FAQs
Q. What is Loan Modification?
Q: What is foreclosure?
Q: What is loss mitigation?
Q: What can loss mitigation do for you?
Q: How do we stop foreclosure?
Q: How long do I have to act?
Q: Several companies have contacted me recently offering to help. What's different about you?
Q: Do I have enough time to stop my foreclosure?
Q: How long will it take for me to renegotiate my home mortgage and my second mortgage loan?
Q. What is Loan Modification?
Q. What is Loan Modification?
A: Loan modification is a process that allows homeowners and lenders, typically the bank, to change the terms of a loan in order to help the borrower stop foreclosure or otherwise losing their home. A loan modification is NOT a new loan. It is the renegotiation – or 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 available option because they are unable to get approved for a refinance.
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Q. What is foreclosure?
A: Home foreclosure is a process by which a lender takes back a property which they have financed. This will usually happen when the borrower, or homeowner, is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and any possible equity that they may have in the home. This is a legal process, which varies from state to state, and each state has stipulation about how long the foreclosure process can take.
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Q: What is loss mitigation?
A: Loss Mitigation is a department within the bank that handles defaulted, or nonperforming, loans (those where payments are not being made). This department is responsible for the managing the loan until the loan is either made current or the house is foreclosed on.
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Q: What can loss mitigation do for you?
A: Loss mitigators will work out an agreement with our attorneys, on your behalf, that will stop foreclosure proceedings permanently*. This allows the homeowner to stay in their home and protects their credit history.
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Q: How do we stop foreclosure?
A: Our team specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lenders loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender we can custom create a resolution to meet your specific criteria and financial circumstance. Our team can do all of this quickly and effectively because they have been doing this for some time and have thousands of satisfied customers.
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Q: How long do I have to act?
A: Act Now! Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much more difficult to get a loan modification agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their house!
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Q: Several companies have contacted me recently offering to help. What's different about you?
A: There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy. Some other companies will even try to collect a consultation fee then do nothing for you. Here’s where we are different: We will review your situation for free! If we think you are a likely candidate that the bank will approve, only then will we have you take the next step of having the attorneys review your case thoroughly. If the attorney does not believe you will be approved for a loan modification, we will refund your entire fee! We are very proud of our track record of success and thousands of satisfied customers.
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Q: Do I have enough time to stop my foreclosure?
A: Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.
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Q: How long will it take for me to renegotiate my home mortgage and my second mortgage loan?
A: In most cases it takes 60 to 90 days. However, 120 days is common with lenders who are backed up with defaulted loans like Washington Mutual, Countrywide, etc. The trend lately has been much quicker with negotiated terms and modifications in 30-45 days. It is important to remember that each loan modification is unique and the time varies based on who your mortgage lender is and what your hardship details are.
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Q: Are My Creditors going to continue to call me?
A: One of the first steps with our loan modifications is to contact and notify your servicing lender that we are representing you and demand they cease harassing you. It often takes up to thirty days for your lending company to acknowledge our settlement or loan modification requests.
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