A loan modification is a process in which the terms of a mortgage note are permanently or temporarily changed by lender making the payments more affordable for the borrower.

A loan modification could do the following:

• Lower interest rates
• Stop foreclosure
• Reduce principal balance (short refinance)
• Catch up on delinquent payments
• Turn your adjustable loan into a fixed loan

Although loan modifications have been in existence for many years, banks previously would only allow a consumer to take advantage of a loan modification in the most extreme cases. Recent changes to the mortgage industry have caused lenders to allow borrowers suffering from hardships to modify terms of their loan.

Exotic and nontraditional mortgages over the last few years are misleading terms that were created in the mortgage by unscrupulous lenders and mortgage brokers. This resulted in a tremendous disadvantage to the borrower, forcing them into foreclosure. With the unprecedented amount of delinquent loans, the banks are overwhelmed and understaffed, which prevents them from maximizing a positive solution for hurting homeowners. Many homeowners get lost in the shuffle due to the bank’s current situation, which forces the homeowner into an unnecessary foreclosure.

Our processing center researches the lender’s guidelines on a daily basis, which enables us to analyze your specific situation prior to submitting the documentation to your lender. This will allow us to find the most effective and aggressive strategy to remedy your needs.