Loan Modification Programs

How it Works? If you have had an unexpected life event that is, or has, caused you an unforeseen financial hardship, our loan modification programs may works to alleviate some of that financial strain. Our team of financial strategists will work with you to build a full financial analysis. We will analyze your homes current market/appraised, and your current financial situation, and determine whether or not our programs would be a good fit for your particular situation. Once our specialist has determined that you are qualified, and you are comfortable with entering our program, we will work to negotiate the terms of your loan directly with your lender on your behalf. Whether you are merely finding it difficult to meet your monthly obligations, or are in an adjustable rate loan and your payment is set to adjust, or already has adjusted, and the market value of your home has depreciated to the point that it is worth less than that of your principal, we have the skill, knowledge, expertise and contacts to allow you the greatest chance at achieving the result you desire. Lenders are willing to work with us to analyze your current financial situation and make a decision on whether or not it is economically feasible to write down your principal balance and/or your interest rate/term thereby allowing you to stay in your home and avoid foreclosure. “There was a time when lenders didn’t want to work with you if you couldn’t pay. Now they want to avoid foreclosure, lawsuits or repossession almost as much as you do.” With home prices on the decline, every foreclosure now results in an approximate loss of 44% of the original loan amount, up from 29% only a year ago, according to data from LPS Applied Analytics. 1 The bottom line is, mortgagees have never been in a more favorable position to modify the terms of their loans with their lenders! Now is the time to leverage our decades of experience, expertise, and contacts to help you keep your home and avoid foreclosure. FAQ’s Q. Are lenders and banks willing to go through this process? A. Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it, so the majority of lenders are very open to the Loan Modification process. So consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike. Q. I’ve already talked with my lender and they just want all their money. Can you still help me? A. Yes! Most of our clients have experienced this kind of inflexibility from their lenders before calling us. Over the years we have developed positive working relationships with key people in the loss mitigation dept at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage. Q. What is foreclosure? A. Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take. Q. When is the trustee’s sale complete? A. The sale is final upon the auctioneer saying “sold” and the sale is deemed perfected as of 8am on the day of sale provided the Trustee’s Deed Upon Sale is recorded within 15 days of the actual sale date. Q. How long do I have to act? A. Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their home! Act NOW! Q. How successful have you been in other cases? A. 98% success rate, we are a Financial Solutions Company with decades of experience dedicated to helping you save your home and your credit. If we think your situation is beyond remedy, we will tell you right away. We know you’re used to getting your hopes up only to be let down later and want to be up-front and honest with you. If we accept your case, we will explore every possibility to save your home and your credit. Q. How does the lender decide the maximum loan amount that I can afford? A. The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing debts. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. Typically, mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, should be no more than 41% of income. The lender also considers your cash available for a down payment and closing costs, credit history, and employment history when determining your maximum loan amount. Q. Do I have enough time to stop my foreclosure? A. Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You’re best option is to take action immediately to stop foreclosure before it goes too far. Q. Should I file for bankruptcy to save my house? A. Maybe. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report. That being said, there certainly are times when bankruptcy is appropriate and we recommend you consult a reputable attorney should you think you need it. Q. What can loss mitigation do for me? A. The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will provide you with terms you can manage. This allows the homeowner to stay in their home and protects their credit history. Q. Several companies have contacted me recently offering to help, what’s different about Startovertoday.com? A. There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. Our success rate speaks for itself. Q. Can Startovertoday.com help me with my government backed (or insured) mortgage(S)? A. Absolutely! Startovertoday.com is experienced in negotiating all kinds of government loans, including FHA or VA owned mortgages and Fannie Mae / Freddie Mac insured mortgages, as well as privately insured mortgages. We are highly proficient in all of the specific rules and regulations governing the acceptable short payoffs / loan modifications of these mortgages types. Loan Mod Facts It is estimated that 1 out of every 33 homeowners will find themselves in foreclosure primarily over the next two years. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in California and Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years. It is calculated that approx. 26% of all home loans made in 2005-2006 were sub-prime An estimated 43.5% of all homeowners will likely feel the ripple effects of foreclosures from subprime loans. Affected homeowners are expected to lose an average of $8774 on property values Approx. 36% of all borrowers who fall 30 days late on their mortgage will fall to 60 days late. (this is because it is so hard to catch up in today’s economy) Approx. 61% of all borrowers who fall 60 days late on their mortgage will end up in foreclosure. Most non-profit and government programs formed to help homeowners avoid foreclosure offer little more than temporary fixes to the problem aimed at postponing the problem more than fixing it. These temporary fixes such as forbearance agreements and repayment structures are often misrepresented by Lenders as Loan Modifications. A true Loan Mod needs to supply a long term solution. These types of solutions usually require extensive negotiation. Once you have accepted one of these short sighted solutions you are no longer eligible for a real Loan Modification for a minimum of one year. Our Loan Modification Service only accepts offers that will provide a manageable long term solution to our clients’ home situation.