are not refinance, debt consolidation, or forbearance. It is a long term solution for hardships and the rising of interest rates on your current home loan. Loan modifications eliminate current foreclosure proceedings and will reinstate the modified loan. |
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Due to the recent activity in the market lenders are in favor of working with our firm in order to negotiate equitable loan modifications. |
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Outstanding principal and interest
Past due escrow impound accounts
Late fees
Costs rolled into loan modification. |
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Modified mortgages can extend the terms of the loan, lower the interest rate to a lower permanent fixed rate and add any outstanding balance to the end of the loan. |
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Loan modification will avoid foreclosure. Even though banks routinely foreclose on properties and sell the homes to other buyers for a fraction of a price, the slowing housing market has made it difficult for banks to unload such properties and then recover any additional funds from the previous homeowners. Loan modification is an attractive solution for a lender. In most cases it takes a team of Consumer Advocate professionals to use the legal avenues available to expedite the process and save your home while reducing your loan terms to the maximum the Lenders will allow. |
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