Loan Modification Services

 

Loan Modification Services

(510) 490-8333 

 Office front 

  Late or Behind on Payments?

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. 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

                                                                                                                 (510) 490-8333