We have compiled the below list of answers to frequently asked questions from our clients.

What is a Mortgage Loan Modification?

Loan modification is when you and your existing lender agree to permanently change the terms of your original note. A loan modification is more than just foreclosure prevention. A successful modification is affordable and permanent.

Why would the banks want to renegotiate?

The banks would rather change the terms of the loan to a payment that you can afford than take the property through foreclosure. This will allow them to keep the loan on their books at full value rather than being forced to mark it down according to current mark-to-market accounting rules.

Do I qualify for a loan modification?

There are many factors that determine on what basis a lender will modify a loan. Equity, income, payment history, debt ratio and many other factors. An experienced loss mitigation consultant can guide you as to the best approach to take. Every case is different. If you are employed and can prove your income and if your current payment or future payment is too high, then you probably qualify. There are other programs that we offer that can help you stay in your home even if you have lost your income temporarily. Don't give up trying.

What does it cost?

We charge for services bases on your situation, how many lenders need to be contacted, as well as the attorney's estimated time. Whatever the case, you will know what our flat rate fee will be before we start and we will never ask you for additional money once we have taken the case.

Can I do it myself?

You can negotiate on your own but you are more likely to get a better deal if you have a professional negotiator on your side. The bank is unlikely to offer you the best possible deal. Professional loss mitigators have existing relationships with most lenders and know how to get to the decision makers.

If you do not see an answer posted here to any question you may have, please contact us!