What is a loan modification – This term has been getting a lot of attention lately
and rightfully so. With millions of homeowners stuck in toxic adjustable rate
mortgages and no way to refinance out of them, loan modifications may be the
only way to assist struggling borrowers.
This term is used when your lender modifies your current mortgage (same loan
you have, only changes are made to the note) in order to work with you and make
your mortgage more affordable. A modification to your rate, balance of loan,
delinquent fees owed, term of loan, etc. can be made by the lender.
In the past this was only done when a borrower was delinquent but now we will
see it being used before someone is delinquent. This will be the hottest and best
way to help homeowners avoid foreclosure.
New American Funding brings the two parties of the problem loan together to
mutually agree to workout new and better loan terms which are affordable and
realistic. The hope is that the new loan will enable the borrower to meet their
obligations. And with New American Funding’s detailed, personalized financial
analysis, this hope becomes a reality. Our clients accept the loan that is
affordable to them, and never need worry about foreclosure again.
and rightfully so. With millions of homeowners stuck in toxic adjustable rate
mortgages and no way to refinance out of them, loan modifications may be the
only way to assist struggling borrowers.
This term is used when your lender modifies your current mortgage (same loan
you have, only changes are made to the note) in order to work with you and make
your mortgage more affordable. A modification to your rate, balance of loan,
delinquent fees owed, term of loan, etc. can be made by the lender.
In the past this was only done when a borrower was delinquent but now we will
see it being used before someone is delinquent. This will be the hottest and best
way to help homeowners avoid foreclosure.
- A loan modification will change the existing mortgage note and give the
client a fresh new start in managing their home. Accounts will be brought
up to date immediately. - With a loan “modification” you take the mortgage you have and change the
interest rate and payments requirements in order to achieve a fixed rate. - Lenders are willing to negotiate when borrowers are facing financial
difficulties and can’t obtain other financing alternatives. New American
Funding shows the lender why it would be in the lender’s best interest to
agree to workout an arrangement. In turn, the lender will reduce the loan
interest rate, reduce monthly payment amounts or change other loan terms
to allow for an affordable loan so the homeowner can avoid foreclosure.
New American Funding brings the two parties of the problem loan together to
mutually agree to workout new and better loan terms which are affordable and
realistic. The hope is that the new loan will enable the borrower to meet their
obligations. And with New American Funding’s detailed, personalized financial
analysis, this hope becomes a reality. Our clients accept the loan that is
affordable to them, and never need worry about foreclosure again.
Loan Modification
Please visit our BLOG and
discuss your ideas or problems
with other homeowners caught
up in this national epidemic.
discuss your ideas or problems
with other homeowners caught
up in this national epidemic.
1-800-426-5626
| Our business is helping families stay in their homes |
1-800-426-5626
Loan Modification Experts with a proven
track record through TheBrokerNetwork.com
track record through TheBrokerNetwork.com
| CUSTOMER TIPS |
Advice and Timelines:
EST timeline to completion –
60-120 days.
***Depending on Servicer/Lenders
individual turn times.***
1. Any and all items requested from
your lender should be delivered
within 3 days! Many lenders will
cancel a file for inactivity if items
requested are not received by them in
a very timely fashion and you don’t
want to start over from the beginning.
2. Reference your loan number on
every document page during the
follow up process.
3. Update financials every 30 days
along with cover letter “Updated
Financials”.
4.Be diligent and patient.
EST timeline to completion –
60-120 days.
***Depending on Servicer/Lenders
individual turn times.***
1. Any and all items requested from
your lender should be delivered
within 3 days! Many lenders will
cancel a file for inactivity if items
requested are not received by them in
a very timely fashion and you don’t
want to start over from the beginning.
2. Reference your loan number on
every document page during the
follow up process.
3. Update financials every 30 days
along with cover letter “Updated
Financials”.
4.Be diligent and patient.
Flow us On
