Mortgage Modification Explained

Loan modifications come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so the homeowner can continue to make payments and stay in the home. Loans can also be modified so they have a longer amortization term (e.g. 40 year instead of 30 year) which will cause the payments to decrease. Principal writedowns are rare, but they do indeed happen where the bank actually writes down some of the principal amount.

Majority of the home loans needing modifcation today are conforming mortgage loans made by big banks such as HSBC, CitiMortgage, Countrywide, Household, IndyMac, JPMorgan, Wells Fargo, Washington Mutual and Bank of America and based on Fannie Mae and Freddie Mac guidelines. Act now since time is really not on your side. Get Started Now!

Loan modifications used to be reserved for borrowers whose mortgages became delinquent because of job losses, divorce proceedings, or illness, but today they are also open to those individuals who are suffering in the aftermath of adjustable rate mortgages skyrocketing and placing the monthly payment beyond the means of the borrower. Even if you have attempted to work with your own lender in the past and have come away from that experience with a less than positive experience, we can help. Understanding the plight facing homeowners today and the very real threat of foreclosure, legal assistance during the process of applying for a loan modification is essential in the attempt to make the lender sit up and listen and provide the best possible solution for any homeowner before it is too late. Do not hesitate to contact us so we can connect you with a legal professional today who is well versed in the field of loan modification and who will save your budget and home. The assistance you receive is fast, concise and confidential.

Our loan modifcation attorneys and certified foreclosure consultants have performed successful mortgage loan modifications in all states:

Among the most successful states are California loan modification, Nevada loan modification, New York loan modification, Florida loan modification, Pennsylvania loan modification.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

Recent Loan Modification Questions

Q: can you follow thru with a modifacation after you file chapter 13	Posted By: cam on Aug 31, 2010 07:51PM
A: Yes you can. I would highly recommend using an attorney to help you with this process. We can connect you with an attorney who can help you. Either fill out a form on this site or call 866-437-9061.
Q: While waiting for our home modification loan to be approved do we pay our current mortgage if we cannot afford to?	Posted By: sun854 on Aug 21, 2010 01:21PM
A: see below.
Q: While waiting for the loan modification to be approved to we continue to pay our current mortgage if we cannot afford to do so?	Posted By: sun854 on Aug 21, 2010 01:20PM
A: If you can afford to make your mortgage payment you should do so. If you can't afford your mortgage payment then there would be no way for you to do so.
Q: if iam not on the loan for my house, do i still put my information on the app for the mod?	Posted By: nicelady on Aug 20, 2010 02:37PM
A: This is a great question. This is one of the many reasons why you should hire a professional to help you with the process. The answer is it depends upon what your debt to income ratios are. If you qualify for a modification without your income then I would suggest not adding your income because it may disqualify you. But on the other hand if you don't qualify for the modification without your income then you would want to put it on the form. If you are not sure please e ... More
Q: i have been pre-qualified for LOAN MOD. I made the trial 3 month payments on time. i am still making the lower payments (the bank of america's advice) but since february i am still waiting for the loan mod to be approved. i filed bankruptcy due to an operation i had (bursed appendes) with NO INSURANCE. THE bankruptcy is fully discarged but I am told by the bank that i am still in review.is this possible? could it take this long?	Posted By: pattiduke on Aug 19, 2010 10:52AM
A: Unfortunately it is true. Bank of America is notorious for putting people into trial periods and then not making them permanent. If I was you I would be calling in every day asking why the modification has not become permanent. You could also hire an attorney firm to complete the modification for you if you so choose to.
Q: received a loan mod 14 months ago. dropped from 6.9% to 5.25%. not enough relief. how soon, if at all, can i apply for another loan mod?	Posted By: pskfd55 on Aug 18, 2010 08:45PM
A: You have to wait a minimum of 1 year.
Q: What is your fee?	Posted By: Anna on Aug 18, 2010 01:01PM
A: Our service is free to you. We match you up with reputable loan modification attorneys and loan modification companies. Once you speak with them you can ask them what their fee is for helping you to complete your loan modification.