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What is a loan modification?

Foreclosure prevention
 Loan modification HUD
 Short sale
 Forbearance
 Deed in lieu of foreclosure
 Foreclosure process
 Foreclosure timeline
 Effects of foreclosure
FAQ

As of December 2008, loan modification is the quickest, fairest, and most mutually effective way for homeowners and banks to prevent foreclosure. Banks use loan modification to reduce interest rates, loan balance and/or extend the term. By reducing the monthly payment, homeowners keep their house and resume paying a reduced monthly payment and the bank avoids taking back a house they cannot afford. In 2009, we expect 700 million homeowners to use loan modification to save their homes. Banks will make loan modification the number one banking strategy to keep them solvent.

Why should an professional be involved with my loan modification?

Knowledge of the law along with proven expertise is what is needed for successful loan modification. This can only be achieved with an expert, highly experienced loan modification professional. Six months ago, that realtor or mortgage broker did not know what loan modification was – let alone how to help you. The risk of losing your home is too great to put into the wrong hands

Why would my bank agree to a loan modification?

The bank loses less money lowering your interest rate and mortgage balance than taking your house back in foreclosure. Let’s do the math on a $200,000 mortgage. The bank has two choices.

* OPTION #1 - Getting 40¢ on the dollar reselling your house – $80,000 net to the bank - $120,000 loss to the bank. Plus they are required to escrow a foreclosure penalty of six times the loan amount totaling $1,200,000. That money goes into a vault and collects dust – not interest - losing interest and profits every day until that foreclosed home is sold.

* OPTION #2 - Knocking 40% off your interest and principle.
You do not need a calculator to figure out the best option.

What kind of loan can be modified using a loan modification?

Almost any loan can be modified. However, we will not accept you as a client if we feel your loan cannot be modified. Our knowledgeable staff is highly trained to deal with all types of loans and lenders. We can help you prevent foreclosure on any type of loan. Our consultation is always free as we take our time in understanding our potential clients needs. Contact us today to find out how we can help you with your particular loan: 800-709-4942.

I have spoken to my bank and they refused to help. Is there still a solution?
Yes. Many homeowners have faced this exact situation. You would not be the first person to get nowhere with their lender only to be approved for a 35% loan modification. It all comes down to the team you have behind you.

I am current on my mortgage, can I still qualify?

Yes. Due to extenuating factors affecting you financially, you may be qualified. Banks do not require your being behind in payments.

What is Predatory Lending?

PREDATORY LENDING is a term that refers to various illegal and immoral activities many lenders engage in. These practices are a major cause of foreclosures, poor credit and unmanageable financial burdens. Your loan may have been unlawful, and you may be entitled to substantial damages whether or not you are currently in foreclosure. The penalties for failure to comply with the TRUTH IN LENDING ACT can be substantial. IF you are in foreclosure, the Truth in Lending Act can stop the foreclosure process immediately. If you are a victim, then don't be preyed upon twice and let them take your home. Let us help you fight for your rights. Predatory lending is a hot topic in the news and there is good reason why. Lenders and brokers have spent the last few years taking advantage of homeowners by providing teaser rates and pay option loans. The lenders and brokers knew these loans were too good to be true and the borrowers were not told the truth. Our real estate professionals and trained personnel are skilled at spotting predatory practices in your paperwork and use this when negotiating on your behalf.

Why choose LoanAll.com?

Personalized Service
At LoanAll.com, we make it priority number one to earn your trust – particularly when something as important as your home is at stake. Instead of having to talk on the phone with someone you don’t know about both your home and financial circumstances – which is typical with most companies - our goal is to have a representative visit you personally at your home within 24-48 hours. We want you to feel totally comfortable about the process, understand exactly how we can help you, and be confident that you are working with the very best people.

Expert Representation
As opposed to relying on an inexperienced realtor or mortgage broker, we match you with an professional who has exactly the right knowledge and expertise to best represent you. This distinction is critical in that it can make all the difference between success and failure. With an professional involved, you have an important ally in your corner to get you the mortgage help you need – quickly, efficiently, and confidently.

