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Loan Modifications or Loan Restructuring
What will a 123 Loan Modification do for you?
1. Reduce your principle balance on your mortgage to be comparable with your neighborhoods value.
2. Bring you immediately current on your mortgage with your lender.
3. Reduce your interest rate by up to 3 basis points. Example: 9% to 6%
4. Reduce your monthly mortgage payment.
5. Reduce your property tax base and tax payments.
6. If you have a 1st and 2nd mortgage it gets combine into one mortgage. Reduces your effective combine interest rate. Example: 1st mortgage rate @ 8% and 2nd rate @ 14%. Modification gives you one mortgage @ 6%.
7. Skip a monthly payment or no payment for 45-60 days after modification closes.
8. Delete foreclosure & late payments from your credit report. Once removed 123 will implement an rapid rescore enhancement on your credit to boost up your FICO score.
9. In some cases we are able to transfer the mortgagee to the Hybrid Dream Loan.
10. Bring you peace of mind & new fresh start.
Click here to find out what documents are needed to start the process, timelines, procedures, and Loan Modification Criteria.
A large number of clients will find themselves using a Loan Modification Plan to stop foreclosure. If you can currently make your regular 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. This new amount will be re-amortized over a new period of time.
Or, if you are unable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level.
A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately. Your mortgage balance will be readjusted to fix with the current market values in your area. Your note rate and effective interest rate will be reduced and your property tax base will be reduced as wel.l
Here are some examples of Loan Modification documents from actual client cases. 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 has a down payment.
Since we are obtaining new workouts daily it is very hard to keep this page up to date. Please visit our Mortgage Resource Center to get up to date plans that we have received from each Mortgage Company.
If your mortgage payments have increased or your down on your mortgage payments by 30, 60, or 90 days, loan modification may be an excellent alterative for you to get a fresh start. Look at some of the examples listed below:
GMAC Loan Modification - click to view
National City Mortgage Loan Modification - click to view
Washington Mutual Loan Modification- click to view
Chase Manhattan Loan Modification- click to view
Green Point Loan Modification- click to view
Countrywide Loan Modification- click to view
ABN Amro Loan Modification - click to view
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