Loan Modifications: The Facts!

Is this best for my family?

1.) To qualify for a loan modification you will need to show a hardship in your income. Hardships include: Job loss, wage/ hour reductions, extensive medical bills, divorce, and death.

2.) The income that you do have will need to be able to sustain a modified payment. Lets face it, the banks are willing to work with you BUT they are not going to let you live in your home for free.

3.) Modifications are wide spread, most are customized for the individual and their situation. If your income change is temporary, your lender may offer you a repayment program. Interest rates, principle reductions, special arms, are all possibilities that lenders are exploring

4.) You can negotiate this yourself: Most lenders have their contact information online, or available to you by a mailing packet you can request. Most of our clients come to us because they have difficulty reaching their lender, collecting the necessary paperwork, or are unsure of how the process works and would like assistance with the entire process from start to finish. Often our staff can easily have 10+ hours of phone hold time just trying to get the correct information to the lenders to start the process!!

5.) I'm still not sure: If you have questions about loan modifications, please feel free to call our help line at 540-450-8705 to speak with our staff. Or send us an email: info@equitynegotiations.com