Loan Modification
How about loan modification?
We acknowledge that loan modification is the best way to keep your home when you cannot afford your mortgage payment. When we became aware of home owners’ needs, we began helping many home owners with loan modification. Our success rate was much higher than the over all success rates.
However, due to the strict guidelines required for loan modification, the over-all success rate is under 15% for all applicants. Usually, home owners need to have a job with a stable and high income, and a good tax return record. The reason why most home owners turn to loan modification is because of their hardships. However, their hardships often make it difficult for homeowners to meet loan modification guidelines. Sometimes it takes a few months to years to get an answer from the bank. If the bank drags their feet in giving applicants approval and too much time passes, the home owner will get a NOD (Notice of Default), which can mean the denial of loan modification. Though the bank may tell you to apply again for loan modification after the denial, it is more likely that your house is now in danger of foreclosure.
On top of that, on average over 50% of homeowners who succeed in getting a loan modification fall into default again on their loan. This is because the reduction of their loan payment was not very significant. It is another reason why banks tend to be cautious about giving home owners loan modifications. While loan modification is recommended by the government, it is not always successful and often does not meet the expectations of homeowners dealing with hardships.
How about loan modification?
We acknowledge that loan modification is the best way to keep your home when you cannot afford your mortgage payment. When we became aware of home owners’ needs, we began helping many home owners with loan modification. Our success rate was much higher than the over all success rates.
However, due to the strict guidelines required for loan modification, the over-all success rate is under 15% for all applicants. Usually, home owners need to have a job with a stable and high income, and a good tax return record. The reason why most home owners turn to loan modification is because of their hardships. However, their hardships often make it difficult for homeowners to meet loan modification guidelines. Sometimes it takes a few months to years to get an answer from the bank. If the bank drags their feet in giving applicants approval and too much time passes, the home owner will get a NOD (Notice of Default), which can mean the denial of loan modification. Though the bank may tell you to apply again for loan modification after the denial, it is more likely that your house is now in danger of foreclosure.
On top of that, on average over 50% of homeowners who succeed in getting a loan modification fall into default again on their loan. This is because the reduction of their loan payment was not very significant. It is another reason why banks tend to be cautious about giving home owners loan modifications. While loan modification is recommended by the government, it is not always successful and often does not meet the expectations of homeowners dealing with hardships.