A Loan Modification,... Is a change to the terms of an existing mortgage loan made by the lender when a borrower's long-term ability to repay the loan is in doubt. Most Loan modifications are a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or all of the above. Most mortgage companies are open to modifying a loan because the cost of a modification is much less than their cost in a foreclosure.
Because we are concerned about all your mortgage needs we work with our friends at Pro Loss Mitigation Services to help people who may be in a bad loan and/or in danger of foreclosure.
Like a Mortgage Refinance a Loan Modification could:
- Save you tens of thousands of dollars over the life of your loan
- Save your home from foreclosure
- Give you a lower monthly payment to get through lean or challenging times
- Reduce your Stress Level and eliminate the Fear Factor
- Reduce your Mortgage Payment
- Give you time to sell your home in an orderly fashion
- Give you time to get back on your feet
However Loan Modifications and foreclosure proceedings are extremely, time sensitive:
- Those who act at the 1st signs of trouble have the highest rate of success in obtaining a loan modification
- Those who wait until foreclosure proceedings have started are almost always too late
- If you are more than a month behind on your mortgage payment the time to act is NOW!!
Your Loan Modification Analysis Request will be forwarded to our friends at Pro Loss Mitigation Services
Loss Mitigation simply means that one tries to limit/mitigate one’s losses. Pro Loss Mitigation Services works with clients like yourself that find themselves delinquent on their mortgage or in over their heads due to rate adjustments or financial issues. Their prime objective is to find the best solution for you, your lender and one that fits your particular needs.
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THE FEAR FACTOR: Some people think that as soon as they are 1 or 2 payments behind the Lender can take their home away. It’s not quite that simple. Take the Fear factor away by educating yourself about what a Lender can and cannot do. Each State is different; some states go through the judicial process which may take months others use a non-judicial which is much shorter. Whatever your case educate yourself by finding the answers
HOW:
- Call a lawyer
- Call Legal Aid
- Call your local Community Chest and or United Appeal agency
- Call Local, state and Federal Governmental Agencies
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Yonas & Rink, like your Lender/Servicer, is not interested in putting a Band-Aid on the problem.
Solving the problem for a few months or even a year may not be in your best interest. They work to help you enter into an agreement that benefits you not only in the short term but in the long term. There are many types of modification agreements:
- Loan Modification: Interest Rate Reduction
- Loan Modification: Term Extension
- Loan Modification: Payment Deferral
- Loan Modification: Principal Reduction and Recasting of the Loan
- Loan Modification: Arrearages added to principal due upon sale.
There are hundreds of ways to modify your loan and based upon your special circumstances, Yonas & Rink will help you devise a plan that meets your needs as well as the Lenders criteria.
Beware: There are 100's of people and company claiming they can do a loan modification; however no one can make a blanket guarantee that they can save your home. Only the Lender and or servicer of your loan can change the terms and conditions of a home loan. Not everyone is going to qualify and thus no one can guarantee that they will be 100% successful in saving your home.
The sooner you contact your Lender and or Loan Modification company the better the odds that a successful modification can be done. The reason is simple; if your Lender starts the foreclosure process he has already expended the legal costs and is unlikely to recoup them in the modification thus they generally proceed unless the homeowner is willing to bring the entire account current.
Lenders and Loan Servicers are ready, willing and able to HELP you now! The least expensive way is to call them yourselves and don't hire a modification company. It's a lot of work and more importantly a lot of perseverance which is why most people give up. The Lender does not want you home, he wants you to stay in your home. If you are behind call your Lender now. If you have questions call us.!
Pro Loss Mitigation Services is a law firm supported by a team of mortgage experts. They can stand ”toe to toe” with your lender/servicer and therefore hammer out a solution that works for both parties.
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