According to the US Department of Housing and Urban Development a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. 

A loan modification can take the mortgage you now have and change the interest rate and payment to achieve a fixed rate, forgive late charges and outstanding overdue payments, as well as suspend mortgage payments for a set period of time. A change in rates and payments does not result in the need for a new closing, legal fees, survey, appraisal, or taxes. In contrast, if you "refinance" a loan you'll be required to have a closing and forced to pay a variety of fees and taxes. In many ways our Loan Modification process is superior to a traditional refinance and the best part is....

1. Step one of our process is to determine whether or not you are a candidate for loan modification. Our loan consultants  will review all of the necessary information needed to make this determination during your initial consultation.

2. Step two once we have determined you are a candidate for modification, your necessary documents should be submitted to us as soon as possible.  All of the information and documentation is necessary to submit an offer to your mortgage company on your behalf. The documents required for submission are listed below.

3. Step three once your documentation has been received it is reviewed by loan modification specialists for consideration of acceptance. Please note that not everyone will qualify or be accepted for loan modification. Submit complete documents to support your financial condition and increase your chances of acceptance for the modification program.  Upon review of your documentation by the loan negotiators, if accepted then move forward to step four in order to proceed.   If your file is not accepted it is usually not because of credit or the amount of your bills, rejection is usually due to reasons relating to proof of income. You must be able to demonstrate that you have the ability to make the new lower payment amount.  How much should that be for you?  We need proper documents of everything listed so we can help  you to answer that question. To be considered for loan modification request to your lender, proper documents are required.

4. Step four is submission of an offer to your mortgage company. Once your offer has been submitted you will begin receiving updates of our progress.  We have online progress reports so you can see your latest file status throughout the process.  You'll always know what's going on with your file with just a click of your mouse. 

Home loan modification services. Resources and information about Mortgage Help for Homeowners Under the  Obama Mortgage Loan Modification Plan.  Mortgage loan modification services and expert consulting for loan negotiations. We help you  Learn About Loan Modification for Home loans.