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Frequently Asked Questions
What Does Home Retention Do For You?
A loan modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the borrower can afford.
• We can offer homeowners a fresh start to an affordable payment
• We can convert ARMs into fixed rates
• We can lower interest rates
• We can lower mortgage payments
• We can bring their loan current
• We may be able to reduce principal balances
Why Would A Lender Do This?
The answer is simple; we are turning non-performing loans into performing loans. Investors may benefit from loan modifications, as they have the potential to minimize losses. In the past several years, residential mortgage loan servicers have not applied this loss mitigation strategy with great frequency. Many servicers have, historically, used refinancing as an alternative to loan modifications. However, this is changing due to slowing home price appreciation and the rise in the number of borrowers falling behind or potentially falling behind on their mortgage obligations.
What Are Some Reasons For A Loan Modification To Be Approved?
• Currently Behind On Mortgage Payments
• Currently In Foreclosure (NOD Or Lis Pendens)
• Have An ARM That Has Adjusted Higher
• Have A Legitimate Hardship
• Reduced Income
• Paycut At Work
• Reduced Hours
• New Job (Less Pay)
• Loss of Employment
• On Disability (Worker’s Comp)
• Divorce/Separation
• Excessive Medical Bills
• Back Taxes That Are Currently Being Paid Back To IRS
I Am A Homeowner Looking For A Loan Modification, Can You Help Me?
Yes! Each individual homeowner has a unique case, and each state has a set of laws and guidelines. For the most accurate information, please visit our contact page for free information from Amerihope Alliance Legal Services.