How the Loan Modification Process Works
The first step is a free consultation. This is an opportunity for you to share the details of your situation and ask questions. As part of this discussion we will try to gain a detailed understanding of your finances, the hardship you are encountering, and what your goals are. With this information we can offer our assessment about whether we believe a loan modification can be successful. It is important to note that not every homeowner will qualify for a loan modification and that the final decision to approve a modification is the lenders..
If you decide to become a client, we will request and review the necessary information including income documentation, bank statements, other income and expenses as well as the status of your loan to determine an affordable monthly mortgage payment. We will monitor the status of your loan with your lender and keep you apprised of the progress of your modification.
We then prepare the application to assure that it presents the most advantageous story to your lender. Once a submission is made to the lender, we follow up aggressively on a regular basis to assure that your application does not get held up. The bank employees tend to be less experienced and it is important to make sure that they do not misinterpret the information submitted or erroneously deny the application. Our experience with what the lender is looking for allows us to avoid many of the pitfalls that can draw out the process and end up in the application being denied.
If the application is accepted, the lender will make a modification offer. We go through offers made to assure that the lender has made the offer based on the correct information and guidelines. If any discrepancies are uncovered we challenge them with the goal of assuring the offer is the best one available. Most modification offers start with a trial period that requires the homeowner to make timely payments for a period of time (usually 3 months). Our expectation is that once the homeowner makes the timely payment required, the bank will permanently modify the terms of the loan. We stay engaged until the modification is complete because sometimes issues arise that jeopardize the modification from being made permanent. The main goal for your modified loan is that once completed you will be caught up on payments, in no danger of foreclosure, and have a mortgage payment that fits into your budget every month. Grab control of your future and the peace of mind that comes with it. Call us today to get started! 1-888-880-7075.