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Loan Modification Help from Loss Mitigators that understand the entire Loan Modification Process
Loan Modification Help
If you need loan modification help and you can afford your home we can help stop foreclosure. We have been successful at putting homeowners on loan modification plans and saving their homes from foreclosure. There are a few types of loan modifications although we do not guarantee the interest rate reduction we always submit to the mortgage companies paperwork that asks specifically for a rate reduction. The types of loan modification options are listed below:
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Straight Capitalization Loan Modification - the delinquent interest is added to the principal balance and the modified principal balance is amortized over the existing loan term and interest rate. The straight capitalized loan modification will cause an increase in the monthly mortgage payment. This payment option is an option only for homeowners who show they can afford the increased payment. If after the payment is determined and there is a deficit in the homeowner finances then the lender needs to change the loan modification option.
- Loan Modification with a Term Extension - the modification is worked exactly as above but the term of the mortgage is extended. Depending on your original term whether 360 months or 480 months many times a loan modification can not extend past the original term.
- Step Rate Loan Modification - modified principal balance is re-amortized and the interest rate is temporarily reduced to ensure mortgage affordability. A typical step rate mortgage reduces the interest rate by one percentage point for every year of the step rate plan (not exceeding 3 years of reduced rates). After the first year the rate begins to rise until it gets back to the original market rate or the rate at time of origination whichever is higher. This loan modification option is for an underemployed homeowner that will see pay increase in the future
- Reduced Rate Loan Modification - a permanent change to a homeowner interest rate, loan modification is used when the other options have been exhausted and the borrower needs a reduction in order to afford the monthly mortgage payments. The rate reduction is based on the homeowners ability to pay. Just remember the rate can only go so far until this loan modification help option does not make sense and the property must be sold in a short sale.
- Combination of Loan Modification Options - This loan modification option is a combination of the above loan modifications options combined in order to create an affordable plan for the homeowner to stay in the house. Some examples are to extend the term and drop the rate to make the mortgage payments affordable.
If your home is facing foreclosure for whatever reasons that you were not be able to make mortgage payment, now you have made enough money to make the monthly payment, but just don’t have enough to pay for the lump sum to pull the home out of default, we will request a loan modification. By doing a loan modification, we can stop the foreclosure and save your home.
There has to be a legitimate hardship
Homeowners experience hardship for all kinds of reasons. Experience a health crisis. Most have no savings, no available credit, and their extended families have limited resources. Homeowners in danger may have already refinanced two or three times. It is time to get your financial life back in order. No matter the basis for your financial hardship, your lender is likely to work with us to reach an alternative to foreclosure.
Below are homeowners we have been able to help stop foreclosure with loan modifications
GMAC Loan Modification
My wife lost her job at a bank due to a bank merger after 19 years she did not find a job until this April as a waitress at Bob Evans. Her income was cut more than 50%, Then we receive notice that our payments went up from $600 to $800 to almost $1100.00. This is our home and we do not want to loose it, but cannot afford these kind of payments. Please help us. My wife has a job at Bob Evans now. Chase is foreclosing
City: Nesconset
State: New York
Zip Code: 11760
County: Suffolk
Option One Loan Modification
My account went into arrears while my wife was unemployed. I have spoken to reps from Homecomings about reactivating my loan but I haven't received any paperwork and when I call I get put on hold for half an hour to an hour and the representatives say they will call me back and I never get a call. My bank checks are being returned to me with notices that I am about to be forwarded for foreclosure proceedings.
City: Scottsdale
State: Arizona
Zip Code: 85262
County: Maricopa |
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