Caseload Limits

Most loan modification companies are focused on gaining as many cases as they can. This works for their best interest, but unfortunately, not for yours. The loan modification process is extremely time sensitive and backlogs, delays, and slow response can greatly jeopardize the outcome. That’s why LoanAll.com maintains a small caseload to team ratio to ensure that all communications and initiatives are clear, concise, and timely when it really counts.

Are you saying that I should not make my mortgage payment?

No. Missing mortgage payments will negatively impact your credit score and your ability to obtain financing in the future. If you are already behind on your payments it DOES NOT HURT our ability to negotiate a successful loan modification settlement. Professionally, we do not recommend that clients intentionally damage their credit score to obtain a loan modification. However, the farther you are behind in payments the stronger your case for modification with your lending institution. Typically banks give priority to cases that are closest to foreclosure.

More information

The most common loan modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, forgiveness of payment defaults & Fees, or any combination of these. A loan modification can help home owners who can't refinance or afford their current mortgage payments. Getting an approved loan modification for troubled home loans can help stop the foreclosure process.

A loan modification with LoanAll.com may offer a more favorable loan modification agreement than your mortgage lender will offer you directly. With so many home loans adjusting to higher payments a loan workout with the LoanAll.com, a Loan Modification, can modify mortgage loan terms fast and effectively. If you are already behind in your mortgage payments this may help stop the foreclosure process and help you avoid foreclosure.

A loan workout needs to perform for both parties; your lender does not want your home and to go through the foreclosure process. However, they may not want to accept your partial payment and threaten foreclosure if you are late or in default. We can offer free foreclosure help and advice to homeowners that want to keep their home. Please use our short form above to receive a free foreclosure assistance consultation. Our consultation is FREE.

A loan modification re-structures the terms of your mortgage to make your payments more affordable. But while it’s certainly promising, a long-term loan modification can be hard to negotiate. That's where our legal team comes in.

Our loan modification department employs a competent team of Loss Mitigation Specialists, Mortgage Professionals, Real Estate Brokers, and Appraisers. The team handles hundreds of loan modification and foreclosure prevention cases each month. You can trust us to negotiate aggressively until you get the loan modification you want.

Why Loan Modification?

  • Lower your monthly payments

  • Lower your interest rate

  • Fix your adjustable rate

  • Reduce your loan balance

  • Waive negatively accrued interest

  • Grant extensions on payments

  • Re-amortize loan to include past due payments

  • SAVE YOUR HOME

Why Use a Loan Modification professional or Lawyer?
When it comes to loan modifications, lenders aren’t really willing to help unless you have legal representation. A loan modification professional can help you get real results. Here’s how.

1. They know your needs. A loan modification professional knows the right way to talk to banks. When we present your loan modification application, we’ll be armed with all the documents and the right negotiation techniques.

2. They get the best Loan Modification Settlements. Lenders will take you more seriously when you have a loan modification professional by your side. Because they can use legal information as leverage, loan modification firms can get much better offers than you can get on your own.

3. They have established connections. A good loan modification professional has contacts with all of the major lenders. Combined with a good track record, this helps them more attractive offers, such as a lower interest rate or even principal balance reductions.

A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in professional representation and get the best loan modification help. Mortgage modification won’t happen overnight, but if with a capable legal team, you can be sure you’re in good hands.

Mortgage Loan Modification
A good mortgage loan modification can allow you to stay in your home if it results in a payment package that is affordable for the long run. Many new mortgage loan modifications are re-defaulting within 6 months of receiving their new modified terms. This means that most modifications are not being modified to a degree that is affordable on an ongoing basis. This is mainly due to homeowners that do not have legal representation, and are unable to properly present their situation to their lenders in order to get an adequate loan modification. Our legal team fights to get you the best possible mortgage loan modification with a low monthly payment, affordable for the long term.

Home Loan Modification
Fighting for a home loan modification is much like going to court. You may think you are saving money by representing yourself, or you can invest in professional representation and get the best results possible. The loan modifier process can be complicated and time consuming, but with a capable loan modification professional, legal team, and professional negotiators, you can be assured of a successful outcome. Don't miss your portion of the mortgage bailout money.

