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WHAT IS A LOAN MODIFICATION?

A loan modification is a permanent change in one or more terms of a home loan. The loan modification process allows the loan to be reinstated, and can include an interest rate reduction, a longer loan term, principal reduction, forgiveness of delinquent payments or a combination of all four. Bottom line, a successful loan modification should lower your monthly payment and ease your financial problems.

A Loan Modification occurs when a borrower changes the current loan terms of a pre-existing mortgage with a lender.

This modification to the loan most often results in the lowering of the borrowers’ monthly mortgage payment, ultimately keeping the homeowner out of foreclosure. Lenders will examine various aspects of the loan when conducting and approving a loan modification, however the most common changes to a pre-existing loan are a modification to the interest rate, a change to the term of the loan, and/or a decrease to the overall principle balance of the loan. In most instances, it is far more beneficial for the lender to modify the loan than it is for the lender to foreclose on your home.

Many homeowners spend months and thousands of dollars attempting to modify their personal home loans only to wind up not being able to complete a loan modification. This is why it is necessary to have a team of loan modification specialists on your side that will fight for you and get you the best loan modification possible.

Call James , at 949.315.7067 for your free consultation . During your free consultation, you will learn the fundamentals of the loan modification process. A loan modification application is a complex process requiring detailed and accurate assembly. An incorrectly processed modification application package can result in delays or rejection by the lender. Our teams of professionals are experts in processing your case, providing you with the best possible modification outcome.

HOW DO I KNOW IF I CAN QUALIFY FOR A LOAN MODIFICATION ON MY OWN?

First, give James a call or at 949.315.7067, and he will provide you with a free Loan Modification consultation.

WHY CHOOSE US?

We work with a national loss mitigation company that specializes in loan modifications.

Our team of loan modification specialists and representatives are highly trained and experienced in securing the best loan modification for our clients. With over 10 years of loss mitigation experience, solid relationships with many of the nation’s lenders, as well as our in depth preparation on every potential file by a qualified and experienced loan auditor gives our clients an enormous advantage. We have many testimonials and referrals to prove our business ethics, and a proven successful track record that produces quantifiable results. Additionally, our pricing is competitive, while assuring a specialist will be specifically assigned to your profile. Working with Neighborhood Home Relief will put a team on your side. We will not take you in as a client if we feel that we cannot help modify your loan and save you money.

In addition Lenders are difficult to work with for two primary reasons: first, you will get strikingly different answers from different service reps every time you contact your lender as you finally work your way to the right person; and second, each of the departments are not set up to assist you unless you already know precisely what they want. To get the best loan modification agreement with your lender, you need persistent and experienced assistance.

Following is a summary of how a loan modification lawyer can help you achieve the best results from your lender.

1. Modification Specialists know your needs.

They know the right way to contact your lender, and they'll help you prepare your application for more expedient and thorough processing. When specialists present your case, they will be armed with years of experience as well as all the supporting documents and mandatory negotiation techniques.

2. Loan Modification Specialists achieve the best loan modification settlements.

Lenders will take your case seriously when you have a legal professional working hard for you. Essentially, your loan modification attorney will be working hard for you. Because they can use legal information as negotiation points and leverage, the modifications the lawyers can achieve will be much better than what you can get on your own.

3. Loan Modification Specialists have long-term relationships.

A good loan modification specialist has numerous established contacts with all of the major lenders servicing your loans. Combined with a pristine track record, this network is essential in getting better settlements while providing you with numerous options. Your specialist can get you more lucrative offers including principle balance reductions, lower interest rates and extensions of your loan terms.

4. Loan Modification Specialists buy you time.

When you attempt a loan modification on your own, you will be passed around from one department to another without really moving forward or making any progress toward your loan modification. And if you are already facing foreclosure with your current home, you can't afford to waste any more time. A loan modification lawyer can stop foreclosure even while it is underway as well as before it is underway. This will give you more time to recover your financial well-being while your team of lawyers works on saving your home.

LOSS MITIGATION TEAM

Our seasoned loan modification negotiators are highly experienced in the nuances of modifying a loan. Many of our loan modification negotiators have worked at lending institutions modifying loans. Our team of attorneys, processors, and specialists will fight to deliver you the best loan modification package possible in order to save your home.

