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Loan Modification

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Loan Modification Option

Avoiding mortgage loan foreclosure is one of the hardest challenges you might ever face emotionally and financially. The Loans Store Network of Mortgage Loan Modification Experts offers consumers piece of mind, by helping them to navigate the complicated loan modification procedure, to save their home from foreclosure, and to arrive at a mortgage payment that they can truly afford.

• Reduce Your Mortgage Payment
• Lower Your Interest Rate
• Settle Past Due Mortgage Balances
• Stop Foreclosure Immediately
• Start to Rebuild Your Credit

Testimonials

"I was going through a nightmare with Bank of America; it sure didn't feel like they really wanted to help keep me in my house. Every time I called them I spoke with someone new that had no idea of what the last person I spoke with had promised me only the day before. I was upside down in my mortgage. I spoke with my lawyer and he recommended I go to The Loans Store to look at their mortgage loan modification services. I was immediately paired up with an attorney in my area who was able to reduce what I owed by nearly a third, reduce my interest rates, and cut my payment in half! All thanks to The Loans Store. Thank you.

Jesse and Kim, Nevada

"I just wanted to send you a quick thank you for saving our house. We wouldn't be in our home of nearly 20 years right now without your help. Please thank Adrian again for all of his hard work on our file!"

Lisa and Manny, Florida

"I am at a loss for words to say how much we appreciate everything you have done for me and my family. When I lost my job, leaving just my husband’s income to support us and our four children, I was sure that the world had come to an end. I stayed up all night crying over our situation. I hope that you will use this letter as a testimonial for your mortgage loan modification services, because you truly saved us from becoming homeless. It took several months, but the attorney you put us in contact with finally got our bank to work with us. We now have a mortgage payment that we can afford, even with just one income. We will never forget what you have done for us. Thank you.”

Jim, Candy, and the kids

Loan modification - Essential answers

Availing a loan modification program can be very confusing for many debtors. If you’re planning for loan modification facilities, chances are you would be consulting your creditor regarding the loan workout. Ideally the objective for availing a loan modification program is to avoid finance related issues such as foreclosures and bankruptcy. It’s important to do some “homework” and prepare yourself for the program before actually availing it. For that you need to get as much information as possible and later prepare your case in the best possible manner to get qualified for the loan modification program. The following questions will help you to understand how the process works and what you can expect from it:

1. What is a loan modification?
   A loan modification process consists of certain modifications to be incorporated in existing terms and conditions linked with your current loans, in a manner which reduces your net payable interest rate and help you to repay your monthly dues as per a new repayment schedule based upon your monthly cash inflow and paying capacity.


2. Can the lender include late charges in the Loan Modification?
   According to HUD, the incurred late charges should be ideally “eliminated” by the creditor at the time of loan workout. However this actually varies depending upon the type of loan undertaken. You can request a complete breakdown and clarification of all late fees and penalties from your lender.


3. Can the bank order an interior inspection of your property and the property condition?
   Yes, your creditor can officially conduct any review(s) deemed necessary to verify that your property does not have physical conditions which might adversely impact the current market value of “what has been offered as a guarantee” against your credit facilities.



4. How do I qualify for a loan modification program?
   The main criteria your creditor looks out for is your ability to make the modified monthly payments depending upon your current job status and monthly earnings. You have to provide your creditor proof regarding your income along with a detailed financial statement stating your income and expenses. You need to convince that if given the loan modification facility, it’s possible for you to afford the new, reduced payment schedule.



5. Do I have to be currently “delinquent” on my payments to qualify for a loan modification?
   Majority of the creditors are now accepting applications from individuals who are NOT delinquent. However it’s necessary to prove that due to existing interest rates and market conditions, you won’t be able to pay your current loan for long. Contacting your creditor and having a frank discussion can clarify whether you should be “delinquent” or not.



6. Can a loan modification program help me stop the foreclosure?
   Yes, it’s very much possible. The basic objective of loan modification facility is to prevent issues such as bankruptcy and foreclosures. For that you have to work with your creditor to find a loan “workout” solution and make sure your existing loan is “modified” with a new set of “terms and conditions”.



7. Can any “missed” or “defaulted” payments be added back into my new loan modification?
   Yes. Any “defaults” or financial liabilities or arrears CAN be added to your new loan amount and included for “repayment”.



8. Can I undertake the loan modification program myself or should I have someone to represent me?
   The option is yours. The answer is “yes” it’s possible for you to “do it on your own” if you possess the required financial knowledge and the expertise. There’s no law which says you “need” somebody to avail the facilities. The decision depends upon your comfort level while dealing with your creditor and also understanding what options you have based upon your current financial situation and liabilities. The first thing to do is to learn all you can about the program as regards your legal rights, and what it needs to be done to get your application approved.

A lot of information is available for loan modification programs. At times the “exact” information’s just not available, and if it is available – it’s difficult to comprehend it. Our effort is to answer a few of these questions in a simple and easy to understand manner so you can benefit.

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