Hope For Homeowners Loan Modification

What is a loan modification?
Why would the lender modify my loan?
Who qualifies for a loan modification?
Can I do my own loan modification?
Why should I use Hope for Homeowners?

Q: What is a loan modification?

A: A procedure, whereby a loans payment plan is altered due to the hardship of the borrower. This can include the rate, term and monthly payment amounts. This is handled by lender’s Loss Mitigation Department.

Your lender has several options when considering a loan modification. They may reduce your loan balance (principle reduction), extend the term of your loan, reduce your interest rate, or use any combination of these options to help you keep your home.

Q: Why would the lender modify my loan?

A: Lenders are not in the business of owning houses. They want the borrower to keep making payments even if they have to restructure the loan to make it more affordable. On average, it cost a lender over $15,000 to foreclose on a home and can this process can take up to 8 months. It is in the lenders best interest to do all they can to prevent foreclosures. The government has recently given lenders incentives to complete loan modifications and help prevent foreclosures which, has motivated lenders to offer more loan modifications.

Q: Who qualifies for a loan modification?

A: There are many ways to qualify for a loan modification. The most common is to document a financial hardship such as loss of job, reduction of income, divorce, familial death or illness. Also, having certain types of mortgages, such as adjustable rate (ARM), interest only, or pick-a-payment (aka neg-am) loans increase the chances that your lender will modify your current mortgage. Our guide will show you how to qualify and how to achieve the best possible out come.

Q: Can I do my own loan modification?

A: The simple answer is yes! Our guide will walk you through every step of the loan modification process to make sure you get it done right the first time. We are also here to help you with any questions you may have via live chat. Knowledge is power and we will provide you with all the knowledge you will need to complete your successful loan modification and help you keep your home.

Q: Why should I use Hope for Homeowners?

A: Hope for Homeowners is a company that was founded with the specific goal of helping home owners keep there homes and avoid foreclosure. The simple fact is there are hundreds of loan modification companies out there that would love to get there hands on your money without promising they can deliver anything better than what you already have!! These companies charge thousands of dollars to do it with no guarantees. Hope for Homeowners is providing all the tricks of the trade in one complete, easy to follow package that will allow you to negotiate a better loan without spending thousands of dollars on the process. Don’t throw your hard earned money away on empty promises! It’s time to take back control of your financial situation and SAVE YOUR HOME!