What is Loan Modification and how can I qualify?

A loan modification is when your lender modifies your current mortgage note to more favorable, affordable terms bringing your account up to date allowing you and your family a fresh new start in managing your home. Typically the lender will reduce your interest rate, or extend the length of the loan. President Obama’s programs include Making Home Affordable Program (MHAP), Home Affordable Modification Program (HAMP), traditional modification Other possibilities may include forbearance plans, principle reduction or deferment, reinstatement, Refi Plus, traditional refinance, reverse mortgage/HECM or short sale, Home Affordable Foreclosure Alternative (HAFA) or deed in lieu of foreclosure - all ultimately avoiding foreclosure. All of this depends upon your lender, the investor that owns your loan, loan type, income, expenses and your individual situation. You may qualify based upon the following:

You may qualify based upon the following:

- You are behind or about to be late on your mortgage payments

- You have a negative amortization (Neg. Am or 1% loan), adjustable, variable, interest only loan or balloon payment coming due

- Your interest rate is about to adjust to a higher rate

- You want to keep your home and avoid foreclosure

- You have had a hardship such as loss of income for any reason or illness in the family

- You are behind or about to be late on your mortgage payments

- You have a negative amortization (Neg. Am or 1% loan),adjustable, variable, Interest only loan or balloon payment coming due

- Your interest rate is about to adjust to a higher rate

- You want to keep your home and avoid foreclosure

- You have had a hardship such as loss of income for any reason or illness in the family

Remember: First, you are not alone! There are millions of homeowners in trouble with their mortgages today. Most banks don’t want to foreclosure on your home. They are in the business of lending money not owning and selling real estate. Foreclosure is costly and time consuming to the lenders. In most cases, it is in their best interest to work out a more favorable loan for you.

If you currently make your payment, but can't afford paying most of the arrearages, we have the expertise to negotiate your past-due amounts, including interest and escrow, into the unpaid principal balance. The new amount will be re-amortized over time.

Can I modify on my own?

Yes, you can. You can also represent yourself in a court of law or change the brakes on your vehicle. Do you feel that you have the skill or expertise to successfully navigate and negotiate through the time consuming and often stressful process? 80% of our clients have actually tried to modify on their own, through HUD, with DRE approved companies or attorneys before coming to us. We have the experience and have helped hundreds of homeowners successfully stay in their homes.

"Providing Options and Solutions"
Contact us today for a free consultation By calling (877) 956-5363 or email us at info@thehrc.org

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