10 FREQUENTLY ASKED QUESTIONS AND ANSWERS
Q- WILL THIS AFFECT MY CREDIT?
A- NO, A MODIFICATION DOES NOT AFFECT YOUR CREDIT. THE ONLY WAY IT WOULD, IS IF YOU CHOOSE TO SKIP PAYMENTS. BUT, EVEN SO, WE CAN FIX YOUR CREDIT WHEN WE COMPLETE YOUR MODIFICATION. IF YOU STAY CURRENT, YOUR CREDIT WILL NOT BE AFFECTED.
Q- HOW LONG WILL THIS PROCESS TAKE?
A- IT CAN VARY. BUT IT GENERALLY TAKES ABOUT 2-4 MONTHS TO COMPLETE. IT DEPENDS ON HOW BUSY YOUR LENDER IS, AND IF THEY OFFER YOU A TRIAL MODIFICATION WHICH CAN EXTEND THE PROCESS
Q- WILL THE LENDER STAY THE SAME?
A- YES. WE WORK WITH YOUR EXISTING LENDER TO RECONSTRUCT YOUR PAYMENT.
Q- HOW MUCH LOWER CAN I EXPECT MY NEW PAYMENT TO BE?
A- ON THE AVERAGE, WE ARE SAVING PEOPLE BETWEEN 500 – 1500 ON THEIR MONTHLY PAYMENTS. CALIFORNIA CUSTOMERS ARE SAVING OVER $1000 A MONTH
Q- WILL MY TAX AND INSURANCE BE INCLUDED IN MY NEW PAYMENT?
A- MOST OF THE TIME, THE LENDERS DO THAT ON LOAN
MODIFICATIONS.
Q- WHAT IS A FORENSIC AUDIT?
A- IT IS A DETAILED ANALYSIS OF YOUR ORIGINAL LOAN DOCUMENTS IN ORDER TO IDENTIFY ANY “TRUTH IN LENDING” OR “RESPA” VIOLATIONS BY YOUR LENDER. THESE VIOLATIONS MAY RESULT IN HEFTY FINES TO YOUR LENDER. THIS HELPS GIVE US NEGOTIATING LEVERAGE.
Q- IF I HAVE A SALE DATE, WHAT CAN I DO?
A- PART OF OUR PROCESS IS TO WORK WITH YOUR LENDER VERY CLOSELY. WE WILL MOST LIKELY POSTPONE ANY SALE DATES THAT COME UP DURING THE PROCESS.
Q- DO I HAVE TO BE LATE ON MY MORTGAGE TO GET A MODIFICATION?
A- NO. IT USED TO BE THAT LENDERS WOULD NOT MODIFY YOUR MORTGAGE IF YOU WERE CURRENT, NOW THAT IS NOT THE CASE. YOU CAN STILL GET A MODIFICATION EVEN IF YOU ARE CURRENT, THE LENDER WILL REQUIRE A TRUE HARDSHIP.
Q- WHAT HAPPENS IF YOU CANNOT GET ME A MODIFICATION?
A- WE DO OUR BEST TO WORK WITH YOUR LENDER. IN THE RARE CASE WE CAN NOT GET YOU A BETTER DEAL THAN WHAT YOU CURRENTLY HAVE, YOU WILL NOT BE BILLED FOR THE MODIFICATION. WE HAVE A 98% SUCCESS RATE AND ARE EXTREMELY CERTAIN THAT WE CAN HELP.
Q- CAN’T I DO THIS ON MY OWN?
A- A LOT OF PEOPLE DO TRY ON THEIR OWN WITH THEIR LENDER. WHAT THEY FIND IS THAT THEY DO NOT GET VERY FAR ON THEIR OWN. THEY GET THE BIG RUN-AROUND. EVEN AFTER MUCH TIME AND EFFORT, YOU WILL NOT GET THE BEST OFFER POSSIBLE ON YOUR HOME, THAT’S IF YOU GET THAT FAR.
OUR PROFESSIONAL STAFF HAS BEEN IN THE MORTGAGE INDUSTRY FOR OVER 15 YEARS. WE KNOW THE LAWS, AND KNOW EXACTLY HOW TO DEAL WITH THE LENDER. WE KNOW HOW TO GET YOU THE BEST MODIFICATION POSSIBLE, WITH OUR EXPERIENCE AND SKILL.