A loan modification re-structures the current terms of your mortgage to make your payments more affordable and within your budget. BUT LENDERS DO NOT MAKE THIS EASY ON YOU. In fact, most homeowners fail to reach a settlement with their lenders. If your loan modification application is incorrectly assembled, it is often rejected without explanation. Our highly experienced professionals understand these obstacles and will handle your modification from the application process, to negotiation, to final approval.

Before taking that first step to modify your loan, you should consult an experienced loan modification specialist who will review your case in detail and help you make a negotiation outline and game plan. The Loan Modification Specialists at Neighborhood Home Relief begin by taking a detailed accounting of your current situation in order to determine whether a proper hardship and ability to pay a modified loan exists. Once this is determined, we simply do not rest until a beneficial loss mitigation outcome is achieved.

Contrary to popular belief, you don't have to declare bankruptcy in order to terminate foreclosure proceedings. A good loan modification specialist can help you reach a loan modification that is mutually beneficially for both you and your lender. When you come to us, we'll make sure you know all of your rights and options, and we'll do whatever it takes in handling your loan modification needs so that you can stop the foreclosure on your property.

Neighborhood Home Relief employs a highly experienced and sophisticated team of loss mitigation associates, hardship analysts, and real estate and mortgage professionals. You can place your trust in our company knowing that we will aggressively work on your behalf to provide you with the greatest possible modification result.

GUARANTEE

While we do not guarantee 100% success rate like many other companies, we are proud to say that our partner firm has a success rate of approximately 80%. They do not accept every client who wishes to modify their home loan. But if through their free, no obligation consultation, they determine there exists a hardship with an ability to pay a modified loan, they will give 100% effort in providing you with a beneficial loss mitigation solution.

You should be very wary of any company who claims 100% guarantee when they are negotiating with a company that they have no control over or stake in. It is sad to see that there are many unscrupulous companies that will say anything to get your business and then fail to return your phone calls or deliver what they have promised.

What they also guarantee 100%:

We look forward to working with you to determine if there is an ability to reasonably modify your home loan.

LOSS MITIGATION SOLUTIONS

Loan Modification: You and your loan servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications can include: lowering the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A loan modification may be necessary if you are facing a long-term reduction in your income.

Forbearance Agreement - In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower in order to delay a foreclosure.

Loan borrowers sometimes have problems with their payments due to unexpected circumstances. This may cause the lender to start the foreclosure process. To avoid this situation, the lender and the borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved.

Note that forbearance is just for "temporary" financial problems. If the borrower has more serious problems, for example if it is a variable-rate mortgage and the interest rate become high enough so that the borrower cannot afford the payments anymore, then forbearance is usually not a solution.

Deed in Lieu of Foreclosure - This is a process whereby the lender releases the homeowner from the obligations of the mortgage in exchange for the Deed to the home.

Cash For Keys Negotiation - This is a variation of the Deed in Lieu of Foreclosure. The difference is that the lender will actually pay the homeowner to vacate the home in a timely fashion with out destroying the property. The lender does this to avoid incurring the additional expenses involved in evicting such homeowners.

Short Sale - This is a process whereby a lender reduces the principal balance of a homeowner's mortgage in order to permit the homeowner to sell the home for the actual market value of the home. This specifically applies to homeowners that owe more on their mortgage than the property is worth. Without such a principal reduction the homeowner would not be able to sell the home.

Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary.

Repayment Plan: Your servicer gives you a fixed amount of time to repay the amount you are behind, by adding a portion of what is past due to your regular payment. This option may be appropriate if you’ve missed only a small number of payments.

Selling Your Home: Depending on the real estate market in your area, selling your home may provide the funds you need to pay off your current mortgage debt, in full.

Bankruptcy: Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy another home, get life insurance, or sometimes, even get a job. Still, it is a legal procedure that can offer a fresh start for people who can’t satisfy their debts.

If you and your loan servicer cannot agree on a repayment plan or other remedy, you may want to investigate filing Chapter 13 bankruptcy. If you have a regular income, Chapter 13 may allow you to keep property, like a mortgaged house or car, which you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income toward payment of your debts during a three-to-five-year period, rather than surrender the property. After you have made all the payments under the plan, you receive a discharge of certain debts.