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Myvaloanmod.com is assisting in obtaining your loan modification.
What is a loan modification?
It is the adjustment of the terms of a loan during its term in a way not accounted fro in the original loan contract but accepted later by mutual consent of the lender and the borrower. Myvaloanmod.com has been successful in negotiating rates as low as 2%. We have a been able to reduce mortgage payments in half in some cases.
What are the requirements?
A borrower must be able to document a financial hardship. A financial hardship may include: loss of job, reduction in income, increased expenses, etc. The borrower must also be able to ÒqualifyÓ for the new modified payment. If you make too much income (in relation to household expenses) or too little income, you will not qualify for a loan modification. Each lender has specific criteria for qualifying.
Will a lender reduce my principal balance, as I am upside down?
Typically, a lender will not reduce your principal balance however; a significant reduction in a interest rate is very possible. A modification alone can save you thousands and thousands of dollars, sometimes more than a principal reduction. Being upside down does not qualify for a financial hardship.
I heard the ÒObama PlanÓ requires a reduction of principal balance. Can I get a reduction under this plan?
Most lenders have now rolled out this plan. The terms only require a reduction of a principal if a borrower qualifies through the Òwaterfall effectÓ and only if the lender institutes this plan within their organization. However, we often see rates reduced to 2%, which is life altering.
Do I have to be late on my mortgage payments to qualify?
Some lenders do require that you are late on your mortgage to even consider a modification. Some will offer a modification even if you are current as long as you can prove that your future payments will be in jeopardy. Approximately one half of our successes are with homeowners who have been late on their mortgage.
What if my home is in foreclosure; am I too late to request a modification?
Absolutely not; you may still have time. In some cases, we have negotiated a successful modification in the final hours of redemption. Again, it depends upon the lender. Do not give up. We have been very successful in stopping foreclosures and giving homeowners the opportunity to afford their home again.
What if I donÕt have a job?
A modification is typically qualified by using household income. We must be able to prove income to support your expenses. Lenders will often use unemployment, income from another family member living in the home, etc. If there is no income coming into the home, a modification is not possible. As us about help with a short sale option.
I have tried and tried with my lender and I get no where. How can we help you?
Unfortunately, this is very common. The statistics show that only 20% of modifications actually are approved. We most likely work with your lender on a daily basis. We understand their requirements and know how to get modifications through their system. We understand how frustration the process can be. We also understand their language. They cannot confuse us. We have a 90-95% success rate.
My lender already turned me down for a modification. Can you really help?
Yes, it is very possible. There is a ÒformulaÓ that most lenders use to determine whether or not a borrower can qualify for a loan modification. We will need to review your financial information. Typically, we can help a borrower put together accurate and ÒapprovableÓ financial information for a successful modification. Yes, even if your lender already turned you down we may be able to help you.
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I WOULD LIKE TO SPEAK TO SOMEONE ABOUT A LOAN MODIFICATION
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