There are many questions out there revolving around Loan Modifications and are they a "real" option for many homeowners, how to go about getting one or finding out if you even qualify plus so much more. Below is a list of the top 10 Basic Questions about Loan Modifications.
1) What exactly is a Loan Modification?
Answer. A loan modification is the quickest, fairest and most mutually effective way for homeowners and banks to prevent foreclosure. Banks use loan modification to reduce interest rates, loan balance and/or change the terms of your loan (from variable to fixed rates).
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2) How do I know if I qualify for a Loan Modification?
Answer. The process is very simple to see if you qualify for a Loan Modification. You will need to give some personal details about your mortgage, monthly income and monthly expenses. Your Social Security number is not needed to see if you qualify.
3) Do I have to be late on my Mortgage to qualify for a Loan Modification?
Answer. No! If you have not sold your home, or it has not been taken back, we can help.
4) Will a Loan Modification Stop a Foreclosure?
Answer. Yes! As long as you have at least 15 days before your sale date. We will work with your lender to extend the sale date, so we can complete the Loan Modification. In fact, it's a good sign if the Lender does push back the sales date. It cost the bank several thousand dollars each time they move a sales date. They wouldn't spend that kind of money unless they were willing to negotiate.
5) Can I do a Loan Modification Myself OR should I hire someone to do it?
Answer. Yes you can do it yourself. However, it would be like try to defending yourself in the courtroom. We are professionals that know the laws, what banks are looking for and what they are willing to negotiate. We have trained staff that have relationships with each bank, know how to put together your packets, follow-up with the banks and what laws come into play. We can sometimes be on hold for hours before getting to the right person. Lastly, A Professional is here to do a job and doesn't have their personal emotions tied up in talking to the bank. The process goes much smoother and quicker.
6) Can I do a loan mod on an investment property?
Answer. YES you can!
7) Do you have to be employed?
Answer. You don't have employed as long as you have unemployment coming in that will cover a new loan modification and have hopes of getting back to work, that will can be enough, but depends on the lender.
8) Why do some companies offer guarantees and some don't?
Answer. It's probably because some companies don't know if they can perform and don't want to give back your money? We know if we can perform for you, we have a 97% success rate and if we can't perform then we'll give you ALL of your money back
9) How will a Loan Modification Affect my Credit Score.
Answer. A Loan Modification will have no affect on your Credit Score. However, if you have missed any payments or if you plan on missing any payments on your mortgage that could have a negative impact on your credit score.
10) Who can I trust?
Answer. This is by far the hardest question to answer. Whenever an industry gets massive attention it will always attract those people that are in it for a quick buck and those that are less than honest. My suggestion is to get to know the person you plan on working with. Ask them the "tough" questions! If they try and "sugar coat" the answers that could be the first clue. If they are using high pressure tactics to get you to sign up now that could be a red flag.
When it comes down to it, it's the feeling you get when talking to the person and the honest, upfront answer they give you. With all the social media sites, it might be a good idea to see if you can find your sales representative there and find out from their friends who they really are.
In the end, if you are late on your payments or think you are going to be late on your payments then don't wait. That's what will get you into trouble the fastest is making a rush decision. Start planning now.
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