Our Do-It-Yourself Loan Modification Kit Has It All:

ü  eBook That Teaches You How To Avoid Foreclosure And All About Arizona’s Foreclosure Process

ü  Step By Step Walkthrough On How To Build And Submit A Loan Modification Proposal

ü  All The Paperwork / Forms You Will Need To Submit A Professional Loan Modification

ü  Completed Examples Of Loan Modification Proposals

ü  Tips And Tricks When Negotiating With Your Loss Mitigation Department

ü  What To Do If Your Loan Modification Proposal Is Denied

ü  FREE Consultation With A ForeclosureCounseling.com Loan Modification Advocate

ü  A 100% Money Back Guarantee And Much More

What Is Loan Modification And How Does It Work?

According to the HUD website, a Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan allowing the loan to be reinstated which in turn results in a payment the mortgagor can afford. It is interesting to note that in most cases a homeowner in need for help will indeed qualify for a loan modification. To ensure that you understand what a loan modification will actually do for you, consider the following facts:

A loan modification is indicated when the original loan that is secured by a residence has terms that make it impossible for the homeowner to continue making the payments, thus risking the loss of the residence.

Loan modifications are not the same as debt consolidations, refinancing loans, or even forbearances. Instead, they are long term solutions for rising interest rates or other hardships that are threatening to overwhelm the budget of a homeowner.

Loan modifications stop foreclosure proceedings and instead reinstate the loans as they are being modified.

There are some other facts that explain why lenders are actually in favor of working with borrowers and their legal specialists in order to negotiate equitable loan modifications.

• All or portion of the outstanding principal and interest, past due escrow, late fees, and even costs may be rolled into the loan modification and thus will not be lost revenue to the lender. Since they are spread over a long period of time, they do not pose a problem to the borrower.
  
• Modified mortgages may use a step rate approach or an extended term methodology to provide for the repayment of the due and past due funds. The lower payments ensure the repayment by the borrower while to the lender the added time is actually money in the bank in terms of yet to be earned interest due.
  
• Foreclosure is avoided and even though banks routinely foreclose on properties and sell the homes to other buyers for a fraction of a price, the slowing housing market has made it difficult for banks to unload such properties and then recover any additional funds from the previous homeowners. Loan modification is a fiscally much more attractive solution for any lender.
  
• A modified loan protects the credit rating of a borrower and it also helps lenders in showing less defaulting loans in their portfolio. This of course makes a good impression when the financial institution is wooing potential investors.

Here are the requirements you must meet to be considered a good candidate for a loan modification:

• You have a verifiable reduction in income or your payment adjusted out of your affordable price range.
  
• It is required that you are currently employed or have another source of a stable and predictable monthly income that is provable.
  
• The home for which you are seeking to obtain a loan modification must be your primary residence.

Why Use The Loss Mitigation Experts At ForeclosureCounseling.com To Do Your Loan Modification?

A loan modification with a real estate attorney may offer a more favorable loan modification agreement than your lender will offer you directly. We are an Attorney Based Loss Mitigation Company located in Arizona that only works for Arizona homeowners. Our affiliated attorneys will conduct a Forensic Loan Analysis to uncover any RESPA or TILA violations and quickly conduct your loan modification. Our loss mitigation negotiators have years of experience negotiating forbearances, loan modifications, and short sales. We are members of the BBB, have many referrals and always put everything we say we are going to do in writing. Call us today at 602-626-3598 for a free Loan Modification Consultation.