Frequently Asked Questions

What is a loan modification?

A loan modification is defined as a permanent changer to one or more terms of a home loan. The process of the loan modification enables the loan to be reinstated and keep the home owner in their property. Loan modifications can include an interest rate reduction, a longer loan term, principal reduction, forgiveness of delinquent payments or a combination of all four.

Do I have to pay all of the late fees and penalties?

In the majority of cases, home owners don’t have to pay all of the fees and penalties. Some lenders can waive the late fees or roll them along with any other outstanding amounts into the new loan.

Will my bank need to conduct an in-person home inspection?

Not in the majority of most cases. Most of the loan modification documentation can be done over the phone.

How can I find out if I qualify for a loan modification?

The primary criteria lenders look for to approve loan modifications is proof of your ability to afford the new, adjusted, loan payment now, and in the future.

Can I still ask for a loan modification even if I am not currently delinquent?

Yes, lenders are open to modifying your home loan if you foresee interest rates changes or financial hardship could impact your future ability to pay. In fact the Federal government is urging lenders to offer assistance to homeowners who face potential default.

What is considered an acceptable hardship circumstance?

Lenders view circumstances like divorce, death of a spouse, illness or medical bills, loss of job, increase in property tax, home value depreciation, short term – long term disability as acceptable circumstances that warrant a loan modification. Because your situation is unique, we suggest you register for your no-obligation review with loanmod-connection.com if you suspect your circumstance meets any of the criteria above , and you think you might be facing upcoming financial hardships.

Can a loan modification stop foreclosure?

Stopping foreclosure is the purpose of a loan modification. Banks don’t want to foreclose. They have too much inventory as it is. Therefore our advisors are better able to negotiate on your behalf to keep you in your home.

How long does the process take for a loan modification?

Once our advisors receive all of your paperwork, it can take anywhere from 2 weeks to several months. It all depends on your current situation, and the stage of foreclosure your home is in. Typically a loan modification takes several weeks. It’s best to act now if you think you are in trouble.

Will I have enough time to save my home and stop the foreclosure?

You must act fast if your home is already tagged for a foreclosure. The longer you wait the riskier it is to achieve a loan modification that works in your favor.

If I’m in bankruptcy is there still hope you can help me?

Yes, but only if your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our recommended loss mitigation consultants can evaluate your situation and determine the best options to save your home. A bankruptcy complicates the issue, and you have to be careful, but that does not mean it’s hopeless. We can likely help.

My lender is very upset and demanding their money. Can you still help?

Yes, most clients have experienced an upset lender that is demanding inflexible terms. This is one of the key reasons for a loan modification consultant. Our consultants act as buffer to calm the situation and proceed with a constructive means of getting your mortgage issues resolved.

What if I can’t afford my home any longer?

Yes, you are responsible for having your own web site, online store, and technical resources to implement your authorize.net account. If you do not have a website, or online store, we’ll provide resource you can contact to provide these services for you.

What should anticipate as a result of a home loan modification?

A loan modification can result any, or all of the following:

How can I get the process started?

Complete our loan modification FREE no-obligation request form and we’ll find a loan modification consultant that can best assist you in saving your home and negotiating the best deal from your lender.