loan modification

A loan modification is basically a change to one or more terms in a mortgage loan. Usually changes will be made to the interest rate, monthly payment amount, the length of the loan, etc. When a person modifies their loan, the terms and conditions of the loan are changed to meet the homeowner’s current financial situation. The purpose of a loan modification is to help people who've fallen behind on their mortgage payments keep their home, since homeowners in these situations often find themselves facing foreclosure. By modifying their home or mortgage loan, homeowners have a much better chance of avoiding foreclosure and keeping their homes.

Ways to modify a loan

There are several ways to modify or change a loan. An experienced Loan Modified relationship manager can advise you of what’s best for your situation, and help you negotiate for:

  • A change in the terms of your loan to make it more affordable
  • A change in your mortgage from an adjustable rate to a fixed rate
  • A change in the length of the loan
  • An extension of payments
  • A waive of accrued interest
  • Bringing your mortgage payments current
  • Reducing your loan balance (Principal Balance Reduction)
  • A forbearance agreement (short-term relief to people experiencing temporary financial problems, usually due to a job loss or medical condition)

Alternate Resolutions

Short sale

If you can no longer afford your property and have tried to sell it only to find that you owe more than the property is currently worth, the owner of your mortgage loan may accept an amount from the sale of your property that is less than the full amount you owe on your loan. In a short sale, you would list and sell the property, in an arm's length transaction, at an approved price with the understanding that the net proceeds from the sale may be less that the total amount due on your loan. You must document the circumstances of your hardship and allow access to the property to assess its condition and value. Upon the successful completion of a short sale, you may also be eligible to receive financial relocation assistance.

Approximately one out of every four distressed homeowners in America owes more on their home than it's worth. 
In a difficult economy, many hard-working people are faced with a growing problem - they owe  in their mortgage than their home is worth and may be unable to pay. What they often don't realize is that foreclosure can be avoided. We're here to help.

Loan Modified has helped past homeowners and we want to help you too!
If you owe more on your house then it’s worth…
If you’re behind on your mortgage payments… 
If you want to start over BUT you need time to stay in your home…Take a deep breathe and relax, we've got the answer!

Here’s how it works:

  1. Choose your Move Date: If you live in your home, stay in your home during the short sale process. We negotiate with your bank to get you the time you need to relocate.
  2. Get Paid to Sell: We negotiate with your bank to get them to pay you to sell your home and move. It doesn't matter what you owe or what the house is sold for. We have gotten homeowners paid as much as $48,000.00!
  3. Get FREE Legal Representation: We work directly with a network of lawyers who will accept payment from the bank and never take upfront money from you.
  4. Postpone Foreclosure: We work with your lawyer, contact your bank, see where you are in the process and let them know you're proactive, cooperative and plan on selling your home to avoid foreclosure.
  5. Become Mortgage Free: We negotiate with your bank to accept whatever your home is sold for as payment in full!
  6. Sell your Home: Loan Modified works with nationwide network of Licensed Real Estate Brokers/Agents and will handle the sale of your home. Loan Modified relationship managers work exclusively with homeowners pursuing a short sale, maintains a buyer database, and does not require a For Sale sign be erected in front of your house.
  7. Signature Only: All that’s required is your signature! You'll never write us a check.

At Loan Modified, we can review your financial situation, as well as the terms of your current mortgage loan, to determine if a short sale is a good option for you. We have extensive experience defending people facing foreclosure nationwide, and can provide you with the advice and guidance you need to make decisions that serve the best interest of you and your family. By working with an experienced Loan Modified relationship manager, we can help you take the necessary steps to stop a foreclosure before it’s too late.

To learn if a short sale is right for you, please contact a Loan Modified relationship manager TODAY!

Foreclosure Defense

When people fall behind on their mortgages, banks or other types of creditors will initiate foreclosure proceedings. For most people, being served with a notice of foreclosure is frightening and also overwhelming as people are scared of losing their homes. However, before people panic, they should know that they have legal rights and also have alternative options. The key to becoming aware of these options is working with an experienced and aggressive foreclosure defense lawyer, at Loan Modified our nationwide network of attorneys will help you. Depending on our analysis of the homeowner's case and the result of our negotiation with his or her lender, we will advise the homeowner on which foreclosure defense option would be the most favorable for the homeowner. With our experience in loan modification, short sale, deed in lieu, cash for keys, and forensic loan audits, we are confident that we will be able to determine which option is best, as well as negotiate the best terms.

Loan Forbearance

If you are having difficulty making your mortgage payments each month, you may not need a loan modification. In some situations, a lender may agree to a forbearance agreement. A forbearance agreement provides short-term relief to homeowners who are temporarily experiencing financial problems. Under a forbearance agreement, a lender will agree to let a homeowner delay payments for a short period of time until they have recovered financially. It should be stated that a forbearance agreement doesn’t excuse a homeowner from their debt or unpaid mortgage payments. It just allows the homeowner to make their payments at a later date.