What is a loan Modification?
A loan modification is the process through which your mortgage company agrees to alter the structure of your loan many times from a adjustable rate to a lower fixed rate and/or extend the term of your loan for the purpose of reducing your monthly payment. They do this as an alternative to the expensive and time consuming process of foreclosure. Each mortgage company has their own set of processes through which they decide whether or not to accept a loan modification, and while there are many similarities, each has its own requirements for approval. As a third party mediator, we have a distinct advantage in negotiating with your mortgage company.
What is a Forbearance Plan?
A forbearance plan ia a mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
What is a Short Sale?
A short sale is a negotiated settlement. This is when the lender agrees to accept less than the amount owed as a payoff on a loan.
What is the difference between a Satisfaction of a Lien-vs- a Release?
A satisisfation is a total release from the debt owed. A release is when the lender releases the lien from the property to allow the home to be sold (The borrower may still be required to repay the balance of the debt).
What is Loss Mitigation?
Loss Mitigation is a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.
What is a Deed in Lieu?
A Deed in lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure (This process may still leave a negative impact on the borrower's credit).
How long does it take for you to complete a modification once we fill out the paperwork?
Typical transactions are completed within 4-8 weeks.
How successful and experienced is your firm at conducting Loan Restructing?
Its tough to beat over 25 years of combined experience... Our rigorous hiring process ensures that we hire only the very best loss mitigation consultants. Furthermore, our training programs are second to none!
Can your firm Restrucutre a Loan on a multi-million dollar home?
Yes! The bigger the loan, the greater the savings.
Does FundingFight.com get preffered treatment with the lenders?
Yes! Because of our experience and the number of transacions that we handle on a daily basis, lenders welcome our calls. Often times, we are able to negotiate multiple transactions with the same lender in the same day. This is more efficient for both the lender and our firm, and ultimately results in greater success and timliness in the transaction.
Be sure to visit our Mortgage Glossary
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