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Q. What is a loan modification?
A. Loan modifications will do some or all of the following.
•Locking in a fixed rate (e.g., a 3 yr-. 5 yr-, or 30 yr fixed)
•Reducing your interest rate (e.g., 7.25% down to 5.5%)
•Extending the term of your loan (e.g., 15 year term to 30 year term)
•Reducing the amount of the principal you owe (e.g., decreasing a balance of $330,000 to $315,000)
Q. I'm currently in bankruptcy. Can you still help?
A. Yes. But we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy we can proceed with the home foreclosure help. Sometimes after bankruptcy it is easier to make a mortgage payment because other debts have been discharged.
Q. How long does it take for you to complete the case once we fill out all of the paperwork?
A. Anywhere from 2 to 3 months. This depends on the stage of foreclosure you are in and your financial position. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings.
Q. I've already talked with my lender and they just want all their money. Can you still help me?
A. Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have been doing this for 20 years. We have mitigated over a thousand modification cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.
Q. How much do you charge to modify my loan?
A. We do not charge a fee for the modification of a mortgage.