Loan Modification FAQs

Q. How much does it cost?
A. The cost to modify a standard mortgage is $1695. When there are 2 mortgages on the property the modification fee is $1995.

Q. Is the service guaranteed?
A. We guarantee the modification Attorney will work directly for you during the modification process. The modification process is changing everyday. It would be irresponsible to give a guarantee, however The Loan Modification Group will not take a client that does not qualify for a modification. This means our clients get the service that they pay for.

Q. What States are eligible?
A. All 50 States.

Q. What Lenders and Servicers work best for loan modifications?
A. All lending banks have loss mitigation departments that are modifying home loans. We have worked with most mortgage lenders in the US.

Q. What if I need help explaining the process to my borrower?
A. The Loan Modification Group will assist you with any questions the borrower might have. We can schedule a conference call with you and your client anytime to help with the sales call. We are at your service.

Q. What happens after the client agrees to modify their loan(s)?
A. After the documents are signed and faxed, the file is sent to our office for final approval. Upon completion of the fee transaction, you will be mailed a $400 check as a referral fee. Then the file is sent to the attorney's office and the client will receive a call within 24 hours from a paralegal to start the process.

Q. What kind of Borrower qualifies?
A. All Mortgage holders qualify, regardless of current LTV, credit, self-employment, and mortgage lates. When you are a client of the Loan Modification Group the Attorney’s office will put together a modification package that is right for your client. This includes Financial Statements (monthly summary), hardship letter, mortgage statements or any other documents the lending bank needs to do the loan modification.

Q. What is a good example of a modifiable loan?
A. Our "Text Book" file is a mortgage holder that has an ARM and is having trouble making payments after the adjustment or foresees a problem after the adjustment happens. With that being said we have modified loans of all types; We specialize in Adjustable Rate Mortgages, as well as neg am loans, interest only loans, investment or commercial property.

Q. What are examples of past modification results?
A. We have modified all types of loans. Some of our past results include Changing an ARM at a 9.6% to a fixed rate loan at 5.8%. We have put the Arrears (late payments) back into a loan and made the loan current. We have changed high fixed rate loans into lower interest rate loans.

More Loan Modifications Are Being Done Than Mortgages! If you have tons of clients who are unable to refinance their mortgages. You can make a ton of money! Change the terms of your clients current mortgage without closing costs, points, or appraisal fees!
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