Loan modifications are basically a refinance of your existing mortgage. So why not just refinance? A lot of homeowners don’t qualify. Maybe their credits not great, or maybe they have no equity in the home.
The benefits of a loan modification can be phenomenal. Here is a quick break down as to what a loan modification is and what a homeowner can come to expect.
Loan modifications help to lower the mortgage payment and interest rate even if you have bad credit or your home is under water, “negative equity”. Some Loan Modifications offer principle reductions. If your home has negative equity, sometimes the bank will literally remove tens of thousands of dollars off the principle balance to help equate for the loss of equity.
Modifications are for those who need the following:
- Lower interest rate.
- Lower mortgage payment.
- Help getting current on past due payments.
- Help stopping a foreclosure.
- Principle Reduction.
That’s right. Loan Modifications can even stop foreclosures. Banks offer what is called a ‘Loss Mitigation Review”. Simply put, its a hardship review. If a homeowner has been through a hard time, the bank can offer a “loss mitigation” review and see if you qualify for help.
Newark Law Firm specializes in these exact situations.
The bank does not benefit by offering you help. So, they make the review process impossible to accomplish on your own. You have to remember the bank is in the business of profitability. If they offer you help, that means they will lose a lot of money. So, they work hard to find reasons why you wouldn’t qualify.
We are familiar with all the best modification programs and workout reviews. We have worked with every bank and know how to stay one step ahead at all times.
Have you been denied a previous modification? If so, we pride ourselves at being the best at getting around denials. There are hundreds of reasons why the bank will deny you. It’s our job to avoid those denials by painting a perfect picture of you and your family. Showing them you are honest homeowners who went through a hard time and are just looking for a fresh start.