Loss Mitigation
Loss Mitigation is one of several processes designed to minimize the damage caused by defaulting mortgage loans. Often backed by an professional or firm, it involves negotiations between the lender and the borrower that binds them to new, more manageable terms. These terms are aimed at preventing foreclosure and lessen the damage incurred by both parties.
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A Loan Modification can either be a permanent change in one or more of the terms of a mortgagor's loan, or allow a loan to be reinstated and results in a payment the mortgagor can afford. Find out if you are eligible for the mortgage bail out money and the procedures by reviewing this helpful information published by the U.S Department of Housing and Urban Development.

Need Help Modifying Your Mortgage Loans?
If you are going to be behind on your mortgage loan payments, you owe it to yourself to fill out the form above. The loan modifiers have had great success getting customer's home loans modified.

Most of the government's mortgage bail out money is being used for loan modifications such as yours. The government's TARP mortgage bail out money will not last forever, get your fair share before it's too late.

Last week loan modifiers reduced a customer's loan by $80,000. The mortgage loan had roughly $245,000 left to be paid. The current market value of the home was roughly $160,000. Lawyers were able to modify the loan down to the current market value, saving the customer $80,000. This lowered the customers payments and he was able to stay in his home. Individual results may vary positively or negatively by customer. Fill out the form above to see where you may stand and get your share of the mortgage bail out now.

Welcome to Loan All for people with bad credit. We can help you access the most inexpensive 1st & 2nd mortgage loans to use for a new home purchase, refinance, home improvement, payoff credit cards, college tuition, collections or any other debt. We can help! Whether you have a bad credit mortgage loan, bankruptcy, Foreclosure, Equity or No Equity or no money down new home loans. We offer you the most competitive programs and the best interest rates. We can access loan programs finding you the best rates and options available.

LoanAll.com hopes you find the content useful and helpful for your situation.

 Some homeowners that are struggling with their mortgage payments or facing foreclosure may choose to hire a loan modification companies rather than going it alone due to the fact an loan modification company may drive a more positive result, or other avenues have failed. Navigating through the mortgage lender's loss mitigation department can be very difficult at times. Keep in mind the lender or loan servicing company is just trying to collect a debt and make a loan perform for the investor. Debt collections is different than loan modifications being that people have been collecting debt for over a couple hundred years and doing loan mods for 6 months .  Horror stories from clients just trying to get through to loss mitigation departments by phone or worse yet once contact is made; lost faxes, poor results, declines, unaffordable forbearance agreements, or going into foreclosure. Remember...the lender is mainly trying to collect delinquent payments, not give you 2.50% fixed for 5 years on a 5.00% 30 year fixed and knock $100,000 of your principal loan balance. Yes, these things may be possible. They are done on a case by case basis and must be properly negotiated to get the most favorable short and long term results.

In many cases we have seen clients hurt themselves by telling or showing the lender certain things they shouldn't. You must understand, the personnel in the loss mitigation dept. are highly trained at negotiating and collecting past due mortgage payments.  A loan modification is a long term solution, modified forbearance agreements are designed by the lenders to just get paid. Of coarse they will negotiate with you to get caught up, requiring a portion of the arrearages to be paid up front to reinstate the loan or to stop foreclosure.

Loan Modifiers should look like a 30 year fixed rate between 5.00% and 6.00% allowing a borrower the long term ability to pay. If that is not affordable to the client there are other options depending on the investor, who is servicing the loan and the extenuating circumstances. Modifying the terms of the existing mortgage may also include a discounted rate fixed for a period of 3 to 5 years then gradually increase to a fair market fixed rate up to 40 years. A lender may also opt to reduce the principal balance or forgive part or all of a 2nd mortgage if presented with a valid case. Basically, a real loan modification will look like a reasonable long term solution for both parties, creating a win-win solution with a make sense approach. In certain instances lenders have lowered the interest rate as low as 2.50% due to extreme hardships and the borrowers desire to keep their home.

Please contact our Loan Modification Department @ LoanAll.com (800) 709-4942