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What is a loan modification?
A Loan Modification is when your current lender modifies
your current mortgage. A new closing is not required. This is not
refinancing your loan. A loan modification can change your interest
rate, balance of loan, delinquent fees owed, and term of loan. Usually a
loan modification was only performed when a borrower was past due.
Currently it is being used before or after someone is past due. Loan
Modification can be your best way to avoid foreclosure. Banks don't want
you to go into foreclosure. Our goal is to give you a payment you can
afford for the long term. Just call us at or click the see if you
qualify button on the left.
Should I do this myself?
Of course you can negotiate with your mortgage company
yourself. Just as some people act as their own accountants lawyers.
However, phrase like partial claim and special forbearance are confusing
terms. Many will find dealing with their lender an intimidating
experience as they are passed around, never sure if they are talking
to the right person.
New Horizon Financial Services doesn't offer any service to you that you
cannot technically perform for yourself. Then why pay us to represent
you? If you call your lender you will be speaking to a low level
employee that will most likely inform you that there is nothing that can
be done for you. Not only do we know who to speak with, we also know the
limits that they are willing to go. In the end you will save much more
then the small fee you will pay us. Additionally, you won't have to do
the work that is involved in making it happen.
Will the bank agree to my loan modification?
They would rather modify your loan then have it go into
foreclosure. When a mortgage company forecloses on a property, they
almost invariably lose money. However they will want to make sure you
are capable of keeping up with the new terms.
The bad news is that you are really nothing more than a loan number to
your lender. More than ever your lender is trying to cut their losses.
So while modifying your loan may help them with that, they're also
eliminating jobs which is making it more difficult to speak to the right
person.
Is it too late?
No, just call. If your home hasn't been sold yet then
there's still hope. Contact us immediately. Start the process to save
your home now.
I've negotiated with my bank and failed. What
can you do?
This is what we do, loan modifications. You failed
because you don't specialize in loan modifications. Give us a call and
let our team get the results you were unable to get.
I'm already in bankruptcy, is that a problem?
While it is not possible negotiate your
mortgage until it is dismissed from bankruptcy, we can advise you on
what can be done when it is out of bankruptcy.
What is predatory lending?
Predatory lending generally refer to illegal and immoral
activities some lenders engage in. These practices in many cases lead to
foreclosures and unmanageable mortgage payments. We are skilled at
uncovering predatory lending practices in your loans, thus helping us
with your loan modification.
What kind of loan can be modified?
Just about any loan can be modified.
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