Q: Can you explain what is a
Loan Modification ?
A: A
loan modification
is an alteration in your mortgage conditions to cause your overall payment to come down. By reason of the present economic emergency, nearly every bank would like to modify your mortgage to Preserve you in your household making payments.
Q: Can you explain who qualifies for a loan modification?
A: Any person facing a hardship can be eligible for a loan modification. This can be numerous things for example: Medical expenses, mortgage payment increase, job loss, divorce, reduce in income, etc.
Q: Can you explain what is the cost of a Loan Modification?
A: The cost of a loan modification ordinarily fluctuates somewhat conditional to your exclusive circumstances. In broad-spectrum it is not much more (and sometimes much less) than the cost of one mortgage payment.
Q: Can you explain what I can do if my credit is bad?
A: A loan modification has certainly nothing to do with your credit. A
loan modification
can in fact rescue your credit since you will not be presented with foreclosure or something else that will harmfully involve your credit score. A loan modification WILL NOT negatively change your credit.
Q: Can you explain what if I have no equity or I am upside on my home?
A: It does not relevant. In certain circumstances you could even be given a principle reduction which will bring your mortgage amount to the present market value of the house.
Q: Can you explain if every bank does loan modifications?
A: Nearly all banks will execute a
loan modification
. The bank does not aspire to take your home. They would more willingly have you remain paying something even if it is a smaller amount than what was Initially agreed upon.
Q: Can you explain if it matters what state the home is in?
A: No. Although each state does maintain a small amount of exclusive processes, we are Proficient to Modify Mortgages in every state.
Q: Can you explain how long does the typical Loan Modification process take?
A: It ordinarily takes Approximately 90-160 days for us to Finalize a