What is Loan Modification?

Loan modification is a process that allows homeowners and lenders to change the terms of a loan in order to help the borrower stop foreclosure. A loan modification is NOT a new loan. It is the renegotiation – or loan restructuring – of an existing mortgage note. For homeowners behind on their mortgage, or those with a low credit score, a loan modification is often the only option available because they are unable to get approved for a mortgage refinance or a short-refinance.

A loan modification can be done in several ways or combination of ways listed below:

• the loan’s interest rate may be decreased

• the interest rate could be changed from an adjustable to a fixed rate

• the period of time the borrower has to pay the loan back can be lengthened

• the type of loan could be changed altogether

Many borrowers are facing foreclosure because their interest only or variable rate loan interest terms have sky rocketed beyond what they could have imagined. A loan restructuring is an agreeable way for both the lender and the borrower to avoid the cost and hassle of the foreclosure process.

Loan Modification is a process by which your current loan is renegotiated to a better term. A variety of options are available as part of a loan modification. Loan Modifications do not usually entail any credit checks. In fact, they are the best chance at keeping your home and actually increasing your credit score. We will work hard for you to achieve one or more of the following:

 Rate Reductions - Reducing your current rate for a period of time or permanently.
 Rate Locks - Negotiating an adjustable rate mortgage to fixed rate and period.
 Principal Reduction - Many homes are now facing negative equity issues, leaving the homeowner with no option to sell. Principal reduction involves lowering your principal balance on the loan.
 Loan Period Extension - Many lenders are allowing your current mortgage to be extended for a longer period of time.

Thanks to years of experience dealing directly with lenders, you can trust your situation in the hands of professionals. Our team of qualified agents have a proven track record of successfully assisting many people just like you to negotiate a much more fair loan.

        Short Sale 

A short sale is simply selling your home for less than you owe. Based on your specific situation, we are able to negotiate directly with your lender on a fair settlement. In a short sale situation, your lender forgives the negative equity in your house so that you can sell your home at fair market value.

     Cash For Keys

The unfortunate reality is that many people face situations beyond their control and as a result lose their homes. The high cost of restoring homes that have been foreclosed on forces the bank to consider options such as "Cash for Keys". In these situations, the bank will pay cash for a home that is left in good condition.