Question: Is it possible to get a loan modification if you are currently unemployed?
Answer: No. In order for your loan modification attorney to help you qualify for a loan modification, you need to have a source of income.
Question: Are you able to count the income of everyone who lives in the home but might not be on the loan? For example, if the husband is the only one on the loan can you count the income of the wife?
Answer: Yes. Your loan modification attorney will be able to count the total income of the household, not just the person on the loan.
Question: Do I need to be delinquent or behind on my mortgage payments?
Answer: No, but it will make things easier for your loan modification attorney to help you get your loan modification done. Loan modification is meant to help people who are currently having a financial hardship, and lenders seem to be more willing (in general) to help borrowers in trouble.
Question: Do you have any preferred lenders?
Answer: Your loan modification attorney works with all lenders, but results vary by lender. Whether or not your loan modification attorney is able to help you get your loan modified depends on both your lender as well as the details of your specific case.
Question: Are all lenders willing to negotiate with a loan modification attorney?
Answer: Generally speaking, yes. Once your loan modification attorney makes contact with your lender, they are willing to negotiate out a loan modification.
Question: Is it possible to get a loan modification for properties that are rental properties?
Answer: Yes. Your loan modification attorney can evaluate each situation and let you know what is possible.
Question: What does a loan modification attorney look for in a client?
Answer: In an ideal situation, a loan modification attorney looks for clients who:
* are already in foreclosure
* have received a notice of default
* have an adjustable-rate mortgage that has already increased
* have negative amortization loans
* are experiencing financial hardship due to bad loans or predatory lending
Question: Is it too late to help clients who have received a Notice of Trustee sale?
Answer: Your loan modification attorney can explain the details of this, but the answer is "no". Your loan modification attorney can usually prevent foreclosure up to a few days before the actual transfer sale date.
Question: What interest rates can I expect after a loan modification?
Answer: Although the results vary by case, most clients who work with a loan modification attorney to get their loan modification done have gotten interest rates between 2.5% and 5.5%.
Question: Will my lender need other documents (such as credit scores) to assess my application?
Answer: Besides the pay stubs and tax forms, some lenders will ask for at least two months of bank statements. But that is strictly to determine your income. Credit scores are never used for qualification.
Question: Do I need to pay my loan modification attorney services in advance?
Answer: It depends. Not all loan modification attorney s charge fees in advance. Some do, but some don't. If money is a problem, most loan modification attorney s have payment plans.
Question: How long does it take for a loan modification attorney to get a response from a lender about a possible loan modification?
Answer: The average turn time is 60-90 days, but it is a case by case situation.
If you are thinking about hiring a loan modification attorney, be sure to call now to speak with an expert about loan modifications!
Loan Modification Lawyers: What People Are Saying
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