- Have a Sale Date you need stopped?
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We Aim to Simplify a Complex and Difficult Process
Why pay a company $2,000 to $5,000 to submit your file? Save your money and do it yourself!
Are you afraid to talk to your bank? Are you afraid of the loan modification process?
That’s Okay, because most struggling homeowners are afraid. It’s human nature to fear the unknown and in the world of loan modifications, what you don’t know could hurt you. But, we’re here to give you access to the same tools and resources that law firms use today. You can finally put your fears to rest. Why pay a company thousands of dollars with no guarantee of results? There are too many people paying for nothing and losing their homes in the process. We’re here to arm and empower you to confidently fight for your home!
- Know what your bank wants to see
- Prepare a 100% compliant package
- Submit your file with confidence
- Strategies to improve your chances
- Save your money and do it yourself
- Protect your home from foreclosure!
FREE Consultation to discuss your options. Property already foreclosed and don’t know what to do? Need someone to explain an offer you just got from your lender? Contact us. Consultation is free to the public.
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You Are Not Alone Millions of homeowners are struggling just like you. Whether you lost your job, had an illness, going through a divorce, or your adjustable rate went up…we’ve spoken to people just like you.
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Real Loan Mod Approvals Knowing what your bank sees gives you an enormous advantage. Take all the guesswork out, eliminate the stress and confidently prepare your package for approval…
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Easy as 1-2-3 Easy to use system comes with a step by step eBook and instructional video to walk you through the entire loan modification process. You will have everything you need to get your loan modified!
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Stop Foreclosure
If a Notice of Trustee Sale has already been posted on your front door, you may have less than 21 days before your home is sold to the highest bidder. If no action is taken, the foreclosure will commence and you will be forced to vacate your home.
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Do-it-Yourself
Why pay a law firm $2,000 to $5,000 just to apply for a loan modification, if you don’t have to. If all the tools and resources are available to you, couldn’t you do it yourself? Remember, no law firm can approve your loan modification, ONLY YOUR BANK!
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Works with all major banks. Also works with most state banks and credit unions. Download the bank ready package in minutes.
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Original Terms
Original Balance: $556,456.85
Original Payments: $3,495.28
Loan Type: Adjustable Rate
Original Rate: 4.0%
Months Past Due: 47
Foreclosure Sale Date: 8/27/2012
Approved Terms
Program: DOJ Program
New Balance: $170,585.71
New Rate: 3.38%
New Payments: $2,074.21
$385,871.14 Forgiven
Foreclosure Canceled!
Home Loan Modification Programs & Options
Going through the process to qualify and get approved for a home loan modification is very different from refinancing. There are many variables that factor into qualifying for a loan modification that makes it more difficult than refinancing. Unlike refinancing, credit score is not a factor, high income and high reserves may not work in your favor, and qualifying terms are a case by case basis. Even if your scenario is the same as your neighbors’, the terms of your loan modification could be very different.
Nonetheless, when your loan modification package is prepared properly, you can obtain very desirable loan modification terms. Here are some of the loan modifications you can expect.
Type 1 – Capitalization Loan Modification
A capitalization modification is when all the delinquent interest and principal along with any associated fees are added back into the loan and amortized over the existing loan terms. This option is designed for homeowners who show they can afford their current or increased payments. Homeowners who are seriously delinquent, unable to catch up but more than able to afford their current payments may qualify for a capitalization loan modification. Unfortunately, most people don’t fall into this category. Many are struggling to make ends meet.
Need a Chase Loan Modification?
Have you been denied for a Wells Fargo home loan modification?
Type 2 – Term Extension
Mortgages amortized over 30 years are probably the most common loans. Some of you may have a 15, 20 or even a 40 year loan. The term of the loans can be extended even further regardless of what you have now. Lenders have the option to extend the term of the loan in order to lower the payments. Normally, they will extend the term of the loan by 1 year increments until the payments are deemed affordable. Extending the payment terms can significantly reduce the monthly mortgage payments. There have been cases where lenders have approved a term extension for as long as 40 years from the date the modification was approved. So, if your loan was modified in 2012, the new maturity date with the maximum term extension will be 2052. You could potentially save hundreds or even thousands of dollars each month in mortgage payments.
Need Ocwen to approve a principal reduction loan modification?
Need help with your US Bank loan?
Type 3 – Interest Rate Reduction
The interest rate is normally the first thing lenders will adjust to make the payments more affordable. It is a very effective way to influence the payment to better suit your current financial situation. A rate reduction will be based on your ability to pay and the floor rate for most loan modification programs bottom out at 2%. However, there have been cases where lenders have approved interest rates as low as 1% or even 0% for a short period of time. If you still cannot afford the payments at the lender’s floor rate, then a term extension may be considered.
Bank of America may cut your principal balance.
Nationstar has taken over servicing on a portion of Bank of America’s mortgage portfolio.
Type 4 – Principal Reduction
A principal reduction is where a portion of the principal balance is forgiven and extinguished permanently. This is arguably the most desirable type of modification among homeowners, but not so popular among investors. When a portion of the principal is forgiven, the investors are agreeing to take a loss for the amount forgiven while homeowners benefit with lower payments and a chance to establish equity. Up until recently, principal reductions were extremely rare and nearly impossible to get the banks to agree to. Today, not only are there many investors approving principal reductions but some of the largest national banks are required to reduce the principal balance on a large portion of their portfolio as ordered by the federal court in a landmark settlement between the Department of Justice and the 5 largest U.S. Banks.
Mortgage Help and Home Loan Modification Tips for all lenders in all 50 states
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