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Below is more info on Mortgage Modifications FAQ's:
What is a Modification?
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
What are the benefits?
- Resolve your delinquency status with your mortgage company
- May reduce your monthly mortgage payments to a more affordable amount
- Change the original terms of your mortgage permanently, giving you a new start
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
How does it work?
A modification involves one or more of the following:
- Changing the mortgage loan type (e.g., changing an Adjustable Rate Mortgage to a Fixed-Rate Mortgage)
- Extending the term of the mortgage (e.g., from a 30-year term to a 40-year term)
- Reducing the interest rate either temporarily or permanently
- Adding any past-due amounts, such as interest and escrow, to the unpaid principal balance, which is then re-amortized over the new term
Next steps
Gather your financial information—You’ll need to provide us with:
- your mortgage loan number and lender name, including loan number for a second mortgage (if applicable);
- your other monthly debt payments (e.g., car or student loans, credit card payments); and
- your income details (paystubs and income tax returns).
Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment and if this is a short-term or long-term problem. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
Foreclosure Sale or Short Sale FAQ'S:
When should I start the Foreclosure or short sale of my property?
We recommend you contact us as soon as possible to start your sale for your property. The sooner you contact us, the more benefits you can earn. Most banks are flexible in giving you a homeowner incentive, the earlier you start your short sale. In addition, the bank will want as much time as possible to review your short sale and make a decision. If there is an approaching auction date for the property, the earlier we inform the bank that you are cooperating in a short sale, the more time the bank will have to inform the bank attorney to agree to cancel the auction date for the property.
When does foreclosure begin?
Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale. Some sales allow the successful bidder to take possession of the property immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.
How long do bankruptcies and foreclosures stay on a credit report?
If doing a foreclosure sale or short sale, the foreclose case will be dismissed after closing on the sale. Many times if you are doing a short sale, you will not need to do a bankruptcy as the mortgage lender will usually agree to postpone the foreclosure case in order for you to have time to complete the short sale. However, if a mortgage modification or short sale is not done, the foreclosure will remain against you on your credit or public record for an extended amount of time. Bankruptcies and foreclosures can remain on a credit report or public record for seven to ten years or more. Many lenders will consider a borrower for a new mortgage within 2 years of completing a short sale. However, if a short sale was not completed and the property was sold in foreclosure auction, most borrowers may have to wait 5-7 years to obtain a favorable mortgage.
Can a home seller sell a home for less than its mortgage?
Yes, in most case you can sell your home for less than what you still owe on the mortgage, but it is subject to your mortgage lender approval. This situation is known as a "short sale." Most lenders want to come to a resolution as to the mortgage owed, and they prefer to pay you an incentive for your cooperation in order to get a short sale or loan modification completed.
How does a home go into foreclosure?
Foreclosure proceedings usually begin after a borrower has skipped three mortgage payments. The lender will record a notice of default against the property. Unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale.
Client Reviews. What Homeowners are saying about modifying:
"Its worth giving it a shot and having Woods Glacer and Stevens work on a Mortgage Modification for your home. They saved me $424 a month by having my lender approve a new mortgage modification for my mortgage. I recommend.
Sara of Orlando, FL saved $424 per month.
"I thought I was going to lose my home. I called Woods Glacer and Stevens, and they helped me stay in my home. They negotiated with my mortgage lender a mortgage modification I could afford. Thanks I appreciate it."
Darren of Orlando, FL saved $368 per month.
"My home was up for foreclosure auction. I called Woods Glacer and Stevens and they referred me to an attorney that only charged $650 to represent me and asked the court to postpone the foreclosure auction. I was able to stay in my home and now my new mortgage payment is $997 a month, down from originally $1,630 a month. Woods got my loan mod approved for the $997. I recommend you use their service. In all I only paid Woods for their service a total of $1,499. It was $99 to open case and $1,399 once they got my mortgage mod approved with my lender. It was worth it."
Michael of Miami, FL saved $633 per month.
"I called Woods Glacer and Stevens to help me postpone an auction date on my home. They were able to convince my lender to have their attorney postpone the auction date. Woods Glacer and Stevens helped me save my home. They were able to have the lender issue an approved mortgage modification. We really appreciate it! "
Philip from Pembroke Pines, saved $558 off his mortgage payment.
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