According to the HUD website, a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan allowing the loan to be reinstated which in turn results in a payment the mortgagor can afford. It is interesting to note that in most cases a homeowner in need for help will indeed qualify for a loan modification. To ensure that you understand what a loan modification will actually do for you, consider the following facts:

• A loan modification is indicated when the original loan that is secured by a residence has terms that make it impossible for the homeowner to continue making the payments, thus risking the loss of the residence
  
  

• Loan modifications are not the same as debt consolidations, refinancing loans, or even forbearances. Instead, they are long term solutions for rising interest rates or other hardships that are threatening to overwhelm the budget of a homeowner.
  
  

• Loan modifications stop foreclosure proceedings and instead reinstate the loans as they are being modified

• All or portion of the outstanding principal and interest, past due escrow, late fees, and even costs may be rolled into the loan modification and thus will not be lost revenue to the lender. Since they are spread over a long period of time, they do not pose a problem to the borrower.
  
  

• Modified mortgages may use a step rate approach or an extended term methodology to provide for the repayment of the due and past due funds. The lower payments ensure the repayment by the borrower while to the lender the added time is actually money in the bank in terms of yet to be earned interest due.
  
  

• Foreclosure is avoided and even though banks routinely foreclose on properties and sell the homes to other buyers for a fraction of a price, the slowing housing market has made it difficult for banks to unload such properties and then recover any additional funds from the previous homeowners. Loan modification is a fiscally much more attractive solution for any lender.
  
  

• A modified loan protects the credit rating of a borrower and it also helps lenders in showing less defaulting loans in their portfolio. This of course makes a good impression when the financial institution is wooing potential investors.
  

1. The first step is the free consultation. Simply call the number or apply on the website and one of our specialists will contact you within 24 hours.
   
   

2. After our initial conversation, we will be able to determine if you fit within the parameters for our loan modification program. During this initial consultation, you will be asked a variety of questions, please answer them truthfully and candidly as this will only benefit your overall situation.
   
   

3. If we unilaterally determine that you fit within our program, then we will send a Loan Modification Program Agreement containing a Borrower's Authorization. The Borrower's Authorization, enables our team to communicate with your lender. At this point, a username and password will be created for you on this website so that you may login at anytime and see your progress. You can also ask questions from our backend client interface.
   
   

4. In conjunction with the Loan Modification Program Agreement, we will send you the Loan Modification Financial Worksheet. These documents will address detailed aspects of your current and past financial history. Our loan modification specialists will work with you to complete these documents.
   
   

5. Once your documents are submitted to us, we will begin communication with your lender and creation of the package to be submitted to your lender. While we are creating the package, our staff will be conducting a forensic loan audit to determine if there are any predatory lending violations.
   
   

6. The process generally takes between 60-120 days to complete. Once complete we will present the new loan documents to you for execution. Apply today for your free consultation.

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