Frequently Asked Questions
What are the benefits of loan
modification?
No qualification needed.
Avoid foreclosure
Lower monthly payments
Improve your credit
Avoid collection calls from your
lender
How long does a loan modification
take?
It could take between
30 to 65 days.
How long until I'm
approved?
Once we receive a full
package we then submit the package to your lender. We should have an answer within 30
days.
Should I
continue to make my monthly payments?
Depending on your lender and the ongoing negotiations, there is a possibility of not having to
make payments during the process.
What is our success rate?
Even though no two scenarios are the same, with our experience we achieve an over 90% success
rate.
Does my credit matter?
Your credit score does not matter during the course of the loan
modification.
What qualifies as an acceptable hardship situation?
Generally, if you have experienced a severe change to you financial
situation due to divorce or separation, medical issues, military service, death in family, loss of job or transfer,
natural disaster your lender will consider your modification application. However, each situation is unique and
viewed on its own merit. A well written, compelling hardship letter will help your bank determine your situation
and intentions
I am not late yet on my payments-but I am struggling and foresee a problem-can I
still get a loan modification?
Yes, the Federal Government is strongly encouraging lenders to reach out to all borrowers with
adjustable rate and option arm loan programs now before they go into default. If you see a problem continuing to
make your payments, don't wait, contact your lender to start the modification process. Bear in mind, the homeowners
already in default will receive assistance first.
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