What is a Loan Modification?

A loan modification restructures the terms of a loan without actually refinancing the property it secures. Modification of a loan applies to the terms governing the interest rate, the amount of the monthly payment, the term of the loan, and sometime the principle balance. Skilled home modification legal specialists work on behalf of borrowers with their lenders to achieve the relief of a home loan modification via drastically reduced mortgage payments.

Are you a good candidate for Loan Modification?

All of the following are great candidates for modification:

• Any homeowner currently stuck with an adjustable rate mortgage
• Any homeowner with a “PayOption ARM”
• Any homeowner behind on Payments
• Any homeowner with a “hardship” or inability to pay what is currently owed
• Any homeowner that has little to negative equity
• Any homeowner that cannot refinance

What happens during a Loan Modification?

During a loan modification the terms of your mortgage are renegotiated to bring the interest rate down to a percentage that fits into your budget and the monthly payment no longer presents a severe strain on your ability to meet your other financial obligations.

Why don’t I simply ask my lender for a Loan Modification myself?

You can apply for a modification yourself, however most homeowners are unaware of the guidelines and criteria lenders are looking for and can end up causing more harm than good. With the terms of your mortgage, and the next 30 years at stake, it is well worth your investment to hire a professional that specializes in modifications. With a money back guarantee you have nothing to lose.
Click here to submit an application.

Or if you insist on trying to modify on your own, click here to make sure you are prepared.

Is Loan Modification similar to Debt Consolidation or Refinancing?

Debt consolidation seeks to lump a group of unsecured debts into either a loan or a program that offers lower payments. It does not apply to mortgages. Refinancing a home requires the borrower to apply for a new mortgage for the home and as such will require a down payment, an appraisal, and a lot of fees for the lender. This is often not an affordable solution for a borrower who is already stretched to the max with the current mortgage payment and the existence of an adjustable rate mortgage that eats up a lot of the available funds on a monthly basis may actually be held against the applicant and thus causes the refinance application to be denied. Loan modification seeks to restructure an existing loan.

What is needed from me to get the process started?

Documents relating to your financial situation, income, and mortgage details help legal professionals to draft the papers your lender requires for a need based loan modification approval. Upon receipt, the terms of the mortgage are renegotiated to reflect a lower monthly payment. Best of all, the paperwork is handled in its entirety by the professionals in charge of negotiating the deal.
All that’s required of you is to sign the paperwork at the end.
Usually it’s only a couple of pages.

How long is the Loan Modification process?

This depends on the lender, but typical turn times range from 4-6 weeks.

What are typical success rates?

We only affiliate with firms who maintain a 90% success rate or higher. And for the small number that don’t get modified, we offer a money back guarantee.