Save Your Home with Loan Modifications
Many people believe that falling behind on mortgage payments means losing their home. THIS IS NOT TRUE!
For years, we’ve helped people SAVE THEIR HOMES, even after the 2008 housing market crash.
You pay NOTHING unless we successfully modify your mortgage loan.
What Is a Loan Modification?
A loan modification changes the original terms and conditions of your mortgage. Only your current lender can approve these changes.
Possible modifications include:
- Loan term changes: Extending the loan term to lower your monthly payment.
- Interest rate reduction: Lowering your interest rate to reduce your monthly payment.
- Loan structure changes: Switching from an adjustable-rate to a fixed-rate mortgage for stable payments.
- Principal reduction: Reducing the amount you owe (though this is rare).
Lenders are not obligated to accept modification requests, but they usually prefer to work with homeowners rather than foreclose. Foreclosure is costly for lenders, and they generally aim to convert delinquent loans back into performing ones.
Every lender has specific standards for who qualifies for a loan modification and the types of modifications offered.
Loan Modification During Hardship
For homeowners affected by the coronavirus pandemic, a loan modification can reduce monthly payments to fit your current budget. If you are already in forbearance, you can request a modification once it ends if you still need mortgage assistance.
Under the CARES Act, borrowers with federally backed loans are entitled to up to one year of forbearance. However, about 15 million home loans are privately owned and not covered by this act.
Who Qualifies for a Loan Modification? Borrowers facing financial hardship due to:
- Loss of income (reduced pay or death of a family member)
- Divorce or separation
- Increased housing costs (taxes, insurance, or interest rate hikes)
- Natural disasters
- Health pandemics
- Illness or disability
You have nothing to lose and everything to gain by saving your home!
Contact Us: Call, email, or send us a text message or WhatsApp. We’re here to HELP YOU!