Loan Modification

Loan Modification

100% No Upfront Fees, EVER!

The only costs to the homeowner are $500.00 only if they accept what their lender is offering.  If they don’t, they pay nothing. That is our guarantee.

Mortgage Modification or Loan Modification:
A modification is a change in the terms of a loan, usually the interest rate and/or, maturity date, when the homeowner is not able to make the payments under the existing mortgage loan contract. Past due amounts on their loan will be added to their unpaid principal balance so that they do not have to bring the account up to date prior to the modification.

When a mortgage loan is modified:

  • The unpaid principal balance may increase because delinquent or past due amounts owed may be added to the total loan balance to be repaid over time.
  • Adjustable rate loans may be converted to fixed rate terms for greater, longer interest rate stability.
  • The mortgage term may be extended up to 40 years to spread the amount due over a longer period, lowering the monthly payment.
  • The interest rate may be reduced.
  • Principal forbearance or forgiveness may be provided, with forbearance amounts due at loan payoff or maturity.
  • If they currently pay taxes and insurance separately, the modification may require them to escrow the proportionate monthly tax and insurance payments.

There are many modification programs available including the government Home Affordable Modification Program. Most all lenders have programs that are specific to the homeowners. So please don’t hesitate to ask us to find out what their lender is offering them.

If this option does not work out for your client, then we would move to a short sale as the next pre-foreclosure option.