Banks are not in business to help you. Banks are in business to make money! The reality is that no one benefits from a foreclosure and obtaining a loan modification not only helps the homeowners to save their homes, but also helps the Banks from incurring tremendous losses during a foreclosure sale.
“Working with the Legal Advocate Network was the best decision my wife and I made regarding our loan modification. They handled everything.” .......John D.
“The Legal Advocate Network representatives were professional, courteous and got the job done.” .......Kathy L.
“Our financial future is much brighter after having Legal Advocate Network complete our loan modification.” .....Shelly and Mitch M.
Mortgage Loan Modification Programs
Are you overwhelmed by your mortgage payments? Has a major hardship or life event changed your ability to pay you mortgage? This can be a depressing and helpless feeling, but hope is not as far away as you may think.
What is a Home Loan Modification?
A home loan modification is much like a mortgage refinance in that the objective is to find you a more affordable mortgage payment for your financial situation. In fact, it is often called a modified refinance. The primary difference is that instead of looking for a "new" loan you will just simply "modify" the terms of you existing mortgage.
Loan Modification Vs. Refinancing My Mortgage?
Refinancing your existing mortgage to obtain a more affordable mortgage payment could still be an option. Unfortunately, for an increasing percentage of homeowners it is not. That is precisely what loan modifications are for, the homeowner that has incurred a financial hardship that prevents other mortgage financing or payment options.
In most cases, a loan modification is recommended to homeowners that have a financial hardship that is preventing them from making their monthly mortgage payments. Most of the homeowners that are eligible for these types of mortgage modification programs have already missed one or more payments. Although keep in mind that a delinquent or late payment is not a requirement.
Am I Eligible for a Loan Modification?
This will vary depending on who services (i.e., who you send your mortgage payment to each month) your mortgage. However, most follow very similar qualification criteria. These are the most common loan modification qualification standards:
- Experienced a documented hardship or change in financial circumstances
- Missed one to three payments (90 days delinquent) or more
- Owns and occupies the property as a primary residence
- Not recently filed for bankruptcy protection
- Other important factors that can affect your eligibility:
- Do not purposely default to get a loan modification
- Make sure you are responsive in working with your lender
Since many of the programs often change and do vary in how they work, you should contact one of our highly trained certified counselors today.