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Questions | Best Loan Modification:
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- Why should I use your company, Best Loan Modification?
- What can loss mitigation do for me?
- What is a loan workout?
- What is a loan modification?
- What is a repayment plan?
- How long do I have to act?
- How much do you charge for your service
- How long does it take for you to complete the case once we fill out all the paperwork?
- What about my privacy? How do I know you are legitimate?
- Do I have enough time to stop my foreclosure?
- What effect will a short sale vs. a foreclosure have on my credit?
1. Why should I use your company, Best Loan Modification?
We know what requirements your lender needs for your loan modification. Also, we have a team of appraisers and lawyers along with our expertise which will produce the best possible result for your individual situation. People who try to do obtain a loan modification on their own have a high percentage of being turned down or not receiving as much of a reduction in their loan amount or interest rate as could have been possible with our assistance.
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2. What can loss mitigation do for me?
The purpose of loss mitigation is to work out an agreement between you, the borrower, and the lender in order to stop foreclosure proceedings. This allows you to keep your home and avoid foreclosure which will also protect your credit.
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3. What is a loan workout?
Either a loan modification or a repayment plan.
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4. What is a loan modification?
A modification occurs any time any term of the original loan contract is permanently altered. This can involve a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
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5. What is a repayment plan?
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower's circumstances.
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6. How long do I have to act?
If you are behind on your payments, time is critical. It is harder to get a work out agreement with your lender when every day that passes. The foreclosure process time line varies for every state. It can be only a couple weeks to a few months. We recommend looking at your state's foreclosure laws and reviewing your loan documents to find your lender's foreclosure process. Remember, time is not on your side-you must take action.
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7. How much do you charge for your service?
Our fees vary based on the service we provide you. For example, if you are lowering your interest rate, we charge only one monthly mortgage payment. If you are facing a foreclosure, we have no upfront processing fee. Call us today to discuss your eligibility for free. By discussing your scenario with one of our experts, we can help you determine if you are a good candidate for a work out program that could possibly lower your interest rate or loan amount.
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8. How long does it take for you to complete the case once we fill out all the paperwork?
The timeline depends on the state of foreclosure you may be in, your financial position, and your lender. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings. We start working on your case as soon as we receive you paperwork. Again, we know time is of the essence.
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9. What about my privacy? How do I know you are legitimate?
Just as if you were applying for a new loan, all of your information is confidential. All of our professionals have been in the mortgage and lending industry for many years and decades. We value our customers' privacy and security. Please review our privacy policy and don't hesitate to call us if you have more questions.
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10. Do I have enough time to stop my foreclosure?
There is hope up until the time of a foreclosure sale. It is crucial that you act fast if a sale date has already been set for your home. This means you have a very limited amount of time to work out the terms of your agreement. We highly recommend you contact your lender as soon as possible or call us today for a free individual eligibility assessment.
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11. What effect will a short sale vs. a foreclosure have on my credit?
Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a "settled debt" and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well.
We are not a credit counseling agency, but credit experts say that a foreclosure will typically reduce a borrower's FICO score by 150 to 180 points and the borrower would usually need to wait more than 36 months before a lender will offer any kind of interest rate that makes sense. A short sale, on the other hand, will typically only result in an 60 to 90 point hit to the borrower's credit and a significantly shorter waiting period before buying another home, usually about 18 months or less.
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