LOAN MODIFICATION
What is Loan Modification?
Loan Modification is a permanent
change in the terms of your existing loan. Lenders may restructure
your loan by a reduction in the interest rate, an extension of the
length of the loan, a lowered principal balance, reduction in the
amount of accrued back payments or late fees, as well as many other
options to allow you the affordability to pay your mortgage. If
you are behind on your payments, struggling to make your payments,
expect an adjustment that will cause you to fall behind, you are
facing foreclosure, or fear foreclosure is just around the corner,
then you are a candidate for loan modification.
The Loan Modification process usually
takes 30-90 days, and consists of many long phone calls and negotiations.
Finance One Asset Management will handle every aspect of your negotiation, and prepare a
comprehensive loan modification package for your Lender, including
but not limited to:
Financial Prospectus Workout
– Detailed to include all income, assets, and all payments
you make, down to every cost, including Gas! This allows a realistic
view of your financial abilities to be sure you can continue to
make your home payments for years to come once your loan is restructured.
Full Financial Package
prepared for your Lender including:
| |
• Letter of hardship
• Cost/ Benefit Analysis for your Lender to Modify your
loan. This proves to your lender why they
can benefit by restructuring your loan rather than Foreclosing
• Financial Analysis verifying payments you can afford |
Unlimited Negotiations
with your existing lender and/or their attorneys
Loan Restructuring Proposal
–
Finance One Asset Management requests specific terms for your new loan. Our request
is carefully discussed with you so that you are happy with your
new loan.
Representation on your
behalf in dealings with your Lender
CMA - Comparative Market
Analysis of your home
Pulling of Credit Report
Full Time, one-on-one customer
service for your Status Updates
Finance One Asset Management may request modifications in the following ways, however other options
may be used to lower your monthly payments:
| |
• Request Adjustments, elimination
or repayment plans on any delinquent and past due balances.
• Request current and future rate of interest charge and
monthly payments to be lowered
• Request loan balance amount to be less than current loan
(lowering your principal balance)
• Request Loan to be converted to a longer fixed term |
The goal is to get you back on
track, current on your payments, and to keep you in your home for
years to come.
Call call-1-888-814-8406, info@finance1online.com for more information and to discuss your business needs. |
