Home Loan Modification Options
There are a few different home loan modification options available for homeowners.
Many lenders have their own in-house modification options for homeowners. Also, most lenders are participating in the home affordable modification program or HAMP.
This program can lower your monthly mortgage payments to 31% of your monthly income, making your payments affordable once again.
However, out of the millions of people who need loan modifications, only thousands have managed to qualify for this program.
If you want the best chance at getting your home loan modification approved, you may want to speak with a professional loan modification company who can help you qualify.
It’s no secret that lenders are not approving home loan modifications left and right. In fact it is very difficult to get a loan modification from your lender. If you have tried to contact them, you may already know this.
What can you do to qualify for a home loan modification
You can speak with a specialist that can help you get your home loan modification approved. A company that has been doing this for years knows how to negotiate with these lenders and we can get home loan modifications done.
A Home Loan Modification defined is a permanent change in one or more of the terms of a mortgagor’s loan allowing the loan to be reinstated which in turn results in a payment the mortgagor can afford.
To make your payments more affordable, most companies would try to get you approved HAMP. This would lower your mortgage payments down to 31% of your monthly income, drastically reducing your payments in most cases.
Now, HAMP has come out with the Principal Reduction Alternative program . This program sets guidelines for lenders when servicing HAMP modifications. Under these guidelines, lenders are to use principal reductions as the first step in reducing your monthly payments to 31% of your net income.
Not all homeowners will qualify, but for those who do, it could mean the difference between keeping your home or not.
By limiting the monthly payment to less than one third of a households monthly pay, banks realize that they can keep more people from walking away. At the same time, they are also able to keep a positive asset on the books. It’s a win-win situation.
We have Mortgage Loan Modification programs with several major lenders. To see if you qualify online, call us today 888-892-9805
Here are a few reasons we are different than other companies:
We can work with homeowners in most states and negotiate with every lender. We are also experts at qualifying homeowners for the Obama mortgage plan. We prequalify EVERY client to make sure they are a candidate for a home loan modification. This includes contacting your lender and making sure your financial statements adhere to their current guidelines. With some of our programs we can even find out your new payment and interest rate over the phone!
If necessary, our attorney will look over your original loan documents and check them for errors that can be used as leverage.
We are completely upfront with you. If we cannot help you we will tell you. In most cases we can delay your first payment on your new loan for 30 days or more – allowing you to save even more money, we often times see late fees and interest fees waived as well.
We can process extremely fast loan modifications with the following lenders
Bank of America
Countrywide
Wells Fargo
Emc and more!
call us today for home loan modification options in your state and let us help you save your home from foreclosure and lower your monthly mortgage payments to an affordable amount for you. 949-229-1652
