Loan Modification to resolve your Delinquency
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We specialize in out-of-court resolutions of Mortgage Foreclosures by negotiating with your lender. Let our expertise help you save your home. We can give you the Foreclosure help you need.
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Loan Modifications or Loan Restructuring
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A large number of clients will find themselves needing a Loan Modification Plan to stop foreclosure. There are two types of loan modifications; one is if you can afford your monthly payment, the other is if you cannot afford it.
If you can currently make your regular monthly mortgage payment, but you can’t catch up with the past-due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance, spreading the amount behind over the life of the loan (capitalization loan modification). This new amount will be re-amortized over a new period of time.
If you are unable to make your mortgage at your current payment, we can negotiate with your lender to stop foreclosure and getting the payment brought down to a more reasonable amount. This may be accomplished by any combination of the following Loan Modification plans: interest rate reduction (rate reduction loan modification); spreading amount behind over the life of the loan (capitalization loan modification); loan extended for a longer period of time (capitalization loan modification); principal reduction modification (principal reduction loan modification).
In February 2009, Obama introduced the Making Home Affordable Program (MHA) to help homeowners get relief and avoid foreclosure. Under the MHA Program is the HAMP Program.
The Home Affordable Modification Program (HAMP) is to help homeowners avoid foreclosure by modifying their loan to a level that is affordable and sustainable over the long term. Borrower eligibility is based on a few factors, such as being delinquent or facing imminent default, property is the borrower's residence, mortgage was originated before January 1, 2009, and principal balance must not be larger than $729,750. If eligible, payment may be adjusted to 31% of the borrower's total pretax monthly income. AFS can help get your loan HAMP approved.
All Loan Modification Plans are intended to modify the loan payment to avoid foreclosure and achieve the best payment plan possible. A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home loan. Your account will be brought current immediately.
We have examples of Loan Modification documents from actual client cases found on our Workouts Page. These are only a sampling of the Loan Modifications we have received. These documents are on the mortgage company letterhead for authentication. You can see the actual reinstatement amount versus how much they had to come up with as a down payment. These are only examples and not a comprehensive listing of all the workouts we have achieved.
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