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What is loan modification?

Loan Modification- We hear these words so often, but what do they really mean? With millions of us homeowners stuck in toxic adjustable rate mortgages and no ways to refinance out of them, loan modifications may be the only way to help bring our head back above water. This term is used when your lender modifies your current mortgage in order to work with you and make your mortgage more affordable. This is NOT a new loan, but rather a change in terms to your existing loan. A modification to your rate, balance of loan, delinquent fees owed, term of loan etc. can be made by the Lender. In the past this was only used when a borrower was delinquent, but now the Lender guidelines have changed for this process. This will be the hottest term and the best way to help you avoid foreclosure.

 

Here's how a Loan Modification can help you:

 

  • A Loan Modification will change your existing mortgage terms and give you a fresh new start.
  • Your account will be brought up to date immediately with no back-fees or delinquent balances.
  • With a loan "modification" We take the mortgage you now have and change the interest rate and payment requirements in order to achieve a fixed rate. A change in rates and payments does not result in the need for a new closing, legal fees, survey, appraisal, or taxes. In contrast, if you "refinance" a loan you'll be required to have a closing and forced to pay a variety of fees and taxes.
  • Lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives.
  • Allstate Home Solutions, Inc. shows the lender why it would be in their best interest to agree to a workout arrangement.
  • In turn, the lender will reduce the loan interest rate, reduce monthly payment amounts or change other loan terms to allow for an affordable loan, allowing you to avoid foreclosure

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    Is Loan Modification right for me?

  • Are you in a loan you cannot afford?
  • Are you late on your mortgage?
  • Do you think you are the victim of predatory lending?
  • Having difficulties refinancing?
  • Are you in an ARM loan that is adjusting up and up?
  • Have you suffered a temporary hardship and not able to afford the new monthly     payment?
  • Is your mortgage set to adjust soon and you know you will not be able to afford     the new monthly payment?
  • How would a forensic loan audit better my situation?