Home Loan Rate Reduction

Home Loan Modification

You may have heard of "Loan-mods" or home loan modification. This refers to the process of negotiating a new loan with your lender. Ordinary people try to do this themselves by calling their lender and get nowhere. They may tell you they can’t do anything for you, or they may send some worksheets to fill out. Without careful guidance through the process, you won't get a modification, and the lender could foreclose. You lose everything in that case. With the new Obama administration plan you only have one modification opportunity, so you need a professional to manage the process and negotiate for you.

We understand how to work with lenders for modifications and refinances, and we have 20 years experience doing it. Most lenders require you to be late on your mortgage payments before they will consider making a modification. Modifications typically take 6-8 weeks to process. Your job for this option is to gather up the financial documentation that we request. We will then create a justification package to send to the lender, and negotiate the new loan for you.

You may find that your lender refers you to a "Hope" program. There are many programs named Hope, but only one that is the true government program. Hope For Homeowners. To date it has been a massive failure. The government estimated that 400,000 homes could be saved by the program. Only 2,000 have been successful. Why is the program failing? Because your lender must agree to accept whatever 90% of the Current Market Value of your home, minus the fees paid to get you the new Hope For Homeowners FHA loan, no matter how much that is.