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 ASSET MANAGERS & REO DEPARTMENTS
If you are looking for a certified team to service Commercial and Residential REOs in California, you have come to the right place! We are uniquely qualified to help you liquidate REO and Short Sale properties. read more »
Free Loan Modification Help for Homeowners
You can request our free e-book that includes everything you see below in an easy and down-loadable format. If you are in a hurry, We suggest you do that as opposed to going through the list below.
Here you will find everything you will need to get educated and empower yourself to stop foreclosure!
What is a loan modification?
This is also referred to as a loan workout and it is when your current lender agrees to modify (change the terms) of your mortgage in order for you to afford the monthly payments and avoid foreclosure. Your mortgage servicer generally will only lower the interest rate and possibly extend the term of your loan.
Principle reductions rarely happen. So, if you're just looking to knock your $500,000 mortgage down to $300,000 because that is all your home is worth, it's probably not going to happen!
How do I know if I qualify?
A mortgage modification generally occurs when both parties (borrower and lender) to a problem loan mutually agree to workout the issues by creating new and better loan terms. The hope is that the new improved mortgage will enable to the borrower to meet their obligations and avoid foreclosure.
The determining factors that your lender will look at are:
1. Nature of Hardship Causing Your Mortgage Problems
2. Ability to pay
3. Amount Owed
4. Equity in the property
5. Future financial situation
6. What is better for them? To foreclose or pursue a loan workout with you and or modify your loan. Meaning which approach will best benefit the lender in the long run.
If you would like to receive a FREE assestment and find out if you could qualify for a modification please call our help line 408-292-3000.
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