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Loan Modification
Loan Modification knowledge is more important than credit scores. Most often homeowners approach lenders without all the facts pertaining to their home loan. We live in a time where Millions of homeowners are in default and on the verge of foreclosure. If you are one of these millions who can not afford their monthly mortgage payments, you need to help yourself now. We offer an Do It Your Self Loan Modification and Forensic Loan Audit Online.
Our company was founded by X mortgage industry employees who know how banks think and act. We offer bank ready loan modification packages prepared online by you,,,, ready to be printed out. We provide the tools, so you can do it yourself. For far to long loan modification companies and attorneys have keep you in the dark. When you are in control of your modification it's your best interest at heart, not up front fees and commissions'. We provide the know how needed for a successful loan modification. Our on line integration allows for immediate delivery of your personalized bank ready loan modification package. When armed with a personalized, professional loan modification package and in depth forensic loan audit , your lender will take notice and act accordingly. Click here to learn more...
Why are banks in favor of loan modifications ?
* All or a portion of the outstanding principal balance, past due mortgage payments, late fees, and lender costs may be rolled into the Loan Modification. Simply put, the amortization of the loan may be increased resulting in a lower monthly payment for the home owner.
* Modified home loans use many repayment options to create a win win situation. In most cases, the mortgage lender will lower the interest rate and modify the variable term into a 30 or 40 year fixed mortgage. The lower monthly payments help ensure repayment by the borrower and create more interest earned by the lender over the life of the loan.
* Foreclosed homes are a hindrance on the lender as well as the borrower. When a bank forecloses on a home they are almost always guaranteed to loose money. Mortgage lenders have to pay real estate agents to list the home as well as any repairs required to make the home sale ready. Usually the home is listed at a discounted price, therefore causing the bank to loose money on the transaction. Add the slowing housing market to the equation and a loan modification seems a much more attractive financial solution for any lender.
* A modified loan accompanied with on-time payments positively affect the credit rating of a borrower resulting in less default within a banks mortgage portfolio. This is a benefit to the lender, speaking in bank terms
Loan Modification - Terms and Definitions
Principal Balance Reduction
Lowering the principal balance owed on a home as a result of a decline in the housing market values. This is a great benefit to the homeowner saving them tens of thousands of dollars over the life of the loan ... More
Interest Rate Modification
This permanent change to a borrower's interest rate is the cornerstone to a successful Loan Modification. Many of our clients end up with 30 year fixed interest rates between 2.75 and 6 percent. ... More
Streamlined Loan Modification Program
Federal Housing Finance Agency, Freddie Mac and Fannie Mae, implemented the new (SMP) program December 15 2008 to help stop foreclosure for American homeowners. ... More
Forensic Mortgage Loan Audit
A Forensic Loan Audit is an important tool used in negotiating a beneficial Loan Modification for the homeowner.
This process includes a in depth look into you loan documents specially looking for RESPA violations, fraud and
other violations committed by the loan officer, title agency, appraiser and lender. ... More
Short Sale
A short sale occurs when the proceeds of a real estate sale will not cover the current balance owed on the property. A successful short sale will result in the bank or mortgage lender accepting payment in full by reducing the principle balance owed. ... More
Predatory Lending
Predatory lending has been front in center in the push for more transparency within the mortgage industry.Your Bank Connection and their 50 state network of Attorneys has been on the lines in this war against unscrupulous lending practices. Predatory Lending has many ugly faces and is the main reason the US housing market is in shambles. Lenders, Banks, and Mortgage Brokers many times, set terms the borrowers in no way, shape or form could meet. ... More
Deed in Lieu of Foreclosure
Under many conditions lenders will accept the property back from the borrower as full payment in order to save the time and expense of going through the foreclosure process. ... More
Loan Modification
Another service included in a Loan Modification where a mortgage term is extended resulting in a monthly payment reduction. ... loan modification
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