Can you help unemployed homeowners?
A: Yes. You will need a source of income to qualify for a loan modification. So, if you have well-documented regular source of income from any source, we might be able to help you.
Do you count the income of people who are living in the home but are not on the title?
A: Yes. We consider the total income of the household, not just the homeowner.
Do I need to be delinquent or behind on my mortgage?
A: Not any more, but it will make things easier. Loan modification is meant to help people in financial hardship, and banks are more willing to help borrowers in trouble. Current Fannie Mae guidelines require lenders to consider loan modification requests from borrowers who might face hardship if they continue to pay.
Do you have any preferred lenders?
A: No. We work with all lenders, but the results
Are all lenders willing to negotiate with you?
A: Most of them are. Some loan servicing agencies and small lenders are less willing than others. However, our team has established contacts at all major lending institutions. These relationships have saved our clients millions of dollars in successful loan modifications.
Can you help me with properties that I’m not living in or currently renting out?
A: Yes. However, likelihood of success in those is lesser.
What do you look for in clients?
A: We can help anyone in financial trouble, but certain conditions can make our job easier. Ideal clients are those who:
- are already in foreclosure
- have received a notice of default
- have an adjustable-rate mortgage that has already increased
- have negative amortization loans
- are experiencing financial hardship due to bad loans or predatory lending
What disqualifies a client from your program?
A: We cannot help people who have no source of income or have no proof of hardship.
Is it too late to help clients who have received a Notice of Trustee sale?
A: Definitely not! The Loan Modification Department can prevent foreclosure up to a few days before the actual transfer sale date. However, if you are thinking of getting help, please don’t wait until you have received a notice of sale.
What interest rates can I expect after a loan modification?
A: The results vary from case to case-depending upon the lender, current interest rate, payment history, client’s financial profile, etc. We do not guarantee anything. However, most of the borrowers have been able to get interest rates between 2.5% and 5.5%.
Will my lender need other documents (such as credit scores) to assess my application?
A: Besides the pay stubs and tax forms, some lenders will ask for at least two months of bank statements. But that is strictly to determine your income. Credit scores are never used for qualification.
Can my lender give me any compensation?
A: No. Lenders don’t offer commission like on normal loans, so there’s no compensation involved.
Do I need to pay for your services in advance?
A: Yes. You are paying for legal representation. It works as a legal retainer, as it does for any legal service. However, we do offer payment plans.
How do I pay?
: You can pay with cash or a cashier’s check, MasterCard, or Visa credit cards.
How long does it take to get a response from my lender?
A: The average wait time is 60-90 days, but it varies from one client to another. Some applications process faster than others.
Should I stop making payments?
A: No, if you can. If you must use your discretion. Stopping the payment not only ruins your credit, it also might indicate that you can not afford the new (modified) payment. So, we don’t advise not making the payment. If you can not make the payment, talk to us, and we will help you make a final decision.
It is not possible to anticipate and even write all the possible questions here. So, call (650) 331-1968 to discuss your particular questions and get started on the road to peace and dignity and keep your house.
