Loan Modification FAQ's
Q: What is a Loan Modification?
A: A Loan Modification is an agreement between the borrower and the lender to change the current terms of a mortgage. A Loan Modification is usually in the best interest of both the lender and the borrower, as it allows the borrower to make a lower, more affordable payment, while helping the lender avoid losing money due to foreclosure.
A Loan Modification, also known as a Mortgage Modification or Loan Workout can help a borrower achieve a lower interest rate, lower monthly payment, forgive legal fees, waive unpaid late fees, convert an adjustable rate mortgage (ARM) to a fixed-rate mortgage, extend or shorten the duration of the loan and stop the foreclosure process.
Q: What is foreclosure?
A: A foreclosure is when a lender undertakes legal proceedings to repossess a property that is in default. When a Homeowner has not been able to make their mortgage payments for an extended length of time, the lender may feel that the loan defaulted, and will attempt to take back the property. In a foreclosure, any equity that the Homeowner has in the property is lost, and the Homeowner has to immediately vacate the property.
Click here for Nevada Foreclosure Law
Q: How can we stop foreclosure?
A: All Vegas Foreclosure Prevention is licensed and bonded with the State of Nevada Mortgage Lending Division and we specialize in Loss Mitigation…basically, we assist Nevada Homeowners in preventing foreclosure from occurring. We can perform a detailed financial analysis and work with you to determine your best alternatives. We know the lenders guidelines and procedures, by working with you and your lender we can tailor a resolution to meet your specific criteria and financial circumstance. We do this quickly and effectively because our Foreclosure Consultants have many years experience in the Mortgage Lending and Real Estate Industry.
Q: Will a Loan Modification STOP FORECLOSURE?
A: Yes. This is the goal of a Loan Modification. When one of our experienced Foreclosure Consultants successfully negotiates a loan workout solution between you and your lender, your loan is brought current and the foreclosure process is halted.
Q: Do I have enough time to stop my foreclosure?
A: TIME IS OF THE ESSENCE! Until the foreclosure sale actually occurs there is still hope. If a sale date has been set, you need to act fast. We have successfully postponed the sale from occurring just days before the sale date, however, this is very risky and some lenders will not agree to this. You must take action immediately!
Click Here To Start Your Free PreQualification.
Q: How do I find out if I will qualify for a Loan Modification?
A: The lender will require evidence of your ability to afford the new modified loan payment now and in the future. One of our Foreclosure Consultants can determine if you will qualify for a Loan Modification with your lender. During your FREE Consultation, we will be asking you a series of questions regarding any or all of the following:
- Your Hardship - We will ask you why you are unable to pay your mortgage, specific questions about who your lender(s) is/are, when you last paid your mortgage, taxes, etc.
- Income & Employment – We will need to know your employment status to determine if there is a plan suitable for you.(if any)
- Financial Obligations - We will ask you questions regarding your financial obligations to further determine your debt to income ratio.
After your initial consultation, we will be able to determine if you can qualify for a Loan Modification.
Q: What is considered an acceptable hardship?
A: While each Homeowner’s situation is unique, the following can be considered to be an acceptable hardship:
- Payment Increase or Mortgage Adjustment
- Loss of Employment
- Business Failure
- Damage to Property
- Death of a Family Member
- Divorce or Separation
- Military Service
- Reduced Income
- Job Relocation
- Illness
- Incarceration
|
 |
| |
|
As part of our service, we can assist you in explaining your situation to the bank.
Q: How long does a Loan Modification take from start to finish?
A: Typically a Loan Modification can take 2 to 4 months. The time frame will vary from lender to lender. Each situation is unique.
Q: I am not late on my payment. Can you still help me?
A: Yes. If in the near future, you expect that you will not be able to make your payments or will have a dramatic change in your income or employment status, then you need to plan ahead. Many lenders have programs for Homeowner’s that are current. You must take action immediately.
Click Here to Start your FREE PreQualification.
Q: Can I negotiate with the lender myself?
A: Yes, you can attempt to negotiate on your own behalf. Statistically, your chances of a successful workout are very slim. Consulting with a professional is always the best situation for you. Our Foreclosure Consultants have many years of experience in the Mortgage Lending Industry. It is our job to work with the lenders to modify loans 5 days a week. We know how to deal with lenders and have in-depth knowledge of how these institutions work.
We stop foreclosures from occurring daily.
Q: How can I get started?
A: You can call All Vegas Foreclosure Prevention at (702) 454-0001 and make an appointment for a FREE consultation with one of our Foreclosure Consultants or you can
Click Here to Start your FREE PreQualification
