What is a Loan Modification?
A loan modification is a permanent change in your mortgage note. 

Do I have to pay an up front fee?
No you do not have to pay an upfront fee; there are several options available to you to obtain a modification.

How do I know if I qualify?

You can qualify under two categories:  

Hardship which includes:
1. Loss of job.
2. Upside down you owe more then the homes worth.
3. Late on payments,
4. Your mortgage payment is higher then 31% of your gross monthly income

Alternative loans:

1. Interest only loans
2. Adjustable
3. Pick a pay programs
4. Any loan program other then 10, 15, or 30 year fixed loan   

You can fill out the pre-qual form here to find out if you qualify. 

Why are lawyers charging fees? 
A lawyer or loss mitigation professional knows the process the bank uses to create a modification.  Bank employees do not want to spend the time explaining the process to the general public, they would rather work with people that understand the process and do not have an emotional interest in the property, it makes there job easier. 

Can I do a loan mod myself?
Yes you can as long as you educate yourself, you only have one chance to do a loan modification right, if you don’t obtain the proper knowledge you will most likely get denied.    

What can I expect from a modification?

In the past results varied on case by case bases, this is still true however recently the Government has created guidelines that must be met for a modification.

The first and most important guideline is that your payment has to be below 31% of your gross monthly income.   What this means is that your interest rate and loan balance would have to be brought down below 31% to accommodate your budget.

The second guideline is that your loan has to become a fixed loan; the government is adding $1000 dollars each year to your loan to bring down your principal.  Plus your new loan has to be fixed so your money is now going towards your principal. 

Your first step is to see if you qualify, fill out form below or call.  Good Luck!