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Stop Foreclosure - FAQ

What is Loan Modification?

Basically, in the stop foreclosure process, a loan modification is a renegotiation of the original terms of the loan between you and your lender to create a new loan agreement. A loan modification should typically stop foreclosure processes.

Am I qualified for a loan modification?

If you are in an ARM (adjustable rate mortgage) that has adjusted, or will be adjusting soon, and afraid you won’t be able to make the payments at the new level, you might want to look into a loan modification. If you've recently suffered a hardship, or perhaps you got in over your head during the boom of the decade and now your income isn't what it once was. When it comes to issues of avoiding foreclosure, don’t wait too long in getting the loan modification process into high gear.

What occurs during the loan modification procedure to stop foreclosure processes?

The terms of your original loan are renegotiated with the lender. This may include a lowering of the interest rate, a lengthening of the term (years) of the loan, a reduction of the principle amount and/or other modification(s) so that your financial load is lightened.

Is Loan Modification the same as thing as debt consolidation or refinancing?

Not at all. Debt consolidation works to gather up and compile your unsecured debts into a new loan that offers lower payments and it doesn’t apply to home mortgages. In a “Re-Fi” (refinancing) situation you are required to apply for a new mortgage and there’s a down payment, a new appraisal is needed and there are fees to the lender that are required. This is not a good choice or solution for a home owner who is already over-burdened with his or her current mortgage payment. The goal of a loan modification is to renegotiate and thereby come to new terms on an existing loan.

What do I need to do to get started?

After you fill out this short form to get started, gather together documentation of your personal financial picture. It’s helpful to have your income statement and original mortgage docs available for the go-ahead with the loan modification process. If you are having financial hardship you may need to write a letter of explanation. A good loan modification company will have sample/example letters from which you can work.

How long is the Loan Modification process going to take?

It depends on your unique case. Each situation differs due to the persons’ financial picture and personal situation. The process can take a few weeks to a few months, so it’s best to get started in avoiding foreclosure now.

Does everyone qualify?

Unfortunately, everyone may not qualify. Too often this occurs when someone has waited too long to take action to stop foreclosure processes.

Is there enough time to stop my home from being foreclosed on?

In this situation, time is of the essence. It requires you to take action to stop foreclosure.

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Stop Foreclosure - FAQ

Loan-Mod-Assist.com
Helping to Save Your Dream Home