Loan Modification Facts
and Fiction
A Brief Overview of the Benefits of Working with A Professional Loan Modification Team
If you are considering a Loan Modification, here’s a Q&A that every Borrower should take the time to review.
Q: What is a Loan Modification?
A: A loan modification is exactly what it sounds like. It is a negotiated agreement between your Lender and you to resume making mortgage payments under an existing loan where the terms are different than originally agreed. More simply put – it’s a change to the original terms and/or conditions of the loan agreement you signed when you originated the loan.
Q: How long does it take?
A: Lenders are quoting up to 120 days!!
Q: Do I have to be behind on my payments to qualify for a loan modification?
A: ABSOLUTELY NOT! You can request a loan modification at anytime although many lenders are so inundated with loan modification requests from homeowners who are behind that they often will tell a homeowner this to avoid more work. Sad but true!!
Q: Does my lender have to do a loan modification if I ask for one?
A: ABSOLUTELY NOT! They aren’t obligated but today, many lenders are looking for solutions to right their financial ships and are more open to modifying your loan.
Q: Can I do the loan modification myself?
A: ABSOLUTELY! But why would you? Without knowing who to call or, more importantly, what to say, you’re vulnerable to accepting an offer that on the surface may look like a modification, but really isn’t. Case in point: a lender agrees to a “loan modification” but just takes delinquent payments and puts them on the back end of your loan – that’s a workout or forbearance – a temporary change. A modification is a permanent change!
Q: Why should I pay someone to do a loan modification for me?
A: For the same reason you engage any professional or specialist – they know what they’re doing. But there’s another reason, too – they are not emotionally invested in your home. That puts them at a distinct advantage when negotiating with your lender.
Q: How much do you charge?
A: We have a one-time, flat rate processing fee as follows for residential properties: $1,299 – 1st Mortgage Lien; $1,599 – 1st and 2nd Mortgage Lien; $899 - each additional property.
Q: Why should I use your services?
A: Because we are a proven TEAM (Together Everyone Achieves More) of Dedicated Investment and Real Estate Professionals with more than 10 years Loss Mitigation, Mortgage Loan Modification and Lender Negotiation Experience. We’ll work diligently to create a win-win for You and Your Mortgage Company.
Q: What is the next step?
A: Send us an email or give us a call and we’ll review your situation and apprise you of your options.
info@theloanmodsquad.us or 888.361.3993
