The lender is generally open to modifying a loan because the cost of doing so is
less than the cost of default or foreclosure. IMPORTANT: The average loan modification
takes 90 days to achieve approval. In some cases, the process can go beyond 90 days
depending on the length of delenquency from the homeowner.
Loan Modification Steps
- One of our consultants will speak with the you (the homeowner) and explain what
to expect.
- You will be provided with our 100% Money Back Guarantee and a check list of items
(Modification Packet) that we will need to collect from you in order to be successful
in reaching your goals.
- Once we receive your Modification Packet, depending on the specifics of your loan,
you will be assigned to the negotiator and attorney who have the best relationship
and success rate with your lender.
- Your attorney will contact your lender and have your file assigned to a loan representative
- Your attorney and the loan representative will go over your information
- The Negotiations begin
- We start by requesting a specific reduction and terms.
- We review your case with the lender and discuss all the options and why it is better
for the lender to modify your loan rather than foreclose.
- IMPORTANT: this is the time consuming part of the transaction. We now go back and
forth, through email and phone calls, handling counter offers and requests made
by the lender.
- Once we come to an agreement, the lender submits the information to the investor
for approval.
- You will then be contacted to discuss the first offer.
- You may counter offer, or you may take the offer.
- Finally, all parties agree on the loan modification terms and conditions.
- The lender will send the new modification to us to check over the terms and make
sure it is everything we discussed. (THIS IS WHERE HOMEOWNERS WHO DO NOT USE AN
EXPERT GET IN TROUBLE)
- We approve that everything is correct and the docs are sent to you to sign!
- You are done, your modification was successful. You get to keep your loan and you
are now saving hundreds to thousands of dollars on your mortgage every month!!
Call us now (949) 273-1135 to lower your monthly payments.
Get a FREE consultation!
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