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4)
Why can't I do the loan modification myself?
You
can do it yourself. However, the modification
companies we are affiliated with do this day in and
day out. They know exactly who to call and know what
the lender needs to get your loan modification
approved.
5)What happens if the bank rejects my modification
request?
In
the unlikely event that the loan modification is
declined we can still offer other options for your
property for your consideration:
1. Forbearance
2.
Short
sale
3.
Deed
in lieu
4.
Formal
repayment plan
5.
Informal
repayment plan
6) How much of a reduction in monthly payments can I
expect from the loan modification?
That
is completely dependent upon your individual
situation. Please keep in mind each homeowner has a
completely different situation than the next. That s
why we offer a free analysis with no obligations to
review your individual situation. This can range
from 10% to 70% reduction, depending upon your
specific situation.
7) How many loans can you modify?
As
many as you want.
8) Do all my mortgages have to be with the same bank
in order to be modified?
No
9)
Do I need
to be behind on my mortgage payments to be eligible
for a modification?
No. Borrowers who are struggling to stay current
on their mortgage payments may be eligible if their
income is not sufficient to continue to make their
mortgage payments and they are at risk of imminent
default. This may be due to several factors, such as
a loss of income, a significant increase in
expenses, or an interest rate that will reset to an
unaffordable level.
10)
I
have a mortgage on a duplex. I live in one unit and
rent the other. Will I still be eligible?
Yes.
Mortgages on 2, 3 and 4 unit properties are eligible
as long as you live in one unit as your primary
residence. |
