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Loan Modification Information & Assistance
What is a Loan Modification?
 
A Loan Modification is a legal modification of the terms and conditions of an existing mortgage loan that is negotiated and agreed to by both the lender and the borrower to obtain lower mortgage payments or reduce the loan balance, or both. The lender modifies an existing loan in an effort to help the homeowner in a time of documentable hardship.  The goal of a loan modification is to decrease the amount of payment to a level where the borrower can consistently make their mortgage payment as well as pay other bills.
 
Due to today’s real estate market conditions in California, getting approved for traditional refinancing has been extremely difficult.  Here are some of the pros and cons of loan modifications:
 
Pro’s
  • Stay in your home and help alleviate the stress of high mortgage payments
  • Avoid mortgage foreclosure- a loan modification may reduce payments and help prevent a short sale or foreclosure
  • Negotiate more affordable payments by reducing interest rates and/or extending the term
  • Does not affect your credit as long as payments remain current. Update: We have been hearing that some lenders are reporting to credit agencies
  • Lenders do not want to foreclose on your home – most will try to work with you
Con’s
  • Recent studies show that 52% of loan modifications have gone back into default
  • 55% of loan modifications end up being at or higher than the current mortgage payment
  • Typically, all back payments, late fees, legal fees and processing fees will be tacked onto the loan
  • It's highly unlikely and extremely rare for principle to be reduced by a mortgage holder
  • Negative effect on credit score if payments are missed  
  • Time Consuming – Loan modifications may take an extended period of time and submitting an application does not mean that you will qualify for a loan modification

 

A Loan Modification Does Not Prevent Foreclosure...

Know that you are not alone.  We care and we want to help.  Many families in our area are facing difficult times with strained economic conditions. If you are worried about the future of your home ownership, there may be a better alternative than foreclosure or bankruptcy. These options, while not easy to undertake, can get you back to your normal life without the difficulties and consequences of foreclosure. Always know that everything we discuss with you will be kept strictly confidential so that you feel comfortable in the decisions you make and we will not share them with anyone without your expressed written consent. 

Who Is Elgible For A Loan Modification? If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.


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949-388-5194

info@ocshortsalenow.com

Specializing in helping homeowners use a Short Sale to avoid home foreclosure in the Orange County, California Real Estate market including the cities of San Clemente, Talega, San Juan Capistrano, Dana Point, Capistrano Beach, Laguna Beach, Newport Beach, Newport Coast, Corona Del Mar, Huntington Beach, Fountain Valley, Costa Mesa, Orange, Irvine, Tustin, Foothill Ranch, Lake Forest, Laguna Hills, Laguna Niguel, Aliso Viejo, Mission Viejo, Ladera Ranch, Rancho Santa Margarita, Foothill Ranch, Coto De Caza (not Cota De Caza), Dove Canyon, Trabuco Canyon & Las Flores 

Upside Down?
Struggling With Payments?

Loan Modification Unsuccessful? Facing Foreclosure?

Contact Us Today To Learn If A Short Sale Is Right For You And Your Family!

 

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Orange County Short Sale Agents and Realtors offering assistance in the following areas:

San Clemente, Talega, San Juan Capistrano, Dana Point, Capistrano Beach, Laguna Beach, Newport Beach, Newport Coast, Corona Del Mar, Huntington Beach, Fountain Valley, Costa Mesa, Orange, Irvine, Tustin, Foothill Ranch, Lake Forest, Portola Hills, Laguna Hills, Laguna Niguel, Aliso Viejo, Mission Viejo, Ladera Ranch, Rancho Santa Margarita, Foothill Ranch, Coto De Caza, Dove Canyon, Trabuco Canyon & Las Flores

Privacy Policy: Your information will never be shared with any third party and will only be used in discussing your situation and how we can offer assistance with your mortgage relief options. At anytime, you can request to edit or remove your personal information and opt out of any future correspondence by sending an email to info@ocshortsalenow.com

Helping Stabilize Property Values One Homeowner At A Time

Orange County short sale realtors offering homeowners expert short sale information and short sale assistance with a San Clemente short sale, Talega short sale, San Juan Capistrano short sale, Dana Point short sale, Capistrano Beach short sale, Laguna Beach short sale, Newport Beach short sale, Newport Coast short sale, Corona Del Mar short sale, Huntington Beach short sale, Fountain Valley short sale, Costa Mesa short sale, Orange short sale, Irvine short sale, Tustin short sale, Foothill Ranch short sale, Lake Forest short sale, Laguna Hills short sale, Laguna Niguel short sale, Aliso Viejo short sale, Mission Viejo short sale, Ladera Ranch short sale, Rancho Santa Margarita short sale, Foothill Ranch short sale, Portola Hills short sale, Coto De Caza short sale, Dove Canyon short sale, Trabuco Canyon short sale & Las Flores short sale

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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

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