Making Home Affordable | Loan Modification Masters

We understand that good people sometimes need a second chance. Most foreclosures are a result of an unexpected life event, such as:

• Upside Down or Have Negative Equity
• Adjustable Rate Mortgage Reset
• Loss of a job / Pay cut
• Difficult and costly Divorce
• Health problems with expensive medical bills
• Property Tax increase / Homeowners Insurance increase

Maybe you’re struggling with increased utility prices or fuel expenses or an adjustable rate mortgage (ARM) that is unbearable. Maybe you’ve already had to file bankruptcy or get a forbearance and the repayment plan is not working out. Maybe this is all a big mistake and the payments you’ve been sending were rerouted or lost because your mortgage has been sold or traded. Let us help you get back on track.

When Good People Need A Second Chance

We understand how it feels to choose between a mortgage payment or groceries. We understand what it’s like to have continual phone calls from your lender – calls at home, calls at work and being afraid to check the mail. You need to save your home but your lender is asking for too much money. You’re not asking for them to forgive the loan but you need help creating a payment plan that you can handle. You just need someone on your side to negotiate with your lender to get you back on track. We have caring people who want to help you save your home and get you back to where you need to be. We want to help you get back in charge of your finances.

Our foreclosure specialists will help work out a plan to help you stop foreclosure or avoid foreclosure that fits your financial circumstances. We will develop a strategy that you will approve to stop foreclosure and save your home. A detailed plan will be laid out of our services.

There are two phases to our mortgage modification process.

PHASE 1: We will create a detailed and thorough package for your review to submit to the mortgage company servicing your loan. This package will go into great detail and contain spreadsheets of your income versus debts, opinions of value of your home, value trends in your area, cost analysis and more. This is just a sampling of what you will get with PHASE 1.

PHASE 2: In addition to the details listed above you will be assigned a Modification Specialist who will negotiate with your mortgage company on your behalf. PHASE 1 prepares a package for you to present to your lender and you yourself would handle the negotiation from there. What we do with PHASE 2 is handle all of this for you. Some people are simply too distraught to handle this task and prefer for a professional with years of experience in the Mortgage and Real Estate business handle this. Many hours of telephone logs, emails, faxes, correspondence back and forth is too large of a job for some to handle. Some families don’t have enough hours in the day and prefer to keep a distance with their emotional feelings because they get in the way of performing a modification workout plan.

Regardless of the plan you choose, you can be assured that the best chance of a positive outcome should be achieved because everything will be detailed and given to the lender. The wealth of knowledge and experience it takes in creating these presentations to your lender will help them decide, as quick as possible, what the best outcome is for you.

You can always try to negotiate with your lender yourself – we’re there if you decide if that’s too much to handle on your own. There are also free counseling options available to you thru your local State funded agencies.

All mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice. Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that “the court reviews the sale to ensure a fair price has been paid.” Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)

You can always try to negotiate with your lender yourself – we’re there if you decide if that’s too much to handle on your own. There are also free counseling options available to you thru your local State funded agencies.

To get started, the best thing to do is call and speak to one of our Modification Specialists. If you’re unable to or, if you prefer to start the process without speaking with anyone – please try to answer the quick questions below. Once this is completed someone will call you to discuss your options. Please make sure you let us know at what time and at what telephone number you want to be contacted.

Remember, if you have any questions or concerns, please do not hesitate to give us a call.

What should I do when I get behind on my mortgage?

1. Don’t ignore the phone calls and letters from your lender. This is the best way to wake up to a knock from the Sheriff telling you to vacate the home. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference.

2. Stay in your home. You may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized. Stay in your home!

3. Contact Loan Modification Masters to discuss what the best foreclosure solutions are for you. We will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. We understand the system, the foreclosure laws and the chain of events necessary to help you keep your home out of foreclosure. We will gladly walk you through them in a non-threatening way.

Foreclosure Timeline – Once you become 90 days past due the Mortgage Company will typically issue a NOD (notice of Default). After you receive this notice they will hire an attorney and begin the Foreclosure with the Court system. The Foreclosure must follow a strict procedure laid out by your State laws. Eventually the house will be sold at auction if nothing is done to stop the Foreclosure. The Time line will show the time frames between the NOD and the actual sale date for the property. These time frames are typical and may vary depending on your actual situation.

1. Don’t ignore the phone calls and letters from your lender. This is the best way to wake up to a knock from the Sheriff telling you to vacate the home. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference.

2. Stay in your home. You may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized. Stay in your home!

3. Contact Loan Modification Masters to discuss what the best foreclosure solutions are for you. We will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. We understand the system, the foreclosure laws and the chain of events necessary to help you keep your home out of foreclosure. We will gladly walk you through them in a non-threatening way.

Foreclosure Timeline – Once you become 90 days past due the Mortgage Company will typically issue a NOD (notice of Default). After you receive this notice they will hire an attorney and begin the Foreclosure with the Court system. The Foreclosure must follow a strict procedure laid out by your State laws. Eventually the house will be sold at auction if nothing is done to stop the Foreclosure. The Time line will show the time frames between the NOD and the actual sale date for the property. These time frames are typical and may vary depending on your actual situation.

What are my options?

1. Reinstatement – Pay the Mortgage Company all of the back payments to bring your mortgage current. This option is rarely attainable. The Mortgage Company will add late fees and Attorney fees on top of your back payments making this amount much more than people are able to come up with.

