LOAN MODIFICATION FREQUENTLY ASKED QUESTIONS
WHAT IS A LOAN MODIFICATION?
A loan modification is a process in which the Lender allows a change in the terms of your existing mortgage. The purpose of a modification is to significantly lower your monthly payments.
HOW MUCH CAN I REALLY SAVE BY DOING A LOAN MODIFICATION?
Depending on the mortgage, it’s possible to save hundreds or thousands a month.
WHO IS ELIGIBLE FOR MORTGAGE ASSISTANCE?
If you are facing any of the following circumstances or situations, mortgage assistance may be available to you:
WHAT IF MY CREDIT IS BAD?
A loan modification is not based on credit.
WHAT IF MY INCOME IS TOO LOW?
You will need to show the Lender that your household can afford the new payment. We will determine this in our Pre-Qualification when you start the process.
WHAT SHOULD I EXPECT THE TERMS TO BE ON MY NEW LOAN?
A Lender will typically modify your loan into payments you can afford. This may include a lower interest rate, principle reduction, or an extended term.
DOES EVERY LENDER MODIFY?
Most Lenders are willing to work with clients to help save their homes.
HOW LONG IS THE LOAN MODIFICATION PROCESS?
This depends on the lender, but the typical turn around time can range from 4 weeks up to 3 months.
Call (909) 552-5888 to find out more.
Call for a free consultation!