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Frequently Asked Questions

What is a loan modification?

A loan modification changes the terms of your existing loan. This is usually done by lowering the interest rate, and making other allowances so that you can afford your monthly payments. In the case of a second mortgage, principal reduction is often achieved.

Do I qualify for a loan modification?

A short interview over the phone will allow us to figure this out. Essentially, if you can afford a reasonable mortgage payment, based on your income and the value of your home, we can generally get you qualified.

Does a loan modification stop foreclosure?

Yes, that is one of the purposes of a loan modification.

What if I am current in my loan payments?

Yes. Under new government programs, you do not need to be behing in your payments. The Federal government is urging lenders to proactively reach out to homeowners who face potential default.

How long does it take?

Once you have submitted all of your paperwork, it will take anywhere from 2 weeks to several months. This depends on the stage of foreclosure you are in and your financial position.

Do I have enough time to stop my foreclosure?

Usually, yes. We have stopped foreclosures after being retained as little as 3 days before the sale.

I've already talked with my lender and they just want all their money. Can you still help me?

Yes. Most clients have experienced this kind of inflexibility from their lenders before calling us.

What can I expect from a loan modification?

Loan modifications may result in the following:

1. Lowered monthly payments
2. Interest rates reduced to 2% - 6.5%
3. 30 yr fixed terms
4. Reduced principal balance
5. Partially or completely deferred past payments
6. Credit preservation
7. Home ownership preservation