When a homeowner wants to stay in the house but just needs to lower the monthly house payment a little (or a lot) the first step is to try to modify the loan(s). There are three types of loan modifications and some are better than others.
Types of Loan Modifications:
Principle Reductions. This is the best loan modification because it slashes your monthly payment and the amount you owe down to today’s values. For example: if you owe $700,000 on a house worth $400,000 a Principle Reduction would bring the amount you owe down to $400,000. These are by far the most difficult type of modification to obtain.
Rate Reductions.
In most loan modifications the monthly payments are cut by reducing the interest rate on the loan. For example if your interest rate is 8% a rate reduction might bring it down to 4% or lower. This could be set for a number of years or for the life of the loan.
Principle and Rate Reduction.
Sometimes a bank will reduce both the principle balance owed and the interest rate to lower the monthly balance down to the desired level.
Missed Some Payments?
If you’ve missed one or more house payments you can still qualify for a loan modification. In fact it’s usually easier to get a loan modification approved if a few payments have been missed.
Why Let Us Modify Your Loan?
- Free Loan Modification Consultation
- Zero Up Front Fees To Modify Your Loan
- Zero Cost if we can’t Modify Your Loan
Free Loan Modification Consultation.
Our bank negotiator in our Fullerton office has successfully completed over 600 successful loan modifications and she will talk to you on the phone or in person about your loan at a free Loan Modification Consultation.
Our bank negotiator will be able to tell you what kind of a loan modification you might qualify for and give you an estimate of what they might modify your loan to based on her experience.
Don’t make the mistake that so many people have of calling the bank and telling or sending them information that will be used against you in your negotiations. The banks need to see things in a very specific format and your information has to be packaged in such a way that you fit into their exact formula to get the best loan modification possible.
You can choose to modify your loan yourself or have our loan negotiator do it for you. We charge no up front fees and if you do not get an acceptable loan modification from the bank there will be Zero Charge to you. You have nothing to lose.
Contact the Real Estate Experts now to receive a Free, No Obligation Loan Modification Consultation with a Loan Modification Expert.
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