Mortgage Loan Modification Help
Welcome to mortgage loan modification by Suzette. The current climate for loans has changed dramatically over the last 18 months and we have morphed into a full services financial partner with new associations based on old relationships to offer you more choices in dealing with today's sometimes troubling financial frontier.
Mortgage loan modification - How does it work?
In a perfect world, we would all have excellent credit, great paying jobs, lots of home equity and have not refinanced in the last 7 years into an incredible 15 or 30 year fixed rate already through C2 Financial Corporation.
Oh yeah, and we would also have world peace, no disease, hunger, nor death, but I digress. If you don't meet all of the above criteria, you may be like one of the estimated one in ten homeowners that face the possibility of losing their home.
Modifying your loan ( changing terms to better suit your needs ) is becoming increasingly popular as lenders realize the true costs of foreclosing and settlements are reached with large lenders to force modification.
If you have had a recent financial hardship, job loss or change, divorce, illness or family problems you may be able to qualify for one of these programs. In addition, your loan docs may have been drawn incorrectly causing a " truth in lending " or other such violation that makes lenders eager to correct when faced with legal pressure.
Mortgage loan modification - How can it help?
Mortgage loan modification can give you several different options to ease your financial situation. These options include, but are not limited to:
• Refinancing your current mortgage and/or changing any or all of the original terms of your loan.
• Allowing you to skip one or more mortgage payments in order to become current on your loan. (These skipped payments may or may not be added to the back end of you current loan, extending the final payment date.)
• Reducing the total principal amount you owe on your home. This option works to forgive a portion of the original amount borrowed, which can reduce your monthly mortgage obligation.
• Reducing the current interest rate being charged on the loan. This option often involves exchanging a high adjustable rate for a low fixed one, which also can reduce your monthly financial obligation.
• Lengthening the term of your loan. A 10 or 15 year mortgage can often be extended to a 20 to 30 year mortgage, reducing your monthly payments significantly.
What if Your Lender Tells You They Cannot Approve a Refinancing Request
There used to be no remaining options available for those unable to refinance their original loan. Buyers were bound to the terms and conditions of the mortgage contract.
If a buyer fell into default, their property would be promptly foreclosed upon. This problem existed because there was no way for lenders to keep their doors open if they could not collect on outstanding loans. Lenders would foreclose simply to recoup the revenues they were losing due to defaults.
The borrower was trapped into either trying to sell the property usually without enough resources or time or simply give up and go along with the pending foreclosure.
Both of the above options leave the buyer in without a residence. Fortunately, mortgage loan modification is now available, offering many homeowners the chance to adjust the terms of their original mortgage agreement and give them the third option of reducing their payments and keeping their home.
Do you need a third party or a Lawyer to help you modify your loan?
Buyers can try to negotiate loan modification on their own behalf, but the success rate and level of customer satisfaction is much higher if you have someone else presenting your side to the lender.
Modifications by Suzette’s mortgage professionals know what can be negotiated and how far you can go to get the best deal possible under your circumstances. This is especially true in cases when there is an ’upside down’ mortgage (where the amount still owed is more then the property is worth). Although loan modification is now a possibility, it is advisable to retain a third party, like Mods by Suzette to assist you in negotiating the adjustment of such loans.
What kind of specialist would you need?
Someone you can trust. Modifications by Suzette is poised to either handle the negotiations for you or refer you to an experienced attorney when that benefits you. Whether you use a loan modification attorney who is trained to handle negotiations and hammer out terms with lenders, or a third party consultant who can explain every step of the process to you and eliminate confusion regarding the many ambiguous issues surrounding loan modifications, your results will be better if someone other than you handles the process.
We will hold your hand every step of the way. At Modifications by Suzette, an experienced negotiator will navigate the process with their expertise and understanding of the complicated path to a successful modification.
A qualified representative can also spot mortgage modification program scams and/or provide a forensic audit of your loan documents to see if there are any Truth in Lending or RESPA violations on your loan.
There is no restriction on who you choose to help you through the loan modification process, so choose someone with experience and ethics, basically someone who would treat your loan modification the way they would treat their own with the added benefit of decades more experience that you.
Mortgage Loan Modification - Do You really qualify?
Many borrowers are still under the impression that they can only qualify for loan modification if they are on the verge of foreclosure. This is simply not true. You could possibly qualify for a loan modification program under any or all of the following circumstances:
• There is a financial or personal hardship.
• You have an adjustable rate mortgage which will adjust soon.
• Your mortgage is interest only.
• You have no credit, bad credit.
• There is no equity in the house or you are underwater.
• You are approaching a notice of default.
• Your source of income is either cash, roommates, or varies dramatically.
• You have a sub-prime loan.
Mortgage loan modifications can be done on any type of property; primary residence, second home, or investment properties, although the guidelines for modification vary. You can still qualify for loan modification even if you do not have missed or late payments, you do not have a financial hardship, or you have an ‘upside down’ mortgage.
Loan Modification Options
It may be possible for you to:
• Stay in your home
• Stop foreclosure
• Lower monthly payments
• Reduce interest rates
• Switch from an adjustable to a fixed interest rate
• Reduce your loan balance
• Be forgiven a portion of the principal on your loan
• Eliminate or postpone your penalties, fees, and even whole payments
• Have a chance to pay back delinquencies and avoid chapter 7 bankruptcy
• Extend the term of your loan
The policies put into place by the new administration are heavily in favor of providing immediate relief for distressed homeowners who fear losing their homes to foreclosure even if they are not delinquent.
If you are experiencing difficulty making your monthly mortgage payments, even if you are not yet behind, a loan modification could help you relieve some of the burden caused by financial or personal hardship, and allow you to keep your home.
Contact us today for a free consultation and find out if you qualify for a home loan modification. The time is right to take control of your situation. We only accept applications from people who we believe are well qualified for a modification, much like a loan application, there are special circumstances that are more likely to have a positive outcome. Our success rate is above 90%, and we are fully committed to doing everything possible to help you keep your home.
Let Mods by Suzette walk you through the minefield. All it takes to get started is a simple application, to assess your current financial situation and see if you would be a good candidate for mortgage modification.