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Loan Modifications
Originally, Loan Modifications became a
solution for borrowers facing
foreclosure, or already in foreclosure.
The Loan Modification was a way to
change the terms of an existing loan in
order to help the borrower stay in the
home if he had suffered a hardship or
couldn't refinance. However, with the
help of the Federal Government, many
homeowners who are still current on
their loans, but struggling in some way,
are now granted the same opportunity.
A Loan Modification is not a new
mortgage, it is the renegotiation of an
existing loan to bring about a lesser
monthly payment, bring the loan current
if the homeowner is behind, or bring the
home out of foreclosure. Credit scores
are not a part of the process. Thus, a
homeowner can apply for modification
even if he has bad credit and especially
if he's facing foreclosure proceedings.
Loan Modification opens the door to full
negotiations and revisions of the
current terms, which has truly become
the only solution for homeowners
attempting to stay afloat in today's
economic struggles.
In essence, a Loan Modification allows
you the opportunity to change the
existing terms of your loan without the
need for a new closing, legal fees,
survey, appraisal, or taxes. In
contrast, if you "refinance" a loan
you'll be required to have a closing and
forced to pay a variety of fees and
taxes, while having to prove your credit
worthiness.
Loan Modification Qualifications
Because we do not attempt a Loan
Modification without first completing
the Forensic Loan Audit Document Review
and client interview, there are not many
additional client qualifications
required to get your loan modified.
Credit Scores are not a part of
qualifying
You must still be the owner of the home,
even if it is in foreclosure, but the
home cannot have already been taken back
by the bank.
With most lenders you must be occupying
the property - but not always.
If you are in a bankruptcy, you are not
necessarily disqualified.
Contact us at 505-407-1281
To discuss your qualifications in more
detail. |
