Loan Modification is the process of changing the terms of a current loan agreement between a lender and a borrower that results in a payment level that is more affordable in light of the borrower's current financial position.
The process of loan modification can be accomplished by contacting your lender directly, using the services of a non-profit counseling service, or hiring a professional loss mitigation consultant. The different methods have varying approaches all designed to to arrive at the same solution - a modified payment that is more affordable to the homeowner.
The desired result in the loan modification process should reflect a payment level that is more affordable to the borrower and that is also acceptable to the lender as an alternative to the high cost of foreclosing on a home.
Both the borrower and the lender should benefit from the arrangement.
You Are Not Alone
Foreclosures in the U.S. were up 81% in 2008. Over 2.3 million Americans faced a foreclosure proceeding last year. In December of 2008 alone over 300,000 properties received a foreclosure notice. The foreclosure crisis is not only a problem for homeowners, mortgage lenders are reeling from the effects.
Lenders have discovered that working out a mutually beneficial solution with a homeowner can result in a better outcome than taking a hard line collection approach. Unfortunately many people mistakenly assume that they cannot qualify for a loan modification program or are not familiar with how to proceed.
When To Consider A Loan Modification Plan
If you are behind on your mortgage payments and are struggling to survive financially you may want to consider preparing for a Loan Modification Plan. Most lenders require that you be at least 60 days behind before they will accept a request from a homeowner to modify their mortgage loan. If you are past or soon to miss your second payment now is the time to begin.
There are a number of circumstances that lenders consider when approving a loan modification. Listed below are a few.
Adjustable Rate Reset
If your payment is unaffordable due to a rate increase of your adjustable loan you may qualify for an Interest Rate Reduction from your current lender.
Job Loss Or Change
Have you experienced a loss of income due to job loss? You are not alone! Millions of jobs vanished last year due to closings, lay-offs and restructuring. Don't accept the loss of your home due to a temporary income loss. Ask us about a Forbearance Plan.
Additional Circumstances
- Temporary Disability
- Divorce
- Death In The Family
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- Declining Home Prices
- Illness
- Unable To Refinance
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How We Can Help
Upon receipt of your information we will review your file and give you a No Risk Assessment Within 24 Hours. If you have fallen behind on your payments, are tired of receiving lender collection calls, or are in jeopardy of losing your home to foreclosure, call us. You should know your options as soon as possible. By completing our Online Assessment Request and submitting it for review you can begin the process now. It costs nothing to find out if you qualify!
Upon receipt of your information you will be assigned to your Personal Loss Mitigation Consultant that will guide and assist you from beginning to end through the process of choosing and implementing a solution to your situation.
If you are in a financial bind with your home loan or even in the foreclosure process, waiting to take some action on your behalf can only make your situation worse. Mortgage loss mitigation and loan modification can be negotiated in terms that are an advantage to both the lender and the borrower. Let us help you get started today! Call Us At 888-790-4276
