Loan Modification Services

 

Loan Modification Services

(800) 788-8208  

 Office front 

  


 Late or Behind on Payments?

Foreclosure can be avoided

Has your rate adjusted or about to adjust?

   We Can Help!!!   

    
About Us:

We are a company of Integrity, Morals and Ethics.

CENTURY  21 Banner Realty agents are Certified Professionals in Loan modification and short-sale transactions. We are affiliated with a division of the United Mortgage Modifiers of America.( see code of ethics below)

Our mission is to help homeowners stay in their homes and avoid losing their most valuable asset to foreclosure. This will help to stabilize declining values in neighborhoods due to the domino effect of foreclosures. 

How we can help you:

  1. We will make any possible attempt to keep you in your home.

  2.  We will negotiate a lower interest rate that you can afford.

  3. We can ask for 3 to 6 months forbearance in your mortgage payments so that you can satisfy and settle other unsecured debts (ex: credit cards, medical bills, other debts).

  4. We can negotiate with some banks that allow a principal reduction that will reduce your upside-down situation. In some cases we can delay or stop foreclosure with a short-sale offer.

  5. We can help sell your home short-sale and negotiate the sale in 30-45 days.     

Loan Modification

Do you need to lower your payments?

A loan modification will modify the terms of your existing loan making it easier to afford.For borrowers who need more than just a short term solution a loan modification may be the best option. With a loan modification the terms of your loan are modified for three to five years. The terms modified typically include the interest rate, repayment period and/or principal balance.

The benefits of a loan modification are:

·         The delinquent amount you owe can be capitalized (added) to your current principal balance and repaid over the remaining term of the loan.

·         Your interest rate may be reduced giving you lower monthly payments for the modification period.

 ·         If you qualify, the repayment term of your loan may be increased. Paying off your loan over more payments will reduce your monthly obligation. 

A loan modification may be the right program for you if you:

·    Need a longer term solution to keep your loan current.

·         Have an adjustable rate mortgage and your payment has increased to an amount you can not afford.

 ·         Have an unexpected financial difficulty or changes to your finances and can no longer afford your monthly payment.

·         Need time to build equity in your home to either refinance into a new loan or sell the property for the amount financed on the home.

OTHER OPTIONS YOU MIGHT HAVE IF LOAN MODIFICATION IS NOT POSSIBLE

 

Option  

How It Works  

Key Benefits  

Repayment Plan  

You can distribute your past due payments over a period of time, usually no more than six months. During this time you will pay your normal monthly payment plus a portion of the past due amount until your loan is current.  

This option will bring your mortgage current within a specified time frame.  You will be back on the path toward a secure home.  (90 percent of cases of homeowners trying to negotiate themselves with the bank will end up in this situation)

Short Sale  

Allows you to sell your home and use the proceeds to pay off the mortgage balance.  This option may work for you if you know you are unable to stay in the property in the future. You should continue to make payments during the time your home is for sale.  Even if your home's current value is less than the total amount owed, banks are eager to work with you.  

You may be able to avoid the foreclosure process. This option may also minimize the negative impact of foreclosure to your credit rating. ( You will know in advance from us if  a short sale will be the only solution, however the loan modification process will shorten the term your property will sit on your lenders desk for approval of an offer since the lender got the true picture of your financials and your home value) 

Loan Modification  

If you are able to make your current monthly payments, but have payments which are past due, this option may work for you.  With a Loan Modification, some banks will take the past due interest portion of your payments, and add them into your unpaid loan balance.  They will then re-amortize your loan over a new period of time.  This will change the terms of your Note.  If you qualify, your new monthly payments will be higher.  

You may be able to avoid the foreclosure process and minimize the negative impact to your credit rating.    (A negotiator will try to negotiate to write off your past due payments and ask that they should not be added to the principal). Our proposed budget will reflect your limitation and request new terms that would make your payments affordable to you) 

Deed in Lieu of Foreclosure  

This option allows you to transfer your property voluntarily to your bank, if you are unable to maintain payments and cannot sell the home at market value. If you qualify, banks  would accept back the title to your property as settlement of the account.   

You may be able to avoid the foreclosure process. This option may be less harmful to your credit rating than foreclosure. ( We negotiate the terms of the transfer, also we offer insolvency services to avoid any 1099 tax consequences)  

 

 

GETTING STARTED WITH YOUR LOAN MODIFICATION 

Three-stage process:

Comprised of three-installment payments. NOT a Lump Sum.(We do not collect advance payments from you unless the job described in process has been completed in compliance with California Civil Code Section 2945-2945.11)

We work under a limited power of attorney and we are not securing a note against your property like some other fraudulent so called “foreclosure specialists”.

