Even if you have turned down for a Loan Modification in the past, we can help. Our firm is used to dealing with Banks and Loan Servicers to get loans modified. If you are tired of dealing with the games your loan servicer is playing we can cut through the nonsense to get an answer on a Modification on your home loan.
We start by reviewing your situation to go over all of your options. We determine your debt-to-income ratio prior to submitting any paperwork to the bank. When you are a prime candidate for a loan modification, we will explain why you are and go over in detail what the next steps are. If you have tried to apply for Loss Mitigation in the past with your bank we will go over all of your previous filings to see what could have caused the bank to refuse to modification.
A loan modification is different than a refinance as it changes the terms of the current loan and does not require the same credit level. As a borrower, you have to show that you will have enough income to make the payments. If you do not have enough income, we will explore other options such as getting a contributor to help you make the payments or look into other ways to increase your income. Loan modification is normally just one of many options that banks will allow under loss mitigation. Other options include short sales, deed-in-lieu of foreclosure or even an outright sale to take your equity out of the home to buy a more affordable home.
Loan modification is designed to help homeowners like you who have had some kind of bad luck that caused you t fall behind on your payments. Whether your situation is temporary or permanent you may qualify for a loan modification. It is possible that your interest will be higher, your loan payment term may be longer or even a portion of what you owe will be but on the back end of the loan as a balloon payment.