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Loan Modification Frequently Asked Questions

What is Loan Modification?
Loan Modification is a procedure in which a loan’s terms, like the interest rate, the monthly payment or the term, are modified to meet the current situation of the homeowner. All of this is done with the approval of the lender. In other words, our team’s goal to negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and save your credit.

According to Investopedia:
A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.

Is a Loan Modification right for me?
If you are one of the millions of Americans with an adjustable Rate Mortgage that is about to reset to a higher monthly payment, then Loan Modification is probably right for you. Since most folks that have interest-only and adjustable rate mortgages have very little if any equity in their home and it will be next to impossible for them to refinance. A Loan Modification procedure may not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment.

How do I start the mortgage modification process?
We will send, or have already sent, our Client Package to you via email, fax or regular mail. (or if you wish you can download our ( Client Package ) All you need to do is complete, sign and date the following documents contained in our Client Package and mail them to us:

1. Mortgage Modification Services Agreement

2. Authorization(s) please complete one for each mortgage)

3. Authorization to Release Information

4. Credit Card Authorization (if you wish to charge the mortgage modification processing fee. If you wish to pay by check, please mail it with the above documents.

What information do I need to send Expedited Loan Solution to get my mortgage modified?
Our Client Package contains a Mortgage Modification Document Checklist and a Financial Worksheet. We need all the documents listed, and a completed Financial Worksheet (to the best of your ability) in order to present your case properly to your lender. We will review all of the above and be in touch with you promptly to go over your documents.

Will you keep me informed of the progress of the negotiations with my lender?
Yes. We give each and every client frequent updates regarding the progress of their modification. Plus, we are always here to listen if a client has any questions, concerns, or problems.

What happens in a Loan Modification Procedure?
In a Loan Modification procedure, your loan’s terms, like the interest rate, monthly payment or the length of the loan, can be renegotiated to match what you can pay. So if you can’t afford to make higher payments on your mortgage, we facilitate the negotiation with your lender to keep the lower payments.

Can I Do This Myself?
There is a very small chance a borrower could negotiate a loan modification or pay rate reduction alone. There is an unwritten rule that most lenders won’t even speak to the borrower about these options. As many borrowers know from experience, there is a thick layer of resistance at mortgage lenders to any suggestions of a workout from the borrower directly. They will listen to our team of independent attorney’s and real estate licensed professionals and processors though. If the lender forecloses on your home they will be the owner and they will sell your home and pocket any equity. It is our experience that they will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You can lose the cash and your home. The goal is to protect you and your home.

Isn’t this the same as Debt Consolidation or Refinancing?
No. This is not debt consolidation. And this is not an offer to refinance from a mortgage company. It’s a shame to see so many debt consolidation companies out there that claim to help people but really end up just taking their money. Most debt consolidation procedures out there consist of just putting everything a person owes on a credit card, trying to negotiate a better rate, charging a high fee and calling it a day. As mentioned, for a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people.

What do you need from me to get the process going?
Typically we ask for some details about your financial situation, your income, how much you owe on your home and other debts, and we prepare detailed paper-work for the lender demonstrating your inability to pay a higher monthly payment on your loan. We then renegotiate the terms of your mortgage through the Loan Modification process, to allow you to keep a lower payment.

How long does Loan Modification procedure take?
There is no exact answer. Often, the process can take only a few weeks, up to a few months. If a government guaranteed loan is involved (FHA for instance), the process will take longer to work out. Fortunately, most lenders will work quickly to approve a loan modification program once they have received a complete package. Many lenders will postpone the sale of your property if they have received a complete package at least two to three weeks before the sale date.

Is it true I may be able to skip a payment during the modification process?
Yes, many of our customers find it to be a huge relief that we are usually able to capitalize at least one month’s payment in the process of the modification. However, we suggest speaking to a specialist or attorney before you attempt this. Remember, your initial consultation is FREE!

Are lenders and banks willing to go through this process?
Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it. So the majority of lenders are very open to the loan modification process.
So we consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike.

Will I have to meet with the Bank/Lender or deal with paper-work?
Absolutely not. We take care of all of the paper-work for you, so you don’t have to worry about red-tape and negotiation associated with the process. You will never have to go to your lender, or bank, we do all of the leg-work for you and will fight to reach the ultimate goal of keeping your home, and arriving at a monthly mortgage payment you can afford.

