Loan Modification Options
California Central offers loan modification services to help you with the process of putting together your information in a format that your Lender requires for negotiating a change to your existing mortgage. We have a team that consists of an attorney, a paralegal, a loss mitigation specialist and a real estate agent to represent you in the best possible way, to affect the best terms for your situation. This is a long process, and it can take a minimum of two to twelve weeks to complete depending on the response times of the Mortgage Companies. Our experience and relationships backed with the our legal support allows us the ability to get to the right people quickly. The modification process can include a lowering of your interest rate, changing from an adjustable to a fixed rate, adjusting loan terms, and/or lowering the balance of your existing principle using the HOPE for Homeownership Program.
Loan Modification Factors:
The factors that we will review with you to see if you are eligible for a loan modification are:
1. Nature of Hardship Causing Your Mortgage Problems
2. Your Ability to Pay
3. The Amount You Owe on the Mortgage
4. Equity in the Property
5. Future Financial Situation
6. We will review your existing loan documents, and gather your financial information
7. We will review your income: wages, social security, child support, welfare, etc.
8. We will review your Assets: 401K, IRA, stocks and bonds, autos owned, etc.
9. We will review your Expenses: All expenses, your mortgage payment, taxes,utilities,vehicles, cell phone, child care, insurance, etc.
10. We will help you put together an expense sheet that includes all of your living expenses and income
11. You will be required to write a "hardship" letter documenting the reasons you are not able to afford the mortgage (or the reason you have fallen behind) and the reason you would be a good candidate for a loan modification. With our help, we can help you provide a clear and succinct picture that shows that you are a responsible borrower who has just suffered a hardship.
With proper guidance, we can help you prepare the financial statement, hardship letter and work on your behalf to contact and communicate with the Mortgage Company to negotiate the best work out program for you. Contact us today for a Free Consultation!
Loan Modification Factors:
The factors that we will review with you to see if you are eligible for a loan modification are:
1. Nature of Hardship Causing Your Mortgage Problems
2. Your Ability to Pay
3. The Amount You Owe on the Mortgage
4. Equity in the Property
5. Future Financial Situation
6. We will review your existing loan documents, and gather your financial information
7. We will review your income: wages, social security, child support, welfare, etc.
8. We will review your Assets: 401K, IRA, stocks and bonds, autos owned, etc.
9. We will review your Expenses: All expenses, your mortgage payment, taxes,utilities,vehicles, cell phone, child care, insurance, etc.
10. We will help you put together an expense sheet that includes all of your living expenses and income
11. You will be required to write a "hardship" letter documenting the reasons you are not able to afford the mortgage (or the reason you have fallen behind) and the reason you would be a good candidate for a loan modification. With our help, we can help you provide a clear and succinct picture that shows that you are a responsible borrower who has just suffered a hardship.
With proper guidance, we can help you prepare the financial statement, hardship letter and work on your behalf to contact and communicate with the Mortgage Company to negotiate the best work out program for you. Contact us today for a Free Consultation!
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