Below are some of the most common questions that our clients have had in the past. We find that it addresses most of the questions or concerns you may have. If you have any questions that you do not see here, please click here and we have a special section of our web site that you can ask specific questions regarding foreclosure and loan modification.
Click on each question below and you will be directed to the appropriate answers:
What is a loan
modification?
Should I try to do
this myself?
Am I a good candidate for Loan
Modification?
Several
companies contacted me, what is so
different about Nextwave Financial?
What happens during
a Loan Modification?
What is an acceptable hardship?
Is Loan Modification
similar to Debt Consolidation or
Refinancing?
What is needed from
me to get the process started?
How long is the Loan Modification
process?
What are typical
success rates?
Why will the bank
agree to my loan modification?
What is predatory
lending?
Is it too late to
save my home?
I've already tried
negotiating on my own without much
success. What more can you do?
I'm currently in
bankruptcy proceedings, can you
help?
What kind of loan can be modified?
What's the best way
for me to stop foreclosure?
How long does foreclosure take?
What
is a loan modification?
A Loan Modification is a way to
renegotiate your current mortgage
allowing you to maintain or repair
your credit. Many aspects of your
mortgage can be changed to your
benefit, including the term of the
loan, interest rate, principal
balance, and monthly payments. It's
even possible to have late fees and
penalties waived. There are many
opportunities opened through loan
modification and each homeowner's
situation is unique. A large number
of homeowners will use loan
modification to prevent foreclosure
on their home. For anyone who is
unable to make their monthly
payments, or is in danger of being
buried under a past-due balance, our
skilled negotiators will contact
your lender on your behalf to
renegotiate the terms of your loan.
We can help save your home and your
credit.
What is an acceptable Hardship situation?
Each homeowner has a unique set of circumstances that caused them to fall behind on their mortgage payments, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling hardship letter included in your application is a very important part of a successful application.]
Should I
try to do this myself?
Although you can contact your bank
and try to work with them directly,
most homeowners are not able to
reach favorable results within a
reasonable time. If you have a claim
with an insurance company you will
be treated much better with a Public
Adjuster pushing the insurance
company. This is because the Public
Adjuster works for you not them.
Loan modification is the same
situation. The bank is not your
friend and they always have their
own interest at heart. What usually
ends up happening, is that the bank
will offer a temporary agreement
that favors them but leaves you
without a permanent solution and
most likely in a worse situation
down the road. Not to mention the
hours of communication and back and
forth information exchanges, piles
of complicating paperwork, and all
the associated stress involved if
you were to tackle the loan
modification process yourself. You
need someone who understands your
rights and knows the process of loan
modification inside out to fight for
you. We are your advocate throughout
the process from beginning to end.
Possibly the most important reason
you should work with us is that we
have an excellent track record and
we get you results fast.
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Am I a
good candidate for Loan
Modification?
Any homeowner currently stuck with
an adjustable rate mortgage that has
been or will be adjusting upwards is
a premier candidate for loan
modification. Millions of Americans
were lured into signing up for
interest only mortgage loans and
while initially the loan was low and
affordable, the double impact of
rising interest rates and the
inclusion of principal into the
payment have caused borrowers to see
their payments triple or even
quadruple! The temporary one or two
month forbearance your lender offers
is a Band-Aid but not a bona fide
solution to the problem that will
get worse. The only way to halt the
skyrocketing house payments and keep
your credit in tact at the same
time, is with the help of a loan
modification.
Several companies contacted me, what is so different about Nextwave Financial?
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, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected specialists in the industry whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Give us a call, speak with one of our agents and judge for yourself. The consultation is FREE.
What
happens during a Loan Modification?
During a loan modification the terms
of your mortgage are renegotiated to
bring the interest rate down to a
percentage that fits into your
budget and the monthly payment no
longer presents a severe strain on
your ability to meet your other
financial obligations.
Is Loan
Modification similar to Debt
Consolidation or Refinancing?
