A loan modification is a change to the loan terms that is agreed to by and between the lender and the homeowner. The lender will modify the existing loan(s) in order to work with the homeowner because of a hardship. The purpose is to help make the loan(s) more affordable. Usually loan modifications are in the form of a rate reduction and/or fixing the rate for a certain period of time and/or even lowering your principal balance in extreme cases. In the past, loan modifications were only utilized when a borrower was delinquent and suffered a hardship such as a job loss, divorce, or illness. Borrowers can even obtain modifications from their lender to convert to a fixed rate loan from an adjustable rate mortgage.

The earlier the homeowner addresses the issue, the better the chances are of negotiating a lower fixed rate and a payment that is manageable. If the household can afford the home, but not their current mortgage, then they may be eligible for a loan modification. A key factor that is required in every loan modification submission is the existence of some type of a hardship. The hardship can be temporary in nature or permanent, but the borrower must be able to prove the hardship.

We know how serious your situation is, and how important your home is. This is why it is very important to work with experts to resolve your situation with the best options available as soon as possible. Please review the steps below:

STEP 1 – CONSULTATION

Please give us a call to start your initial consultation. We need to talk to you to make sure that a Loan Modification is your best option.

STEP 2 – GATHER FINANCIAL DOCUMENTS

We will need the following documents:

• 1 Month Most Recent Paystub.
  
• 2 Months Most Recent Bank Statement.
• Hardship Letter
  
• Copy of Utility Bill
  
• Most Recent Tax Return
  
• Copy of Mortgage Statement
• Also Taxes and Homeowners Ins, If Not on Mortgage Statement

STEP 3 – NEGOTIATIONS

Our team will submit your financial packet to your bank and will start negotiations. Negotiations will continue until we achieve an acceptable agreement approved by you, the homeowner.

STEP 4 – APPROVAL

When you modification request is approved, all final modification documents will be sent to you to get your approval. Remember, this will not happen overnight, however, in most cases it takes 30 to 60 days to complete the process. We are here to assist you at all times