What is a Loan Modification?
A Loan Modification is a legal negotiation in which a loan’s terms, like the interest rate, the monthly payment
or the term, are changed to reflect the current situation of the homeowner. This is legal and done with the approval of the lender.
Is a Loan Modification right for me?
If you are facing a rising adjustable interest rate, if you have fallen behind on your mortgage or foresee falling behind on your
mortgage due to financial hardship, or if you are 'upside-down' on your loan (owing more than your home is worth), then a loan
modification is probably right for you.
I have bad credit. Should I even bother?
Yes. Most homeowners who have fallen behind on house payments have experienced some credit problems in the past. Whether you have a
400 FICO or an 800 FICO, it does not matter to us. This program does not depend on your credit.
What happens through the Loan Modification Process?
During the Loan Modification process, your loan’s terms, like the interest rate, monthly payment or the length of the loan,
can be renegotiated to match what you can pay. So if you can’t afford to make higher payments on your mortgage, we negotiate
with your lender to keep the lower payments.
Can I Do This Myself?
Yes, if you know your rights, the banking rules, and have the time and energy to handle the situation. However it is very unlikely that a borrower could accomplish a desired loan modification or pay rate reduction alone. As you may know from experience, mortgage lenders are averse to any suggestion of a workout from the borrower directly. However, they will listen to our team, who represent you. We specialize in dealing with lenders. In many cases, we've dealt with the lender before and already have a working relationship with the person(s) responsible for your account. Our mission is to protect you and your home.
Is this the same as Debt Consolidation or Refinancing?
NO. This is not debt consolidation or refinancing. Our services are for Loan Modifications, whereby we renegotiate with your lender the current terms of your loan, ie. interest rate, loan amount and length of loan. If you are upside down in your home, or have been told "NO" to a traditional refinance, a loan modification may be right for you.
What do you need from me to get the process going?
In order to begin the process, simply fill out our online form located on the left side of this page. Or call us directly at 1.800.400.1850. Beyond that, we will need to gather further income documentation and begin to form a picture of your current financial situation. If you are facing financial hardship, letters of explanation may be needed to explain your financial situation and its outlook. Together, we will help determine what is necessary for the modification package.
How long does the Loan Modification procedure take?
Exact time is truly dependent on a case by case basis. Typically it takes 90 - 120 days to obtain a resolution. We negotiate with your lender to keep you in your home during this time.
Are lenders and banks willing to go through this process?
As stated previously throughout this website, we want to make very clear that lenders also want to avoid foreclosure. Lenders know that they will lose money by foreclosing on your home and trying to sell it. Because of this, lenders are very open to the Loan Modification process.
Will I have to meet with the Bank/Lender or deal with Paper-work?
NO! ModifyUtah Inc. handles all of the paper-work for you. You won’t have to worry about the legal jargon and negotiations. You never speak with your current mortgage holder. We perform all of the necessary legwork and take the headache away.
Does everyone qualify for a Loan Modification?
Not everyone may qualify for a loan modification. Often, this is the case when you have waited too long to act and take charge of your situation. However, if a loan modification is not an option for you; our real estate experts will explore every possible avenue to save your home and your credit.
When is the best time to do something about my adjusting ARM?
RIGHT NOW! Time is of the essence in these matters. The faster you act to control your situation, the faster you will work your way out of it. The longer you wait; the fewer options are available to you.
Do I have enough time to stop my foreclosure?
Time is your worst enemy in these situations! Stopping foreclosure requires you to take charge of your situation and act now! If you’re worried about having enough time to stop foreclosure, contact us NOW...not later!
How successful have you been in other cases?
We have been very successful in modifying loans with our client’s lenders. Remember, we specialize in negotiating with lenders. Our legal background and dedication to staying on top of modification trends has helped us (and our clients) to save many homes.
Are you trying to buy my home?
NO! Absolutely not! We work with your lender to negotiate your current loan terms. You remain the owner, title holder and note holder. In no way shape or form do we ever assume ownership of your property.
