FREQUENTLY ASKED QUESTIONS

A loan modification is a program where your mortgage holder voluntarily changes the term on your existing home loan. They may choose to change you to a fixed rate or just extend the fixed rate period for your ARM. They will however not modify loans for people who cannot afford the payments. 

Are lenders willing to negotiate?
Lenders do not want to foreclose on your home unless they have to.  If you present them with a realistic professional proposal they are very open to the Loan Modification process.

Should I consider loan modification?
 If you are currently in an ARM loan, that has begun to adjust, or is soon scheduled to adjust causing you financial hardship, you are a prime candidate for loan modification.

How long does it take to complete the modification once we fill out all of the paperwork?
Typically it takes several weeks to complete a work out agreement and modify the current loan.

What is needed to get the process started?
If we believe that they can help you, we will need to obtain some basic information about your current financial situation from you.  We will determine the current value of your property and put together a professional proposal for your lender.


What paperwork do I need to complete the application?
► Your current mortgage coupon.
►  You need to fill out the quick application.
► You will need copy of your 2 most recent pay stubs for all employed applicants.
► You will need an explanation letter as to your situation and why you need a loan modification. this is generally referred to as a "hardship letter", explaining your financial situation .
► A Personal Financial Statement. We will provide you with the form should we move forward
► a Signed borrower’s authorization to release information (we will provide to you to sign and fax back)
► Your note on your current mortgage loan
► Copies of all bank statements for the past month (checking, savings)

Listing Agreement (if applicable, if the home is listed)