Free Consultation:

A 30 minutes Free consultation will be held in our office or at your home to go over the loan modification process, fee explanation, and receive a list of items you will need to bring with you at our next meeting.

Stage-one:

Education and consultation in which you learn about your options, and we work on your budget worksheet and help you with explanation of your hardship and establish the necessary paperwork required by your lender for submission. 

Stage-two: 

Preparation of modification package which includes; a new proposed budget that is considered acceptable by the lender, a letter of hardship addressing all issues to be considered by the lender,  a game-plan strategy for presentation to the lender which can include; drop in interest rate, forbearance, short-sale, or deed-in-lieu of foreclosure. Once the package is prepared you have the option to present it to the lender yourself, of allow our negotiators to work hard in your behalf to secure the best deal for you. There is no emotions involved, just professional to professional make sense talk. We will bring to their attention the other costly alternatives they have to go through in case they would not take our offer. 

Stage-three:

  Presentation of the package to the bank, for negotiations. Based on past experiences the success ratio is between 90 to 93 percent in reducing interest rates, forbearances, and obtaining a short sale approval instead of going forward with foreclosure proceedings.If the bank replies with a small drop in the rate we will ask for more: either as principal balance reduction or a better drop in the rate. We will approach the bank offering them three choices showing ways in which our client will truly benefit from the modification through a new payment that you can realistically afford. This process may take between 30 to 90 days of intense negotiations and a lot of time spent on the phone with the bank. During this time we will keep you informed at least once a week about the progress.  

CENTURY 21 Banner Realty

Loan Modification Service

                                                                                            (800) 788-8208 

                                                                                             CODE OF ETHICS

 

 The members of the United Mortgage Modifiers Association of America, believing that the interest of the public and private sectors are best served through the voluntary observance of ethical standards of practice, hereby subscribe to the following Code of Ethics. Honesty and IntegrityUMMAA members shall conduct business in a manner reflecting honesty, honor, and integrity. 

Professional Conduct

UMMA members shall conduct their business activities in a professional manner. 

Honesty in Advertising

UMMAA members shall endeavor to be accurate in all advertisements. 

Confidentiality

UMMAA members shall conduct their business in compliance with all applicable laws and regulations. 

Disclosure of Financial Interests

UMMAA members shall disclose any financial interest they may have in a loan transaction. 

A Guide to Ethical and Professional Practices in Mortgage Modification 

Housing is one of the most basic of all human needs.  Home ownership is an integral part of the fulfillment of the American Dream.  Members of the United Mortgage Modifiers of America Association , act as consumer advocates, while obtaining the finest modifications that are available for the achievement of this dream.  The role of the UMMAA member is to provide education, as well as solutions, to the current housing foreclosure problem.  UMMAA members adhere to the highest standards of ethical and professional conduct while fulfilling this responsibility.  The Following Standards of Professional Practice are a model by which UMMAA members can measure their performance.  No standards of practice can prescribe actions covering all situations.  Common sense and good moral judgment are required in applying ethical principles to the complex realities of the mortgage industry.  Adherence to these standards will enhance professionalism in the mortgage industry and create goodwill among those who do business with UMMAA members. 

 ARTICLE I – HONESTY AND INTEGRITY ·        

UMMAA members, whether by law or by professional commitment, have fiduciary duty to their clients, and strive to maintain absolute fidelity to their interest.·        

UMMAA members support consumers’ right to be treated fairly and honestly, to be given equal access and full disclosure, and to be subject to an objective evaluation.·        

UMMAA members make full disclosure of all pertinent facts to parties to a transaction, neither withholding relevant information nor being a party in any way to false representations.·       

 UMMAA members will never ask borrowers or employees to sign a blank document. 

ARTICLE II – PROFESSIONAL CONDUCT·        

UMMAA members refrain from any practices that are contrary to the best interest of the public or that are not in keeping with the dignity and integrity of the mortgage profession.·        

UMMAA members charge for services only such fees that are fair and reasonable and in accordance with general practice in the mortgage modification industry.·        

UMMAA members strive to stay in close communication with the client and lenders to ensure that questions are promptly answered as well as all significant events or problems.·        

UMMAA members are committed to continuing education regarding industry principles and practices in order to bring the highest level of knowledge and expertise to their clients.·        

UMMAA members, for the protection of all parties, ensure that all agreements are in writing, accurately reflecting the agreement of the parties, and that each party, at the time of signing or initialing, receives a copy.·        

UMMAA members provide the same high level of quality mortgage modification services to all borrowers, regardless of education, level of sophistication, race, color, gender, marital status, religion, age, physical challenge, ancestry, or national origin.