Frequently Asked Questions
Would I be a good candidate for a loan modification?
Any homeowner who is currently in an adjustable rate mortgage is a premium candidate for a loan modification. As are homeowners who have recently fallen on hard times due to job loss, divorce, illness...
Does a loan modification stop foreclosure?
Yes, that’s the goal of a modification. When you begin to work with your lender to find a solution to your mortgage problem your loan is brought current and the foreclosure is stopped.
What happens to all of my missed payments?
Usually they are put on to the back end of your mortgage but in some cases are completely waived, depending on your lender.
What happens during the loan modification process?
The terms of your mortgage are renegotiated to get the barrower an interest rate that fits there budget.
What do I need to get this process started?
Paperwork needed to submit to your lender include mortgage statements- past three months, pay stubs- past two pay periods, W2 forms, 1099 forms, and/or tax returns- past two years, profit and loss statement- past two years (If Self Employed), bank statements- past two months, verification of any other income, schedules of real estate owned, stock and mutual fund portfolio statements, and authorization for the broker to obtain information from the lender.
How long will it take for my modification to be completed?
It depends on your lender. Some banks are getting modifications done faster than others. You can typically expect the process to last anywhere between one and three months.
Is a loan modification the same thing as refinancing?
NO. Refinancing requires the barrower to apply for a new mortgage for the home and requires a down payment, lender fees, and appraisal fees. A modification is simply a negotiation between our mitigation team and your lender to get you better terms on your existing loan.