Frequently Asked Questions
Several companies contacted me recently offering help. What makes HomeSaverProgram.org different?
There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected specialists in the industry whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.
What is Loan Modification?
Loan Modification is a procedure in which a loan’s terms, like the interest rate, the monthly payment or the term, are changed to meet the current situation of the homeowner. All of this is done with the approval of the lender.
In other words, we negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and save your credit.
Is Loan Modification right for me?
If you areone of the millions of Americans with an Adjustable Rate Mortgage that is about to reset to a higher monthly payment, then Loan Modification is probably right for you. Since most folks that got interest-only and adjustable rate mortgages don’t have much equity in their home, it will next to impossible for them to refinance. Short-sale or forbearance are not good options because they have negative tax and credit history consequences associated with them. A Loan Modification procedure does not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment.
What happens in a Loan Modification Procedure?
In a Loan Modification procedure, your loan’s terms, like the interest rate, monthly payment or the length of the loan, can be renegotiated to match what you can pay. So if you can’t afford to make higher payments on your mortgage, we negotiate with your lender to keep the lower payments.
Can I Do This Myself?
There is a very small chance a borrower could pull off a loan modification or pay rate reduction alone. As many borrowers know from experience, there is a thick layer of resistance at mortgage lenders to any suggestion of a workout from the borrower directly. They will listen to your lawyer though. If the lender forecloses on your home they will be the owner and they will sell your home and pocket any equity. They will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You lose the cash and your home. We are attorneys and retired bankers and know your rights. We will protect you and your home.
I have already started a Loan Modification process with my lender, can you still help me?
It is very important that you contact us first prior to you starting any kind of loan modification request with your lender. You only have one chance in doing a Loan Modification. If you are unhappy or unsuccessful with your efforts, it might be too late for us to help you.
Isn’t this the same as Debt Consolidation or Refinancing?
NO. This is not debt consolidation. And this is not an offer to refinance from a mortgage company. It’s a shame to see so many debt consolidation companies out there that claim to help people but really end up just taking their money. Most debt consolidation procedures out there consist of just putting everything a person owes on a credit card, trying to negotiate a better rate, charging a high fee and calling it a day. As mentioned, for a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people.
What can HomeSaverProgram.org do for me?
If after your FREE Consultation we determine that we can help you, there are several options to get you out of foreclosure and protect your credit history. Loan Modification, Forbearance Agreement, Deed in Lieu and a short sale are some of the techniques we use to save your home. Call us so we can explain each of these to you and determine which apply to your particular situation.
What do you need from me to get the process going?
Typically we ask for some details about your financial situation, your income, how much you owe on your home and other debts, and we prepare detailed paper-work for the lender demonstrating your inability to pay a higher monthly payment on your loan. We then renegotiate the terms of your mortgage through the Loan Modification process, to allow you to keep a lower payment.
How long does the Loan Modification procedure take?
There is no exact answer. Generally, the process can take only a few weeks, up to a few months. If a government guaranteed loan is involved (FHA for instance), the process will take longer to work out.
Fortunately, most lenders will work quickly to approve a loan modification program once they have received a complete package.
Most lenders will postpone the sale of your property if they have received a complete package at least two to three weeks before the sale date.
Is it true I may be able to skip a payment during the modification process?
Yes, most of our customers find it to be a huge relief that we are usually able to capitalize at least one month’s payment in the process of the modification.
Are lenders and banks willing to go through this process?
Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it, so the majority of lenders are very open to the Loan Modification process.
So we consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike.
Will I have to meet with the Bank/Lender or deal with Paper-work?
Absolutely not. We take care of all of the paper-work for you, so you don’t have to worry about the red-tape and negotiation associated with the process. You will never have go to your lender, or bank, we do all of the leg-work for you and will fight to reach the ultimate goal of keeping your home, and arriving at a monthly mortgage payment you can afford.
Does everyone qualify for the Loan Modification process?
Unfortunately in certain situations, you may not qualify for the Loan Modification process. This is usually the case with people that have waited to long to act and take charge of their situation. There are other options available to folks and our team of expert consultants will explore every possibility to save their home and their credit.
When is the best time to do something about my ARM or Interest-Only Loan that is going to reset?
DON’T WAIT! Time is your worst enemy in a situation where your payment is going to increase, and it is likely you won’t be able to afford it. Since it takes 60-90 days to complete the process, the best time for you to call is RIGHT NOW.
Do I have enough time to stop my foreclosure?
It is important to check the state laws pertaining to your situation but know that time is your worst enemy in these situations! Stopping your foreclosure, in many ways, has to do with taking charge of your situation and acting now! There are some required timelines, like getting a loan, loss mitigation, document preparation, etc. They all require time. If you’re worried about having enough time to stop the foreclosure, then call right now, not later.
How successful have you been in other cases?
We have a high success rate, simply because we fight for the client, not the lenders. We are Real Estate and Finance professionals with decades of experience dedicated to helping you save your home and your credit. If we think your situation is beyond remedy, we will tell you right away. We know you’re used to getting your hopes up only to be let down later and want to be up-front and honest with you. If we accept your case, we will explore every possibility to save your home and your credit.
How long does the entire process take?
It can be done in as little as 60 days, but typically it will take about 90 days.
What type of loans do you help with?
Unlike other foreclosure solution firms, we are not trying to buy your home when you are vulnerable and in need of help. We will analyze your situation and offer proven foreclosure help to save your home. We will negotiate with your Mortgage Company to stop foreclosure, save your home and resolve your case. We call ourselves “Specialists” because we SPECIALIZE in helping people get out of foreclosure.
What if I signed up for your service and you cannot help me?
Every case we take, we will resolve. We cannot guarantee a specific loan modification but we could guarantee you a resolution to your case.
