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A Loan Modification occurs when a borrower changes the current terms of a pre-existing mortgage with a lender so that the mortgage can become more affordable for a borrower. A Loan Modification is a resolution that is mutually beneficial for the borrower and the lender.
Since millions of American homeowners are stuck in unfair adjustable rate mortgages without opportunities to refinance out of them, a loan modification is an excellent tool to assist struggling borrowers. Borrowers do not need to be delinquent on their mortgage payments to qualify for a loan modification. As a result of a loan modification a borrower will be given a clean slate and an opportunity to enjoy their home and life without fear of foreclosure. Delinquent accounts will be made current immediately.
A Loan Modification can include an adjustment of some or all of the following elements of a borrower’s mortgage:
• Loan Term Modification
• Interest Rate Modification
• Principal Balance Reduction
Our skilled attorneys & expert negotiators will carefully review the details of your loan(s) and devise a personalized loan modification strategy that will
incorporate some or all of these modification techniques.
Contact us today for a free consultation with a loan modification professional.
A Loan Term Modification occurs when a lender lengthens the period of time a borrower has to pay back its loan in its entirety. This strategy can be very beneficial to a struggling borrower by serving to lower monthly mortgage payments but only when it is negotiated carefully. This is because many lenders attempt to tack on hidden fees and any outstanding interest or arrears a borrower may owe over the course of the new extended term of the loan. Our Loan Modification professionals are aware of these lending techniques and will ensure our borrower clients are not subjected to them.
Contact us today for a free consultation with a loan modification professional.
An Interest Rate Modification occurs when a lender adjusts the interest rate on a borrower’s loan for a specified amount of time which could last the duration of a borrower’s loan. Millions of borrowers are stuck in unfair adjustable rate mortgages which increase substantially at some point in time making a borrower's mortgage payment simply impossible. Our Loan Modification professionals can successfully negotiate with your lender by reducing your interest rate and keeping it fixed at a rate that will make your mortgage payments affordable and realistic. A successfiul Interest Rate Modification can reduce your monthly mortgage payments by 50% or more.
Contact us today for a free consultation with a loan modification professional.
An Principal Balance Modification occurs when a lender simply reduces the outstanding balance a borrrower owes on its loan. This modification technique can be instrumental in saving a borrower’s home and making a mortgage more affordable. According to the Center for Responsible Learning, citing a report of the Joint Economic Committee, a foreclosure sale costs a bank fifty thousand dollars, on average, per property. While a bank or lending institution may not want to admit this fact, it is a fact and cannot be denied. Our skilled attorneys & expert negotiators will work zealously on your behalf the modify the terms of your loan so that you can stay in your home and continue your relationship in an honorable manner with your lender.
Contact us today for a free consultation with a loan modification professional.
A short sale occurs when the proceeds of a real estate sale fall short of the balance of a loan owed on a property. Due to drastically decreasing real estate prices across the nation, in many cases the balance of a loan may be less than the market value of a borrower’s home.
Active Loan Modification’s first priority is to attempt to modify a borrower’s home so they can afford their monthly mortgage payments and save their home. In cases where a borrower may not qualify for a loan modification, however, Active Loan Modification can negotiate with a bank or lending institution to allow the owner/borrower to sell their home for less than the outstanding balance of the loan, turn over the proceeds of the sale to the bank or lender and, in some cases, be in full satisfaction of the debt. While this is not the first option ALM takes on behalf of its clients, in cases where borrowers may not qualify for a loan modification, this option allows borrowers to avoid a foreclosure sale and the negative effect such a sale has on their credit reports.
Contact us today for a free consultation with a loan modification professional.
The term “Predatory Lending” describes any of a number of fraudulent, deceptive, discriminatory, or unfavorable lending practices. Many of these practices are illegal, while others are legal but not in the best interests of borrowers.
Many homeowners who are stuck in unfair toxic mortgages are unfortunately the victims of Predatory Lending. Examples of Predatory Lending include, but are not limtied to, instances where:
Loan documents were not signed or notarized properly
A borrwer’s FICO scores were not properly disclosed
The Truth in Lending Notice of Right to Cancel was not filled out properly by the lender
The loan documents do not contain a payment schedule or the payment schedule is inaccurate
The loan document do not contain an ARM disclosure or the ARM disclosure is inaccurate
Mortgage broker disclosures were never made
Active Loan Modification’s in-house attorneys and negotiators are familiar with these predatory lending practices and will work zealously on your behalf to ensure your rights are protected.
Contact us today for a free consultation with a loan modification professional.
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