Stay In Your Home FAQ
- Who Are We And What Do We Do?
- Who We are Not
- Can I Negotiate With My Lender Directly?
- What Is The Typical Time Period?
- Why Is This Considered A "Pre-Foreclosure" When My Payments
Are Still Current?
- What is the Hardship Letter?
- Can FHA Or HUD Help Me?
- Do I Have To Have Had A Recent Financial Hardship?
- How Does Our Service Work?
- Here are the steps involved:
Who Are We And What Do We Do?
We are a professional organization with an expertise in alternatives to
foreclosure. With many adjustable rate loans rising to unaffordable level,
we have focused our efforts on Loan Modification. We are familiar with
all the various options available to you and work hard to match you with
the best possible plans and organizations out there. Once we have some
information from you about your home and loan status, we can connect you
with a lender willing to work with you on your payments and rates.
Who We Are Not
We are in way looking to take advantage of your financial difficulties.
We have no relation or connection with real estate vultures or investment
groups trying to make good on your hardships. We do not want to purchase
your home or any of it's equity -- We just want to help you find a better
plan. We are not lawyers or lenders; we just want you to stay in your home.
We hope to display a level of professionalism, integrity and service to
get you and your future secured and perhaps tell others about our unique
company.
Can I Negotiate With My Lender Directly?
Most of our customers usually try to work directly with their first initially,
but most find that lenders and banks can be quite intimidating and difficult
to deal with. Oftentimes you find yourself on hold for what seems like
an eternity and you'll be transfered from one department to another. Many
find this process nearly impossible if not completely frustrating.
Lenders have a notorious reputation for leaving phone calls unreturned
and once you submit your paperwork, you're likely to spend hours on the
phone attempting to track down the status of application. Especially recently,
most lenders are overwhelmed by the vast volume of calls and paperwork.
Often, just to get through it all, lenders must prioritize their calls
based on their potential loss which can mean your home moves closer and
closer to foreclosure before your lender may have a chance to get back
to you.
As with most things in life, having an experienced professional in your
corner can often be an invaluable asset. We'll help you find the professional
right for you and your unique situation.
What Is The Typical Time Period?
While every case in unique and each lender has their own timelines and
processes, possessing a detailed and complete case file for your situation
will expediate the process a great deal. A typical loan modification takes
between two and eight weeks depending on the terms of your modification
and your lender's workload. It also depends on the status of your home.
If you aren't currently behind in payments, it may take a bit longer since
lenders are so busy with homes very close to actual foreclosure.
Why Is This Considered A "Pre-Foreclosure" When My Payments
Are Still Current?
Previously, lenders would have only negotiated their loans if the borrow
had missed payments. This is where the loan modification process was founded.
But nowadays these lenders realize they must re-negotiate some of their
loans prior to them actually coming so close to foreclosure. They realize
they have a great number of loans on their books just waiting to become
missed payments once their rate increases. While the lenders could attempt
to ignore these problems, most realize they do not want to share the fate
of the over 250 other banks that have collapsed due to ignoring this vital
issue. Most lenders are now willing to look at loans on a case by case
basis.
Most banks consider the best solution to avoiding foreclosure to be the
short sale. The bank agrees to lose some amount of money on the sale as
long as they have a willing, approved buyer. Most banks will go for this
because they will get more money back than with a foreclosure and get the
matter finalized and off their books.
We specialize in mortgage mediation or "loan modification" which
is actually the best possible option for the banks. The bank gets to realize
the full amount of the loan and loses minimal to no funds on the deal.
It also allows them to keep another loan in good standing that could have
potentially developed into a foreclosure.
The banks don't want to give this to just everyone so you'll need someone
to make the case for you. That's where our services comes in. We'll connect
you with a professional who can get your financial statements in order
and present a viable case to your bank or lender. A professional mediator
can help the bank to see this is a win-win situation for both parties.
See how low your payment go can just like the thousands we've helped before!
Put an expert to work for you and stay in your home.
What is the Hardship Letter?
A hardship letter gives you the chance to explain your situation and financial
difficulties. You'll need to present exactly what happened that has caused
you to not be able to make the payments. Some examples include losing you
job, having your hours reduced, the death of a family member, injury or
illness, or even a rising interest rates. You just need to explain the
personal circumstance the has affected your income.
Can FHA Or HUD Help Me?
While the FHA is making every effort to attempt to help homeowners in
crisis, the home values in sates like California and New York are often
far above the limits that the FHA has the ability to assist.
FHA loans are loans that were initiated and provided by the government
when you purchased your home. If you already have an FHA loan, this is
the best resource for you. If you do not already have an existing FHA loan,
you can still visit the HUD website, but it will indicate that they can
do very little unless you have an FHA loan or you are within the FHA limits.
Do I Have To Have Had A Recent Financial Hardship?
No but if you're having difficulty making your payments or anticipate
having difficulty making your payments, you are having a "financial
hardship." You do not need to be suffering from illness or injury
to qualify. But if you have had a significant event affect your income
like losing a job, having your hours reducing, or the death or injury of
a family member, please let us know. We need to know this vital information
if we are to best incorporate it into your case and help you lower your
payments.
How Does Our Service Work?
After you sign up for our services, you'll be able to rest assured that
you find the right professional to represent you. Once you have selected
your representative you'll be able to put an end to the phone calls because
you have a professional on your side. The lenders will lose their power
to intimidate you once they learn you'll be be presenting professional
case information and they be able to work out an equitable deal.
Here are the steps involved:
- The initial consultation: A representative will be contacting by
telephone to get the details of your financial situation and it's at
cost or obligation to you. The will ask some questions about your finances
and your loan and interest rate. They need to understand your loan, employment
and payment history in order to put together an accurate presentation.
They may also discuss your alternative for pre-foreclosure.
- You select the best modification offer and become a client: Once
you have selected the best plan, the details will be sorted out and the
work begins on your case.
- Notifying your Lender: The professional you select will notify your
lender that you have hired them to represent you. This is when the lender
begins to work with the professional to best adjust your plan.
- Documentation Collection & Preparation: Your designated processor
will assemble all the required documents and prepare a specific case
based on your unique situation. Your mediator will create a detailed
case outline which shows the most effective to proceed with your case
and get the best result from your loan modification.
- Submit your Proposal: Your documents and proposal with have multiple
copies sent to you and your lenders.
- Negotiations: Your mediator will follow up with your lender and
negotiate on your behalf. A good mediator will stay in touch with you
throughout the process, keeping you abreast of all developments. You
can expect this from all of our hand picked service providers.
- Loan Resolution: An agreement is reached and your lender orders
the new documents for your new modified loan.
- Review and Signatures: Once your mediator has received the documents
from your lender, he or she will review them for accuracy and then submit
them to you for final signatures.
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