Restructuring/Modifying Existing Mortgages
Our Mortgage Rescue program is essentially a Loan Modification. A Loan Modification is the process of altering or modifying the terms of an existing mortgage. Loan modification may take the form of interest rate reductions, amortization extensions (longer loan payback period), or principal reduction, or any combination of the three above. The goal of loan modifications is to simply allow homeowners (borrowers) to stay in their residences, while making changes to their monthly payments that make it more affordable and realistic to continue making the monthly payments. Loan modifications are not legal actions, but are good faith negotiations to alter existing mortgage terms.
Don't be fooled by somebody that just tells you what you want to hear. At Hope Legal Team our #1 concern is your home. You will notice the difference from the moment you speak with us.
You will always get an honest consultation and come away completely aware of any and all options that exist.
The Benefits and how this will affect you…
In response to the recent housing and mortgage crisis, the Obama Administration has launched a program called Making Home Affordable, on March 18, 2009. You can view the details of the plan at www.makinghomeaffordable.gov. This program will bring your loan current by putting any late payments on the end of the loan. It also allows your lender to reduce your interest rate as low as 2%. The main objective of this program is to reduce your monthly mortgage payments to at least 31% of your monthly income.
At the moment Making Home Affordable is your BEST option. Our experts will streamline the process of qualifying and establishing this program for you.
The Challenge many are faced with…
If you're struggling with mortgage payments it can be very difficult working directly with your lender. Your lender will be following very strict guidelines when determining what to do with your loan. They are also obligated to protect their shareholders interests. Simply put, they have a legal obligation to protect their own bottom line, not yours.
Determine the Options right away …
The only way to understand your option is to speak with the lender directly. This allows us to gather information and look into any problems that may come up when modifying your loan. We provide this service to all potential candidates FREE OF CHARGE. Once we get the vitals on your loan you will be able to decide whether or not we can help you.
How long does it take and when to expect …
How long it takes until you’re making modified mortgage payments is always different. On average this program takes about 3-8 weeks from start to finish. Making Home Affordabletends to move faster and our goal is to always have you back making mortgage payments within 8 weeks.
How we can help…
We have found that many homeowners (if not most) who initially obtain a loan modification because they were having difficulties paying their mortgage, tend to face the same problem down the road. As such, they may be forced to face other tough options such as bankruptcy. If you have obtained a loan modification but are unable to keep up with your new payments, perhaps it is time to seriously consider bankruptcy as your next step. Even if you have obtained an affordable modification of your mortgage payments, bankruptcy may still be a great choice whereby you can keep your home (making the new affordable payments), and yet having the opportunity to eliminate your other debts.
If you would like a free consultation, regarding bankruptcy, please contact our office by calling us at 617-440-7629. |
