Loan Mod Options: Choices for Help
I am pleased to work with several different loan modification companies. Because there are so many unique situations, this allows me to help more people. It feels very good to be able to call more than one loan modification source to find help.
We always start by pre-qualifying you for the loan modification, at no cost. The pre-qualification is mostly based on your income compared to your probable modified mortgage payments. We want to make sure we can help before we spend your time or your money, and the lenders want to make sure you can afford the modified payments.
In most cases, loan modifications cost $2500 - $3000. Higher loan amounts, second deeds of trust, pending trustee sales, and some other situations may be more expensive. However, you will always be informed ahead of time of the costs, and when payment will be due.
I am an “ambassador” for the following companies:
“Quick Loan Mods”: This group is a “Registered Third-Party Servicer” with government programs & the major lenders, which means they have delegated negotiators and underwriters at the major lenders and loan servicing companies. In many cases, they can get loan modifications done quickly and effectively. The process starts with a simple application. Then, in less than a week, we will let you know if we can help, or not, and the approximate new payment and terms. If you like the terms, then we will collect your money and proceed with the loan mod. This company has done hundreds of successful loan modifications.
Attorney-Based Loss Mitigation Services: I am working with two different attorney groups in California who specialize in loan modifications. One group has been in business as a real estate law firm for 25 years, and has helped 3500 loss mitigation clients. Their pre-qualification process determines who they can help. The other group has also had extensive experience and success with loss mitigation, and can help you with legal needs in addition to loan modifications (bankruptcies, law suits against lenders, and the like). I will determine who will best fit your needs based on your situation and pre-qualification.
“Guaranteed Loan Mods”: are available in all states except California and Florida. We pre-qualify you for a loan modification, and if you are accepted into the program, we offer a 100% money-back guarantee that we will complete your loan modification. The cost is $2500 per property - even if you have a first and a second mortgage on the property. This company has processed over 400 files with a 97% success rate, and can work with both owner-occupied and investment properties. They have a sophisticated computer tracking system to keep you informed of the progress. Get more information or start the pre-qualification process by visiting their website: imnotleaving.com
Here is the process:
- All of our programs begin with a simple application for pre-qualification (we can do this on the phone). You pay no money up front.
- Upon successful completion of the pre-qualification, we will present you with information about your approximate new modified loan payment and terms.
- If you are not happy with the offer, or the company determines they are not able to help you, you pay no money.
- If you choose to accept the offer, then you pay the fee ($2500 - $3000 or more depending on circumstances).
We then work with you to compile and submit a complete package of documentation (income, bank statements, and the like), and the company goes to work. Times for completion vary - some take a few weeks, some take a few months, or even 6 months or more.
We cannot start the loan modification process until we have a complete documentation package. Every lender requests different documentation. Typically we will need the following:
- Hardship letter
- Documentation proving employment & all income (pay stubs, W-2, bank deposit statements, social security letters, etc.). Often we need last year’s tax return.
- Copy of 2 months of utility bills to prove that the property is owner occupied.
- Copy of homeowner’s insurance and property tax statement
- Copy of 1 - 2 months of bank statements, all pages
- Additional documentation as requested by the lender.
We keep you posted about the progress - and once your trial or permanent loan modification is in place, we help you make sure it is permanent.
SB-94 Disclosure for California Residents
It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge.