Why would lenders accept loan modification, since it will only lose them money?
In today’s market situation, the lenders are also very well aware that they rather work with their borrowers instead of entering into foreclosure proceedings. Read for more info on this on the topic: “Will my lender accept loan modification”
How long does a loan modification take?
Generally a loan modification takes about 1-3 months.
Will I be charged a fee up front?
No, we will never charge you a fee up front.
How will I know the status and the process of my modification?
A processor will be assigned for your case, and he/she will be the main contact point during the modification process. Your processor will also conduct a conference call with your lender and you so you are totally aware about the latest updates on your loan modification. Your processor will also provide you with access online to your own loan modification case, so you can view the status yourself 24/7 > www.homereliefstatus.com
What will be the exact modification results that I will get?
You and our company do not hold the promissory note, because the bank and the original investor hold the note. Only the investor can make the final adjustment on the terms of your loan. Our company and our mitigators and processors are dedicated to get you the best results possible. We understand the different modification programs and based on our past experience and the strong relationships we have developed over the past couple of years with the lenders and financial institutions, we determine the chances and outcome of obtaining a loan modification for you.
Do you guarantee your work?
Absolutely! We offer a money back guarantee if we are not able to obtain you a modification.
Will a loan modification be reported on my credit report? No. A loan modification is simply a change of terms in the interest rate or principal balance.
If I want to try this myself, can I do this? Every borrower has the freedom to talk directly to their lending institution, however you need to ask yourself the following questions:
- Who is the right person to speak to within a large lending institution and how do you present your situation so you will get a fair chance of even be listened to?
- How do you present and prove your financial hardship situation? Many borrowers have never dealt with any late payment issues, foreclosure proceedings or other legal matters.
- How do you know that the propopal a bank might offer you is the best they can do, or is this again a delay before you will get yourself in a situation like you are having today?
Does my mortgage company want to foreclose on my property and take my house?
Absolutely not! When a mortgage company forecloses on a property, they almost invariably lose money. They lose even more if they are forced to take ownership of the property. Because of the mortgage company's as well as the investor's likely losses on foreclosed properties, there are wonderful ways to either avoid going into foreclosure or to get out of it. This is the good news.
The bad news is that you are really nothing more than a loan number (usually one of millions) to your mortgage company. While not trying to insult your mortgage company, they don't need or want to specifically help you. They simply need to ensure that they meet their numbers. While it may be encouraging to know that their financial interests lie in keeping you out of foreclosure, you should also realize that mortgage companies are some of the largest owners of real estate in the world. This is directly attributable to the sheer number of properties they assume after the foreclosure sale.
What are considered hardships? Here is an example list of hardships that lenders consider during the loan workout process:
Illness
Loss of Job
Reduced Income
Failed Business
Job Relocation
Death
Incarceration
Divorce
Marital Separation
Military Duty
Medical Bills
Damage to Property (natural disaster or unnatural)
Can't I do this myself? Why should I pay someone else to do it for me?
You may try to contact you bank yourself. Just as some people act as their own accountant or legal representation (because of a prior educational background or lifetime experience), they became knowledgeable enough about mortgage delinquency that they are comfortable negotiating with their mortgage company.
However, for others phrases like "partial claim", "loan modification" and "special forbearance" are intimidating and confusing terms. People in this category may find dealing with their bank company to be a dehumanizing experience as they are shuffled along the assembly line-like process, never sure if the representative they are talking to is truly looking out for their best interests or merely trying to meet their quotas while attempting to keep their talk time low.
When you are on the phone with your bank and they tell you there is nothing that can be done for you, how do you know if this is the truth or if it is simply what the representative chooses to tell you as a result of their inexperience or apathy?
These representatives aren't sitting in an office of their own, thinking about what a great career they have. The mortgage company representatives you will deal with work in call centers- a low-paying, high-turnover field of employment. Our negotiators have more experience in mortgage retention than most any of these representatives, do you?
How many financial transactions are as important to the average person as their home? Much like in any important matter, having the proper guidance and representation can make all the difference in the world. It can save you time, trouble and money, and of course your home where you live with your family.
Call us Toll Free at: (800)709-1117 or email us at: mailto:info@homereliefassistance.com, and we will contact you the same day and offer you a FREE consultation to determine if you would qualify for a loan modification.
|
