Loan Modifications are simply a restructuring of a mortgage holders current mortgage loan with the current mortgage holder. Due to the current credit crisis lenders have started to help their current customers modify their loans to insure that the customers will be able to make timely payments.
Here's the deal, in most cases the bank does not want your property. With the decline in real estate over the past 2+ years banks do not want to foreclose on your property. It's a tough market out there and banks have the same trouble selling a property as anyone else does. Also, it is important to mention that foreclosures are very expensive for banks.
Thus, banks want to keep good, performing loans on their books. With all of the gimmick mortgages sold over the past few years this is hard to do unless you offer some type of relief to the current customer bases who is on these gimmick loans.
Here's where we can help. We can help qualifying clients with loan modifications on negative amortization loan, pay option ARM loans, ARM loans, and even high fixed rate mortgage loans. There are lots of companies out there offering this service. Please be careful.
We offer a free consultation to let you know if you can realistically expect to modify your current loan. We offer offer a fixed rate price for obtaining a loan modification for you.
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