The answer is a resounding no. Debt
consolidation seeks to lump a group
of unsecured debts into either a
loan or a program that offers lower
payments. It does not apply to
mortgages. Refinancing a home
requires the borrower to apply for a
new mortgage for the home and as
such will require a down payment, an
appraisal, and a lot of fees for the
lender. This is often not an
affordable solution for a borrower
who is already stretched to the max
with the current mortgage payment.
Loan modification seeks to
restructure an existing loan with no
credit checks, appraisals, or extra
lender fees.
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What is needed
from me to get the process started?
Documents relating to your financial
situation, income, and mortgage
details help legal professionals to
draft the papers your lender
requires for a need based loan
modification approval. Upon receipt,
the terms of the mortgage are
renegotiated to reflect a lower
monthly payment. Best of all, the
paperwork is handled in its entirety
by our professionals in charge of
negotiating the deal and you are not
required to attend a closing or any
such meeting.
How long
is the Loan Modification process?
You
will see relief in as little as two
weeks or a couple of months if FHA
guaranteed loans are involved. In
the meantime, lenders are amenable
to halting foreclosure proceedings
and even the sale of a home! The
added benefit of this process rests
in the fact that you may be able to
skip one mortgage payment and get
back on your feet with your budget.
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What are
typical success rates?
Our success rate is stellar and our
commitment to our clients is
unwavering. With the help our loan
modification specialists, and our
in-depth understanding of the
industry, your loan modification is
in good hands.
Why will
the bank agree to my loan
modification?
The
bank does not want your house.
Nothing will please the bank more
than finding a way for you stay in
your home. We completely understand
the process needed to prepare your
application for a modification. Our
processors have modified many loans
with all of the major and minor
banks. Our history with the bank
will quickly stabilize your
situation and shepherd your family
through the paperwork intensive
process. Our applications are
professionally prepared which makes
the banks modification staff breathe
easier when they receive your
application.
What is
predatory lending?
Predatory lending is a term used
broadly to refer to various illegal
and immoral activities many lenders
engage in. These practices are a
major cause of foreclosures, poor
credit and unmanageable financial
burdens. Our trained personnel are
skilled at spotting predatory
practices in your loans and using
this to your advantage when
negotiating on your behalf.
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Is it too late
to save my home?
No, just call. If your home hasn't
been sold yet then there's still
hope. Contact us immediately
and start the process to save your
home.
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I've
already tried negotiating on my own
without much success. What more can
you do?
Call us and speak to one of our
experts or complete the online
form. Our experience working
with lenders means we know who to
talk to and what to say in order to
cut through red tape and get results
that are unlikely for an individual
to achieve.
I'm currently in
bankruptcy proceedings, can you
help?
Definitely! While it is not possible
to renegotiate your mortgage until
it has been dismissed from
bankruptcy proceedings we'd still be
happy to provide our expert advice
on what options are best for you.
Once your mortgage is out of
bankruptcy we can then supply the
full range of our services to assist
you.
What
kind of loan can be modified?
Almost any loan can be modified. Our
knowledgeable staff is trained to
deal will all types of loans and
lenders. We can help you prevent
foreclosure on any type of home loan
including Arm, 80/20 HELOC, FHA,
Rural Administration, VA, Freddie
Mac, Fannie Mae, conventional, and
the rest.
What's
the best way for me to stop
foreclosure?
If you
believe you face the threat of
foreclosure call us immediately. Our
processing staff will give you
immediate attention to protect your
home and family. We give your case
personal attention by taking into
account your current and past
financial situation to find the
choice that works for you. Our goal
is to prevent foreclosure. We strive
to give you more than a quick fix;
you'll get a lasting solution to
your unique circumstances so you
never have to face foreclosure
again.
How long
does foreclosure take?
After you are 90 days past due your
lender normally issues a NOD (Notice
of Default). Shortly after you
receive this notice they will begin
the legal process of foreclosure
within the court system. Every state
has different foreclosure procedures
which must be strictly adhered too.
If no steps are taken to prevent the
foreclosure of your home then it
will eventually be sold at auction.
Do not wait call us today!