Our Philosophy

Borrowers who are willing and able to make affordable mortgage payments should be able to keep their homes through loan modification.

What is a Loan modification:

A loan modification converts your loan from the original terms of the loan to new terms that match your current financial situation.

Why loan modify?

• Provide borrowers with immediate payment relief and stable long term mortgage payments.
• Allows you to keep your home at a payment you can afford.
• Modification eliminates "payment shock" for the life of the loan.

Will banks even consider loan modifications?

YES.  Loan modifications are a "win-win" situation for you and the bank.  Banks are in the business of lending and collecting interest.  If a bank has to foreclose, it loses money on court costs, attorneys fees, possible deterioration of the property, management companies, taxes, building violation fines, realtor fees, and finally the low sale price in this down market.

How are Affordable Payments Achieved?

Affordable payments are achieved through one or more of the following loan modifications:

A. Interest rate reduction,

B. Amortization term extension, (payments spread out over 40 years are less per month than payments over 30 year);

C. Principal forbearance. (a certain amount of the principal will become a balloon payment at the end of the term of the loan ie 30 or 40 years, or when you sell or refinance)

D. Principal Reduction. Your loan is actually reduced in principal amount (Original loan $300,000, modified to $225,000)

Who is eligible to have a loan (or loans) modified?

The short answer is this: if your current monthly payment(s) are over 40% of your gross income, you are in a good position to have your loan modified.  However, each homeowner's situation is unique and must be evaluated independently.