2. Workout – We can negotiate with your Mortgage Company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:

a. Forbearance – We will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.

b. Loan Modification – We may be able to adjust the terms of the loan to meet your financial situation.

c. Partial Claim – You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.

3. Refinance – We have worked with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.

4. Sell Your Home – You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. We may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the Mortgage Company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.

5. Deed-in-lieu of Foreclosure – We can arrange for you to simply give the home back to the Mortgage Company and walk away with a clean slate.

6. Bankruptcy – This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. This is like putting a band aid on a bullet wound… we will still need to come up with a permanent repayment solution to get your house payments back on track. We can put you in touch with an Attorney to file the necessary paperwork.

7. Foreclosure – You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The Mortgage Company will take your home and all of your equity. If there is no equity they may come after you to pay the shortage or “deficiency”. This is also the most damaging to your credit and your ability to acquire another home loan.

It is important to note that the Workout Options available to you may be limited dependent on the following factors

1. the type of loan that you have

2. which investor holds your note, and

3. which mortgage insurance company insures your loan (if you carry mortgage insurance on your loan)

What is the charge for your firm’s services?

A consultation with one of our professional foreclosure advisers is always free. We will evaluate your foreclosure situation and be able to inform you of the costs for any additional services your particular situation requires. Often, our consultants will put you in a direction that will be totally free to you. However, if you require our full services, our fees begin at $295.00 and can go up from there depending on your situation and your needs.

How do you get a Deed-in-Lieu of Foreclosure?

In Deed-in-Lieu of Foreclosure, we can negotiate with your lender to voluntarily give your property back to your Mortgage Company and your debt or deficiency is often forgiven. This won’t save your home, but it will help you with your chances of getting another mortgage loan in the future and it will help you avoid the lengthy legal process of foreclosure. Although it is a negative strike on your credit rating, it is less harmful than a mortgage foreclosure.

What does a Foreclosure Forbearance mean?

In Forbearance, we are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions. Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

What are the right foreclosure solutions for me?

Our consultants look at every case individually based on your financial situation, past and present. We want to stop your foreclosure, keep you in your home and establish a financial plan that will keep your credit in best standing and also at a level that is comfortable for you. We don’t want to give you a band-aid but a permanent foreclosure solution. Although many options exist, the only one that is right for you is the one that best fits your financial situation.

What is a Foreclosure Loan Modification plan?

The term “loan modification” refers to a readjusting of your current mortgage. If you can currently make your regular payment, but you can’t catch up with the past-due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. This new amount will be re-amortized over a new period of time. Or, if you are unable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level. A Loan Modification or Loan Restructuring will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately.

You can always try to negotiate with your lender yourself – we’re there if you decide if that’s too much to handle on your own. There are also free counseling options available to you thru your local State funded agencies.

If you’re attempting to reduce your monthly payments, then debt consolidation or debt settlement are both great methods of lessening your unsecured debt costs. Having your mortgage modified can also lessen one of your largest debts – your house payment. Because your mortgage is likely the highest monthly payment, it only makes sense to also have it reduced. Approached the proper way, this can be an extremely helpful way to keep you and your family above water.

A mortgage modification is when your mortgage servicer or lender lessens the house payment by changing your interest rate, forgiving some of the amount owed, and/or increasing the life of the note.

A mortgage modification can greatly reduce your loan payment and has helped 1000’s of homeowners avoid foreclosure. This process can not only lessen your house expenses, but it can take a mortgage you were once upside down with, and reduce the payoff amount to bring it back to 100% LTV (Loan To Value). This will allow you to remain in the property at an affordable payment and you will no longer be paying more than your home is worth. Your neighbors are selling their homes for less than what is owed on the mortgage (Short Sale) – why can’t you do the same but stay in the home?

Even though most mortgage servicers will prefer you to be behind on payments prior to allowing a loan modification, it’s not necessary. We will never advise you to not pay your mortgage. If you are not delinquent with your house payments, a mortgage modification is still possible, but you will need documentation so you can give them proof of a financial hardship. The hardship will show that reducing the house payment is required; without it, the payments will not be affordable in the future. Although it will require a lot of time and negotiation with your lender, If you can prove these facts, the modification can be approved.

If you’re attempting to avoid foreclosure, or if you want to get your mortgage modified, you need to begin by speaking with your bank or mortgage servicer and try to get their assistance. Depending on your circumstances, you may have a loan modification granted on your own, by simply talking to your lender. But in most circumstances, you will have to hire a professional negotiator to work with your lender. By hiring a professional mortgage negotiator, you will know that your loan modification has the highest chance of approval.

Don’t Forget these instructions when you try to get a mortgage modification:

• Always send your lender a complete mortgage modification package; partial paperwork is the simplest way to get your loan modification rejected.
• Acting quickly is very important! Although loan modifications can happen as quickly as a few days, the average time is about 2-4 months. Take action as soon as you think you may miss a payment, so you have plenty of time.
• If a representative at your servicer is not being helpful, try calling back later to speak to a different agent. Different reps may provide more assistance and be more likely to approve a loan modification.
• Never act rude or yell at a representative at your lender. You will need their help you get your modification approved, so be as courteous and polite as possible.
• Follow up on a constant basis and verify that all faxes and communications are added to your case. We recommend speaking with your servicer/lender on a weekly, if not daily basis to verify they have everything they require to approve your loan modification.

If your family has experienced a job loss, or any other hardship that has reduced your income or may cause you lose your home, then a loan modification might help.