Why should I retain your firm?
There are more than 100 years of Finance and Real Estate experience in our team. Our experts who handle loan modification and loss mitigation speak the same language as lenders and loan servicing companies. We know how to achieve the optimal outcome for our clients. People who retain expert representation for their loan modification are far more likely to achieve the desired outcome than those who attempt to negotiate with their lender on their own.
What can be accomplished with loss mitigation?
Loss mitigation is designed to negotiate an agreement between borrower and lender or a loan-servicing agency in order to prevent a foreclosure and bad marks on the borrower’s credit.
What is a Loan Workout?
A loan workout is the repayment plan or loan modification agreed upon by borrower and lender.
What is a Loan Modification?
A loan modification is a permanent alteration in the terms of an original loan contract. Modification may involve a number of things, such as the forgiveness of a portion of the principal balance, a reduction in interest rate, or an extension of the loan’s maturity date.
What is a Repayment Plan?
A repayment plan is designed to spread delinquent payments over several months, allowing the borrower to become current on payments in a structured manner.
What is the fee for your service?
Our firm offers a number of different services. The first step is to determine if you qualify for loan modification. Call our office and schedule your private consultation with a financial advocate. Discussing your scenario with us is the best way to discover the best course of action to save your home and possibly lower your monthly payment.
How long does loan modification or loan workout take?
The time line for a loan modification or loan workout is dependent on various factors, including the manner in which the lender or servicing company works, the borrower’s financial position, and the state of foreclosure a property is in. Understanding that time is of the essence; our team commences work on a case as soon as paperwork is received.
What about my privacy?
Will I be able to stop foreclosure proceedings in time to keep my home?
In this economy, it is advantageous for lien holders to keep borrowers in their homes rather than to foreclose on properties. For this reason, lien holders are more likely to complete a modification or workout of a loan if given the opportunity. Time is of the essence in handling default on a mortgage. If foreclosure proceedings have begun and a sale date has been set, it is imperative to start the process of negotiation with your lender. If you are behind on your payments or fear you may fall behind, we encourage you to contact our office for a loan modification eligibility assessment.
I have bad credit, should I even bother attempting loan modification?
Absolutely! What the lien holder is most interested in is your capacity to repay a modified payment. Your credit score is of minimal importance in this scenario. Remember, everyone wins when mortgage payments are structured to facilitate timely, consistent payments.
Why was my mortgage payment returned to me?
Often, a lender will only accept payments that include the entire delinquent amount PLUS any legal fees, late fees, or other fees. This is especially true once foreclosure proceedings have begun, after which point a borrower will have to pay the total delinquent amount plus fees and foreclosure costs. Our team is experienced in negotiating with lien holders to resolve borrowers’ financial challenges.
Is there really a chance of resolving my foreclosure?
Working with our team towards loan modification significantly improves the chances of resolving challenges and saving your home. Loan modification or loan workout is typically successful, negatively affected by only a few factors. Our attempt at loan modification may not be successful if the borrower lacks the capacity to cover the modified payment amount. It is also vital that a borrower who begins the modification process remain in communication with our team of experts and comply with requests for information as needed. Finally, the loan modification process will be immediately terminated if falsification of documents has been identified.