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Facing foreclosure could be overwhelming and scary, but by taking the best actions you may be able to maintain your household and save your credit. A loan modification is really a process where the original terms of a mortgage is modified, giving the homeowner new payment terms that they can handle. It'll ordinarily involve a lower interest rate, extension of the term, adding missed payments to the end of the loan, reduction in principle, or a mixture of these.

A number of the lenders that participate inside the HAMP program or other modification programs are: Chase Mortgage, Bank of America Mortgage, EMC, LBPS, Litton Loan, Wachovia, Wells Fargo, GMAC Mortgage, ALLY and a lot of other major and minor lenders and servicer's are helping homeowners with a Loan Modification.

IMPORTANT NOTICE:

We are not associated with the government, and our service is not approved by the government or your lender.

IMPORTANT-PLEASE READ: By providing your contact information on this website, you are expressly granting permission to be contacted regarding loan modification services even though you may have previously chosen to have your telephone number added to any Do-Not-Call List including lists maintained by any local, state, or federal government agency. This is not a government site or program. There is information on this site to help you find out more about the government programs that exist.

THIS IS AN ADVERTISEMENT OFFERING, FOR PROFIT : LOAN MODIFICATION, MORTGAGE REFINANCE/ORIGINATION AND/OR FORECLOSURE RESCUE SERVICES. THE ADVERTISER OR COMPANIES OFFERING THESE SERVICES IS NOT ASSOCIATED WITH ANY LOCAL, STATE OR FEDERAL GOVERNMENT AGENCIES.ADDITIONALLY, THE COMPANIES PROVIDING ANY OF THE SERVICES MENTIONED ABOVE IS NOT ASSOCIATED WITH AND DOES NOT HAVE ANY INSIDE RELATIONSHIP WITH ANY PARTICULAR LENDER AND/OR MORTGAGE SERVICER. THE COMPANIES PROVIDING THESE SERVICES MENTIONED ABOVE AS DESCRIBED IN THIS ADVERTISEMENT ARE FOR-PROFIT ENTITIES.

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Why will a Bank Modify my Loan?

A bank must believe that this is going to be in their most effective interest, as it does leave them to lose thousands of dollars. In general they want to know that the homeowner will probably be able to make payments if the terms are re-negotiated. With the present state of the housing marketplace, the lender could face a loss closer to the millions if they're unable to work out a loan modification. Additionally, the federal government's HAMP program has developed incentives for banks to modify loans.

When a borrower is no longer able to make their payments the loan becomes what's known as a nonperforming asset, as the loan is no longer bringing dollars to the bank. Turning the non-performing asset into a performing asset is really a matter of income; if a loan modification is possible a bank wants to be specific that following the modification the loan will stay a performing asset.

If the bank modifies a loan as well as the borrower is still unable to make the payment the bank loses out even more. This is why it is vital to report all of your income on the income/expenses worksheet; because if the bank doesn't believe it is possible to make the payment they'll not modify your loan. It is also vital to show that the homeowner is willing to give up luxury items (extra cars, boats, etc.) in order to maintain their household.

Mortgages are modified to the benefit of the borrower in one or more of the following methods:

• Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed
• Reduction in principal
• Reduction in late fees or other penalties
• Lengthening of the loan term
• Capping the monthly payment to a percentage of household income
• Mortgage forbearance program

The borrower could be present, late, in default, in bankruptcy, or in foreclosure at the time the application for modification is made. The programs readily available will vary accordingly.

There may be modifications made at the discretion of the lender. The lender is motivated to give better terms to the borrower mainly because of the expectation that the borrower may be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) might be far more valuable ultimately than the proceeds obtained from a foreclosure sale.

The state and federal government may well structure a mortgage modification program as voluntary on the component of the lender, but may provide incentives for the lender to participate. A mandatory mortgage modification program requires the lender to modify mortgages meeting the criteria with respect to the borrower, the property, as well as the loan payment history.

When you can no longer afford to make your monthly loan payments, you might qualify for a loan modification to make your monthly mortgage payment additional affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed 1 or more payments might be eligible.

It's very important that you decide which option is best for you, keep in mind that we are a referral service agency that will submit your information to FOR-PROIFT attorney, mortgage companies and compliant loan modification firms. There are FREE options available to you thru local non-profit housing counseling agencies, please review all your options before making a decision.