On May 20th, 2009, President Obama signed the Helping Families Save Their Homes Act:

"The Helping Families Save Their Homes Act advances the goals of our existing housing plan by providing assistance to responsible homeowners and preventing avoidable foreclosures."

-President Barack Obama

What is a Loan Modification?

Loan Modification is the process of changing the terms of a current loan agreement between a lender and a borrower that results in a payment level that is more affordable in light of the borrower's current financial position. The lender is motivated to offer better terms to the borrower because of the expectation that the borrower might be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) will be more valuable ultimately than the proceeds obtained from a foreclosure sale.
 
Loan modifications are for homeowners that have fallen behind (or are about to) due to a hardship and now can afford to pay a modified payment plus their other bills, but cannot afford to catch up on their arrears. A loan modification will bring the homeowner current on their back payments and modify the payment to an affordable level. Reductions in payments are done through 3 ways: interest rate reduction, extension of term and forgiving or deferring a portion of the principal balance.
 
What can a loan modification can do for you?
  • Avoid Bankruptcy
  • Reduce your monthly payments
  • Change your loan without refinancing
  • Bring your late mortgage payments current
  • Stop foreclosure

Mortgages are modified to benefit the borrower in the following ways:

  • Reduction in interest rate (as low as 2%) and/or a change from an adjustable to a fixed rate
  • Reduction in late fees or other penalties
  • Extending the term of the loan
  • Capping the monthly payment to a percentage of household income
  • Reducing the principal balance (write down)
  • Changing the loan to a principal and interest payment (if in an interest only or neg am/pay option arm)
The borrower can be current, late, in default, in bankruptcy, or in foreclosure at the time the application for modification is made. The programs available will vary accordingly.
 
If you or someone you know is struggling with your mortgage payments and a new mortgage loan is not an option our Loss Mitigation Team has the knowledge and experience to help you Save Your Home. The goal of our Loss Mitigation Team is to negotiate with your lender to bring you current on your loan, provide you with an affordable monthly payment and STOP FORECLOSURE on your home.
 
We offer a FREE SERVICE to you upfront to help you identify what options are available to you in regards to your current financial crisis.
 
Call Now to speak to a Loan Modification Specialist!
(888) 971-6637
 
We are currently assisting Homeowners with loan modifications and the HAMP program along with the following lenders and/ or servicers: Citi Mortgage, Bank of America, Countrywide, Wachovia, Wells Fargo, GMAC, HSBC, Beneficial, HFC, Litton  Loan Services, One West, Indy Mac Bank, Chase, JP Morgan Chase, Aurora, Saxon Mortgage, OCWEN, LBPS, EMC, Wilshire Credit Corp., MetLife, Fannie Mae and Freddie Mac among many others.