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What Is A Loan Modification

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A loan modification is a permanent change in one or more of the terms of your loan creating a brand new contract between you and your lender. We will work with the lender to create a new contract that will reinstate your loan and give you a fresh start by restoring your credit status. We want to help stop foreclosure and give you the best foreclosure options. We are concerned about you and your family and are offering the best foreclosure help. If you need a loan modification we are here to help.

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  • With help from 1st Foreclosure Prevention I was able to utilize a loan modification to save my home. I knew I had to fight for my house and it was quite by accident that I found this company. Best day of my life, though.
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  • 1st Foreclosure Prevention, with the aid of a loan modification was able to save my home from foreclosure. I was ready to give up but my cousin wouldn't let me. Thanks to all of them, I still have my home.
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What Is A Loan Modification

  1. 1. What is a Loan Modification? The amendment of the loan (change the terms). To re-amortize (change the schedule of payments for the remaining balance of the loan). To extend the term of the loan in order to reduce payment, the interest rate, and/or the loan balance so that the borrower can remain in the loan and property.
  2. 2. What Are The Benefits? You Retain Property Ownership Neighborhood Values are Preserved Lower Monthly Payments Lower Interest Rate Principal Balance Reduction Past Due Balances are: 1. Partially Eliminated 2. Completely Eliminated 3. Deferred to End Of Loan Combination of Any of the Above No Foreclosure Ramifications You Remain a Home Owner with Tax Benefit You Keep Future Property Appreciation You & Your Family Stay In Your Home!
  3. 3. Who Can Qualify? The key word is “change”. Sudden “change” in Loan Payments Sudden “change” in Property Value Sudden “change” in Household Income Sudden “change” in Monthly Expenses Sudden “change” in Debt Illness or Job Loss Loan Fraud (undisclosed terms) Reckless or Predatory Lending Practices
  4. 4. CASE STUDY #1 Before After Mortgage Balance $286,201.00 $286,201.00 Interest Rate 10.00% 6% Fixed P&I Payment $2,551.00 $1,769.00 Arrearages $0 $0 Months Behind $0 $0 Public N.O.D. No No Total Monthly Savings $792.00
  5. 5.  Results! 4% Interest Rate Reduction! Was ARM now is a FIXED RATE! $9,504 in annual savings for the life of the loan! $256,608 in savings for the life of the loan!   
  6. 6. CASE STUDY #2 Note: Borrower had cancer and no savings. Fell behind $12,215 while in treatment. Arrearages were reduced to $7436.00 Before After Mortgage Balance $339,246.00 $346,682.00 Interest Rate 8.50% 6% Fixed P&I Payment $2,443.00 $2,113.00 Arrearages $12,215.00 $0 Months Behind 5 $0 Total Monthly Savings $330.00
  7. 7. Results!  2.5% Interest Rate Reduction! Was ARM now is a FIXED RATE! $3,960 in annual savings for the life of the loan! $102,960 in savings for the life of the loan! $12,215 in past due was reduced and wrapped into back of the loan! Account is now CURRENT and in good standings!     
  8. 8. Our Commitment! We are committed to educating consumers on the alternatives to foreclosure and bankruptcy. By providing effective solutions to the current nationwide real estate crisis! Through aggressive legal representation we will pursue affordable and safe loan modification terms to keep families in their homes with payments they can afford. Each family that experiences relief as a result of loan modification stabilizes our economy, one neighborhood at a time!
  9. 9. Your Next Step! Visit our website: www.flcoastrealtygroup.com and click “We Can Help” tab for your Document checklist. Gather the necessary documents you need. Write your hardship letter (what changed that put you in your current difficult position). Email your documents to [email_address] Or fax everything to: 1-239-313-6683. Your request will be reviewed and evaluated by one of our Specialists within 48 Hours. If you need help or have questions, contact Rob Roomy at 1-800-713-0919.

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