Frequently Asked Questions

Do lenders modify all loans in trouble?

Not all lenders and servicing companies offer mortgage modification. However, most do and it is one of the easiest and fastest ways to stop a foreclosure and get back on track with affordable payments. If you lender does will not approve your application, we have several other proven methods to deal with foreclosure.

Why do lenders modify loans?

Lenders frequently approve modification for homeowners in financial difficulty. They do this to cut their losses and to make the best of a bad situation. Lenders and investors do not make money on foreclosures. Losses range from 20 cents to 60 cents on the dollar. Lenders typically lose $50,000 or more on one foreclosure. Make no mistake, lenders do not offer modifications because of their compassion for you or your family. They make deals that they believe will maximize what they collect; it’s strictly a dollar and sense decision.

Should I hire an attorney?

The hiring of a lawyer is an important decision. If you currently have been served with foreclosure papers, you may want to contact an attorney. In many cases, lenders will slow up or postpone the foreclosure process to consider a rate modification. However, this is not a guarantee. You may want to consider having a consultation with an attorney.

What lenders do you work with?

Mortgage Modification Group works daily with the loss mitigation department with most lenders. These lenders work with us because it is in their best interest to do so. Most lenders do not want to incur the time and expense involved in foreclosure unless absolutely necessary.

What exactly will you do for me?

With your written authorization, Mortgage Modification Group contacts your lender to discuss alternatives to your current loan. We have extensive experience in this area and we can develop a winning strategy or plan for you. With your input, we prepare clear and complete financial packages in accordance with the guidelines of your particular lender. Each lender has its own guidelines and requests various documents from the borrower. We will likely need from you a copy of recent bank statements, tax returns, pay stubs and detailed information regarding your income, expenses, assets and liabilities. All of this information will be provided to your lender in a timely manner. We then will follow up and negotiate on your behalf to reach the best results possible.

Can I do this by myself?

Yes, you can work directly with your lender. To do this, you must develop and understand the issues that you will raise. You must be cognizant of the risks you may be taking and the resources of your adversary. The more you know in these areas, the more power you will have and thus the more effectively you will be able to negotiate and the more likely you will achieve your objectives. However, many homeowners who try to resolve their issues without assistance find themselves back in foreclosure within a few months. This is because lender recommendations are very often self-serving and totally unrealistic. Moreover, the customer service and loss mitigation departments are hard to reach and often disorganized. It takes persistence and experience to navigate through lenders’ red tape. Mortgage Modification Group is accustomed to pushing through the system to get results. We stick to a no-nonsense approach where the goal is to obtain an affordable, long-term monthly payment for you.

I can’t get anywhere with my lender, how will you?

Make no mistake, mortgage customer care departments are about as bad as it gets. In the first 120 days, most lenders are totally unresponsive and unsympathetic to your problems. They are trained to do one thing: Demand Payment. In fact hundreds of thousands of homeowners have lost their homes - - and many more will - - as a result of miscommunication, servicing abuse and just plain neglect. Mortgage Modification Group specializes in getting through to lender, getting your package through the red tape and following up with extreme persistence to obtain a favorable option to foreclosure for you.

What happens if I already have been served with foreclosure papers or I have a scheduled sale date?

Whether you are in the early stages of your foreclosure or whether you already have a scheduled sale date, we will aggressively attempt to postpone the pending sale to give you and us more time to come to a resolution with your lender. In many instances, the lender will delay the sale of your property to consider a rate modification or other alternative to avoid taking the property. Once your enter into an agreement with your lender, the foreclosure proceedings will not continue.

Should I contact my lender immediately?

In some cases, immediately contacting your lender without understanding your position may not be a smart idea. Out of fear of loosing their homes, many people often say things that aren’t exactly true or give unnecessary information. Lenders will use whatever you say against you if it benefits them to do so. At the same time, you cannot delay in seeking to make alternative arrangements with your lender. It is our purpose and goal to contact your lender and take well-planned, deliberate action on your behalf.

My lender will not accept my payment.

When you are more than one payment behind, your lender may decide not to accept any payment less than the full amount due at that time. There is not much you can do other than begin negotiations to get up to date with your mortgage. Often times, lenders will excuse the late payments if you qualify for a rate modification.

My original lender sold the loan to a servicing company.

Loans are sold on a regular basis without your approval. Typically, a notice is send to the homeowner advising of the change. Your monthly payment or other terms of your mortgage should not change.