Does everyone qualify for the Loan Modification process?
Unfortunately in certain situations, you may not qualify for the Loan Modification process. This is usually the case with people that have waited to long to act and take charge of their situation. There are other options available to folks and our team of expert consultants will explore every possibility to save their home and their credit.

When is the best time to do something about my Arm or Interest – Only Loan that is going to reset?
DON’T WAIT! Time is your worst enemy in a situation where your payment is going to increase, and it is likely you won’t be able to afford it. Since it may take up to 60-90 days to complete the process, the best is for you to call is RIGHT NOW>

Do I have enough time to stop my foreclosure?
It is important to check the state laws pertaining to your situation but know that time is your worst enemy in the situation! Stopping foreclosure in many ways has to do with you taking charge of your situation and acting now! There are some required timelines, like getting a loan, loss mitigation, document preparation, etc. They all require time. If you’re worried about having enough time to stop the foreclosure, then call right now, not later.

How successful have you been in other cases?
Our independent attorney has a high success rate, simply because we fight for the client, not the lender. We are Real Estate and Finance professionals with decades of experience dedicated to helping you save your home and your credit. If we think your situation is beyond remedy, we will tell you right away. We know you’re used to getting hopes up only to be let down later and want to be up-front and with you.

What type loans do you help with?
We are not trying to buy your home when you are vulnerable and in need of help. We will analyze your situation and offer proven foreclosure help to save your home. We will negotiate with your Mortgage Company to stop foreclosure, save your home and resolve your case.

Our fully trained staff is waiting to here from you. Call today and receive a FREE consultation. Put our years of experience to work for you today!
Call: 800-753-1920

FAQ’s

Should I refinance or modify my existing mortgage?
If you are locked into a burdensome mortgage, refinancing is certainly an alternative. However, with the sharp decline in real estate values, it will probably be very difficult to obtain the proper amount of financing to pay your existing mortgage. A mortgage modification avoids these problems. We work with your existing lender to modify the mortgage you already have and negotiate to reduce your interest rate and/ or term. Best of all, the cost is surprisingly small.

Who handles the negotiations with my lender?
Expedited Loan Solution has a team of attorneys, experienced and financial experts who will fight for you. Our team is handling negotiations with even the most difficult lenders.

Mortgage Related FAQ’s

What is a fixed rate mortgage?
A fixed rate mortgage has the same interest rate for the entire term of the mortgage. Your monthly payments will remain the same for the entire term.

What is an adjustable rate mortgage?
An adjustable rate mortgage has an interest rate that generally increases over the initial interest rate when you took out the mortgage. There are many different kinds of such mortgages. Most have the initial interest rate locked in for 1, 3, 5 or 7 years. After that period, the interest rate will increase. This will make your monthly payments increase.

What is an interest only mortgage?
It is a mortgage (commonly called an I/O) in which only interest, and no principal payments, are made for a certain number of years. This results in a lower monthly payment during the interest-only period. However, after the interest only period, the monthly payments will increase because part of the principal will be paid every month.

What is a negative amortization mortgage?
A negative amortization mortgage (commonly called NEG AM) is one that allows you to make monthly payments that are less than the interest only payment based on the interest rate on the mortgage. The difference between the lower payment and the actual amount due is added to the principal amount of the mortgage. Thus, the principal balance of the mortgage increases from the amount you originally borrowed.

What is forbearance?
Forbearance is a commonly used legal term that describes a negotiated agreement between a homeowner and the lender to postpone or reduce either past due mortgage payments, or future mortgage payments, for a specific period of time. This is usually due to some homeowner hardship, such as sickness, injury, disability, or job loss.

What is loss mitigation?
Loss mitigation is a fancy legal term that involves negotiations between a homeowner representative and a bank to stop foreclosure. The term is generally used in situations where a homeowner is significantly past due on his mortgage payments. The negotiation strategy is based on the individual situation of the homeowner.

Our fully trained staff is waiting to here from you. Call today and receive a FREE consultation. Put our years of experience to work for you today!

Call: 800-753-1920