When refinancing is not an option, and you are at a point where you can't afford to make your mortgage payments... something must give. Sometimes a Loan Modification makes the most sense so you can keep your home.
If you are behind on your mortgage payments, you're facing foreclosure, OR you are current but you can no longer continue to pay what you owe... you may have options available to you. So long as you can prove you are able to get out of your situation by restructuring your loan, loss mitigation can allow you to get back on a reasonable payment plan by:
In order to apply the homeowner must have an income and be able to document it. If the homeowner
does not have an income, no mortgage company in the world is going to structure
a workout plan for them to keep their home. There must have been a hardship (what caused the homeowner to get behind) that was
temporary and is now resolved. Another way to say it… whatever caused the
loan holder to get into this situation is over and behind them, and now can
afford their mortgage, and they just need help getting caught up. A Short Sale is going to be your next step to avoid the foreclosure if you feel you are unable to apply for loss mitigation.
The typical fee for Loss Mitigation is one mortgage payment, and a good faith payment (Typically it will be around 25-30% of the delinquency and at a minimum 1 month’s mortgage payment) is required to show you are making necessary efforts, and to prove to your lender you are able to get back on track. The same is true for a typical refinance.
Hundreds of Loan Modification companies are popping up right now and have no problem taking your money. No one can guarantee results of the loan modification, but our Loss Mitigating partners guarantee to refund your money if they approve your application and are not successful with your case. Our partners currently refund less than ½ of 1% of fees they receive for their services due to their success rate.
| Homeowners Monthly Mortgage Payment: | Our Loss Mitigation Fee to the homeowner: |
| $1 - 1,499 | Fee is $1,295 |
| $1,500 + | Fee is $1,495 |
If you are current on your mortgage it is best to find any way possible to stay this way. Analyze all of your other expenses and see where you can make a cut to free up cash flow and allow yourself to continue to pay your mortgage on time.
If it's still not possible, and you carrying a lot of credit card debt you may want to consider credit card debt settlement options. This can typically reduce your monthly expenses substantially and free up the cash flow you need to continue to make your mortgage payments on time.
If you still can't pay your mortgage payment after doing the above,
and you're behind OR current on your payments, a Short Sale is going to be your next step to avoid the foreclosure.
Before you contact us, make sure you know the following info:
We will eventually also need:
Typical questions:
How will this affect my credit?
You are trying to get out of debt, not obtain more debt. Decide on your future goals. If you want to obtain more lines of credit in the near future, then loan modification or debt settlement are not for you. These programs will help you with your overall objective to improve your financial situation, and save you a ton of money in principal and interest. Your credit scores aren't getting you out of debt or improving your current distress.
After Loan Modification, your credit score will actually improve if you were previously behind and now you're making your new, modified payments on time. If you are already current but unable to keep making payments, the modification will enable you to stay current and thus keep your credit safe.
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