A Loan Modification from The Credit Relief Group can re-structure the terms and conditions of your existing mortgage to make your monthly mortgage payments much more affordable. But while it’s certainly promising, a long-term loan modification can be hard to negotiate. The Loan Modification Team at The Credit Relief Group employs a competent team of DRE Licensed Real Estate Brokers, Experienced Underwriters, Mortgage Negotiators, Mortgage Loan Processors; and in some cases Corporate Real Estate Attorneys. The Credit Relief Group is becoming one of the most trusted online Mortgage Loan Modification Companies.
Why Use a licensed DRE based company to complete a Loan Modification?
When it comes to Loan Modification in California, lenders aren’t really willing to help unless you can fit their guidelines, speak their language and be able to prepare a strong loan work out submission package for review, approval and modification. The Credit Relief Group can help you get real results. Here’s how.
1. We know your needs. A DRE licensed loan Modification Company knows the right way to talk to banks, prepare a work out package in accordance with lenders work out guidelines. When we present your loan modification work out package application, we’ll be armed with all the documents and the right negotiation techniques.
2. We get the best Loan Modification Settlements. Lenders will take you more seriously when you have a loan modification professional by your side. Because they can use legal information as leverage, loan modification firms can get much better offers than you can get on your own.
3. We have established connections with all lenders. A good loan modification company has contacts with all of the major lenders. Combined with a good track record, this helps them more attractive offers, such as a lower interest rate or even principal balance reductions. We often have outcomes within 60 days.
A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in a DRE licensed professional company and gets the best loan modification help. Mortgage modification won’t happen overnight, but if with a capable professional real estate and legal team, you can be sure you’re in good hands.
Mortgage Loan Modification
A good mortgage loan modification can allow you to stay in your home if it results in a payment package that is affordable for the long run. Many new mortgage loan modifications are re-defaulting within 6 months of receiving their new modified terms. This means that most modifications are not being modified to a degree that is affordable on an ongoing basis. This is mainly due to homeowners that do not have legal representation, and are unable to properly present their situation to their lenders in order to get an adequate loan modification. Our legal team fights to get you the best possible mortgage loan modification with a low monthly payment, affordable for the long term.
Home Loan Modification
Fighting for a home loan modification is much like going to court. You may think you are saving money by representing yourself, or you can invest in professional representation and get the best results possible. The home loan modification process can be complicated and time consuming, but with a capable Newport Beach loan modification attorney, legal team, and professional negotiators, you can be assured of a successful outcome.
Loss Mitigation
Loss Mitigation is one of several processes designed to minimize the damage caused by defaulting mortgage loans. Often backed by an attorney or firm, it involves negotiations between the lender and the borrower that binds them to new, more manageable terms. These terms are aimed at preventing foreclosure and lessen the damage incurred by both parties.
Mortgage Loan Modification Guidelines
Mortgage Loan Modification guidelines could differ from lender to lender. The most common factors are the following:
- Have a provable hardship
- Are delinquent on your payments
- In an adjustable rate mortgage
- Have high debt to income ratio
- Could prove that you have enough means to support modified rate on your mortgage
- Are unable to refinance
The MortgageLoan Modification Process with The Credit Relief Group
The Mortgage Loan Modification process usually takes 30-90 days, and consists of many long phone calls and negotiations. The Credit Relief Group will handle every aspect of your negotiation, and prepare a comprehensive mortgage loan modification package for your Lender, including but not limited to:
Letter of hardship
Appraisal Report
Credit Report
Title Report
Foreclosure Loss Report
Comparative Market Analysis (CMA)
Broker Pricing Opinion (BPO)
Automated Valuation Model (AVM)
Cost/Benefit Analysis- This proves to your lender why they can benefit by restructuring your loan rather than Foreclosing
Financial Analysis verifying payments you can afford
Negotiations with your lender and/or their attorneys
Loan Restructuring Proposal – The Credit Relief Group requests specific terms for your new loan. Our request is carefully discussed with you so that you are happy with your new terms.
Loan Modification Facts
- Mortgage servicers provided loan workouts for approximately 189,000 borrowers in August 2008.
- In August, approximately 110,000 homeowners received repayment plans; approximately 79,000 received loan modifications.
- Nearly 53 percent of homeowners with subprime loans who received workouts through mortgage servicers received modifications.
Above statistics as reported by CNBC and HOPE NOW on October 2, 2008.
Recent mortgage loan modification cases:
Old Rate |
Old Terms |
Loan Amount |
New Rate |
New Terms |
Monthly Savings |
Total Savings |
9.125% |
Adjustable Rate |
$555,832 |
6.125% |
30 Yr Fixed |
$991 |
$332,976 |
A mortgage loan modification could do the following:
- Lower your interest rate
- Lower your mortgage balance
- Lower your property taxes
- Lower your mortgage insurance
- Lower your monthly payments
- Save your home from foreclosure
- Forgive past due payments and penalties
- Convert your adjustable rate into a fixed
- Waive negatively accrued interest
- Grant extensions on payments
- Re-amortize loan to include past due payments
- And much more...
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FREE LOAN MODIFICATION CONSULTATION HOTLINE: 800-719-1190
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