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| Frequently Asked Questions | |
| 1. | What is a mortgage rate modification ? |
| 2. | I'm many months behind on my mortgage payment, will this work for me? |
| 3. | Can any loan be modified? |
| 4. | How long does the loan modification process take? |
| 1. | What is a mortgage rate modification ? |
| As of December 2008, rate loan modification is the quickest, fairest, and most mutually effective way for homeowners and banks to prevent foreclosure. Banks use loan modification to reduce interest rates, loan balance and/or extend the term. By reducing the monthly payment, homeowners keep their house and resume paying a reduced monthly payment and the bank avoids taking back a house they cannot afford. In 2009, we expect two to three million homeowners to use loan modification to save their homes. Banks will make loan modification the number one banking strategy to keep them solvent. | |
| 2. | I'm many months behind on my mortgage payment, will this work for me? |
Yes if you have not sold your home yet, or it has not been taken by the bank, we can help. |
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| 3. | Can any type of loan be modified? |
Yes, whether you have an adjustable rate mortgage, FHA, conventional, first and second mortgages. |
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| 4. | How long does the mortgage rate modifcation process take? |
It can take up to 6 months or more depending on your situation for the mortgage rate modification to completly go through. Don't expect it to be a quick process.. The sooner you speak with a specialist, the quicker you can get help saving your home from foreclosure and still keep your home. |
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