Loan Modification

What is a Loan Modification?

A Loan Modification is a procedure by which a  loan's terms, like interst rate, the monthly payment or term, are exchanged to meet the current situation of the home owner. All of this is done with the approval of the lender.  In other words, we negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment, and length of the loan) to allwo you to obtain a lower monthly payment, keep your home and save your credit.

What are the Qualifications?

There are several ways to qualify for this relief.  You can have a rate that has, or will be adjusting.  You can have a hardship that has caused you to fall behind on your payments, even as far as foreclosure filings.  You can even be a victim of these hard economic times.

 Why are banks modifying loans?

Banks are assisting in Loan Modifications so they don't end up taking back millions of homes.  This would be catastrophic to the United States economy,  so the Government set for a Mortgage Bailout Bond that is in place to help the banks, help you.  The banks don't openly offer loan modifications as they would prefer to keep borrowers paying higher interest rates for as long as possible.  There were over 2 million Loan Modifications done last month alone.

Can I work on modifying my loan myself?

Yes, you can attempt this yourself, but as the saying goes "Any person that represents himself, has a fool for a client."

There are certain guidelines that need to be met in order to qualify.  If you attempt this on your own you might loose your only chance for modification.  Our attorneys know the guidelines and have excellent working relationships with hundreds of lending intuitions.  As many borrowers know from experience, there is a thick layer of resistance by the lenders to any suggestion as a loan modification from the borrower directly.  Banks will typically offer you something less than an Attorney, as was discussed on ABC News.

What does Loans Made Possible do for their clients?

We collect all the necessary documents needed to create a detailed financial package on your situation.  Next, we have our experienced underwriting staff structure your file demonstrating your inability to pay our current payment or the new payment should your rate adjust.  Once qualified, your file is turned over to our legals staff and an Attorney's letter is sent to your existing lender.  This letter will explain that you are represented and will be assisted through the loan modification process.  If necessary our legal department will contact their legal department to demand what's best for the borrower.  As each file progresses borrowers will receive updates from their Loans Made Possible representative.

How much does the service cost?

This is the best part, not nearly as much as your last refinance.  As we all know, Attorneys don't work for free, but we make it as painless as possible.  There is a set fee for this service which will be outlined by your Loans Made Possible representative.  Just remember, there are no appraisals, no title insurance, and no escrow fees.  This alone saves you thousands of dollars.  Our goal is to help put you and your family in a better financial situation for years to come.

How to get started?

The first step is to fill out your Financial Application and Enrollment Form and fax all the necessary documents needed to create a detailed financial package.  Your Loans Made Possible representative is available to guide you.  Once approved, our staff will then re-negotiate the terms of your mortgage through the Loan Modification process.  It's our goal to help you save the most important asset you have, Your Home.