| Step one: Consultation- Do you qualify for a loan modication? |
The first thing we need to do is see if we can get you qualified for a loan modification. We will sit down and gather a lot of information about your current mortgage and all of your other monthly financial obligations. We will then see what modification programs are available for your specific situation and see if you qualify.
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| Step two: Gather supporting documents |
Once we know that you qualify for a loan modification, we will gather all of your supporting documents (i.e. pay stubs, w-2's, financial worksheet, etc.) and fill out a full loan modification packet. It is very important that we get ALL of the necessary documents and a complete modification application tp send over to the bank so we do not delay the modification process.
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| Step three: We do all of the work |
We will prepare modification paperwork and fax it all over to the bank. We will also fax your bank an authorization form that will allow us to talk to your bank so we can negotiate better terms for you on your mortgage. We will remain in constant contact with your bank throughout the entire process. A typical loan modification can take, on average, 90-120 days.
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| Step four: Your modification is approved |
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Based on the Making home affordable program, the payment on your first mortgage should equal 31% of your gross monthly income including taxes, insurance, and HOA. We have seen approvals with rates as low as 2%!
When your modification is approved you will receive paperwork from the bank for a three month trial period on the modification. It is very important that you make these trial payments on or before the due date. Once you complete the trial period, the bank will send you final documentation to make the modification permanent.
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An overview of the modification process
