|
What is Mortgage Renegotiation?
My mortgage payments are late and I may be facing foreclosure. Is the Loan Modification option available to me?
How do I qualify for Altegra Mortgage Solutions to represent me for a Loan Modification? What criteria must I meet?
What do I need to do to get started?
When should I begin the loan modification process?
How long does a loan modification typically take to process? May the process be expedited if I am facing foreclosure?
Why would my lender agree to a loan modification?
What is your relationship with lenders? Why shouldn’t I negotiate with my lender directly?
Will Altegra Mortgage Solutionshelp me with my government backed (or insured) mortgage?
What is the Short Sale Process?
What is the Deed in Lieu of Foreclosure?
Q. What is Mortgage Renegotiation?
A. A Renegotiation is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
A renegotiation is an agreement that is negotiated with your lender that changes the terms of your loan. Convincing a lender to a renegotiation is not easy. You must document the reason why it is in the lender's best interest to modify your current loan.
Renegotiation examples are a reduction in the loans principle balance at a reduced interest rate, an increase in the loan period from 30 to 40 years, a rollback in an adjustable loan to the initial interest rate, or any other change of terms to reduce the monthly payment. The sole purpose of a renegotiation is to enable the borrower to meet the terms of the new loan for the foreseeable future. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.
Q. My mortgage payments are late and I may be facing foreclosure. Is the Loan Modification option available to me?
A. Altegra Mortgage Solutions understands as a homeowner unable to make your mortgage payment, dealing with the possibility of facing foreclosure can be a stressful experience and an emotionally painful time in your life. If you are currently behind on your mortgage payment – or predict that you will soon be unable to continue making your mortgage payments – you’re not alone: you do have an option.
Altegra Mortgage Solutions will assist you to identify and implement the best possible Loan Modification solution helping you to avoid foreclosure. After a thorough review of your situation by our staff one of our Loan Modification Professionals will work with your lender to come up with the appropriate solution. Altegra Mortgage Solutions will diligently negotiate to secure a fair and equitable solution with your lender.
Many distressed homeowners simply give up and give in to the foreclosure process; often without being fully aware of the Loan Modification option is available to them. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.
Q. How do I qualify for Altegra Mortgage Solutions to represent me for a Loan Modification? What criteria must I meet?
A. In order to be eligible for a renegotiation of the original terms of your note and have Altegra Mortgage Solutions represent you we must be able to prove to the lender that you are a victim of a “hardship”. A hardship situation is one that is the result of some extenuating circumstance that forces the borrower into a position where they can no longer afford their mortgage payments. While every situation is different, some frequent examples of hardship include:
• Decrease in the value of the home
• Unemployment or loss of primary income source
• Inability to work due to health crisis
• Mounting medical expenses
• Employment relocation
• Failure of business
• Bankruptcy
• Death of spouse or significant other
• Divorce or separation
Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.
Q. What do I need to do to get started?
A. In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a Loan Modification. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.
Q. When should I begin the loan modification process?
A. Immediately, foreclosure and loan modification situations tend to be extremely time sensitive and consuming for negotiations. The sooner we can begin the negotiations with your lender, the greater the chances of a successful resolution. There is no need to wait until the lender sends you a notice of default or initiates formal foreclosure proceedings against you. Time is of the essence!Contact Altegra Mortgage Solutions today at 1-800-590-8527 and one of our Professionals will help you get started.
Q. How long does a loan modification typically take to process? May the process be expedited if I am facing foreclosure?
A. All loan modification situations are unique and follow their own timeline. Typically a loan modification is completed within one to 2 months from the time we have a complete loan modification package ready to present to the lender. The timing depends on how fast we can begin negotiating with your lender. If you are imminently facing foreclosure or even if an auction date has already been set, the process can certainly be expedited and we may even have the lender postpone the auction date. Contact us now at 1-800-590-8527and a Loss Mitigation Consultant will help you get started.
Q. Why would my lender agree to a loan modification?
A. In most distressed mortgage situations, foreclosure is a last resort for all parties involved. The homeowner and the lender usually want to avoid foreclosure at all costs. That is why a loan modification is advantageous to foreclosure and lenders are typically very motivated to pursue a loan modification prior to foreclosure.
A loan modification gives the lender the ability to cut its losses upfront thereby avoiding the expense and time of a foreclosure and potentially greater losses. Lenders want to make loans; they do not want to be in the business of owning and managing real estate. Whether the lender chooses to go through with a foreclosure or agree to a loan modification, they are taking a loss either way, but in many cases they would take less of a loss with a loan modification and resolve the matter in a comparatively shorter time frame. In nearly every case, a loan modification offers a significantly better return on the lender’s investment than a foreclosure does. Contact Altegra Mortgage Solutions today at 1-800-590-8527 and one of our Professionals will help you get started.
Q. What is your relationship with lenders? Why shouldn’t I negotiate with my lender directly?
A. Altegra Mortgage Solutions works as an independent third-party loan modification negotiator. Our experience and professionalism ensures homeowners and lenders that we will be the driving factor of the loan modification process.
We firmly believe that just as most borrowers use a professional to initially get into a mortgage, it is in their best interest to do so if they are in the unfortunate position that they need to get out of a mortgage. If proactive, you only get one shot to negotiate your way out of foreclosure through a loan modification process. Negotiating a modification in the terms of your original note can be a nightmare fraught with red tape. Even the slightest mistake can cause your file to be denied. Navigating through the banks bureaucratic maze often adds up to hours of frustration and a demoralized borrower. Our professional team is familiar with lender guide lines, we represent your interest NOT the banks and will advise you when you are not getting the best deal possible.
Most lenders’ loss mitigation departments are understaffed, and the overworked loss mitigators are usually overloaded with all parties vying for their attention. The added stress of foreclosure itself makes it difficult for a homeowner to effectively negotiate their way out of foreclosure.
Because we work with all lenders and represent homeowners from all across the country, and since we specialize in loss mitigation, we understand how to collect, prepare, and effectively present the information that lenders require to seriously consider a loss mitigation solution such as a loan modification. We have excellent working relationships with the lenders’ loss mitigation departments and we will leverage our network and expertise to help you solve your problem. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultant will help you get started.
Q. Will Altegra Mortgage Solutionshelp me with my government backed (or insured) mortgage?
A. Altegra Mortgage Solutions 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. Contact us now at 1-800-590-8527 and a Loss Mitigation Consultantwill help you get started.
Q. What is the Short Sale Process?
A. Upon receipt of a complete short sale package, we will fax the complete Short Sale Package to the lender and confirm receipt in 3 – 7 days. Why 3 – 7 days? This is the amount of time it takes for the bank to upload the packages into their system. Once they confirm receipt, we ask the lender with the first mortgage to order an appraisal or a Broker Price Opinion (BPO), and request that a negotiator be assigned. It is important that you meet the appraiser to tell him or her why your short sale is a good offer for the bank.
Once a negotiator is assigned they have 30 business days to review the offer. During this time we continue to check back regularly to get a status so that we can keep everyone informed. Once they deem the offer as Bona Fide, they submit the offer to the investor (the actual owner of the mortgage) for final approval. This can take up to 30 business days.
Q. What is the Deed in Lieu of Foreclosure?
A. There is another solution to mortgage problems and to avoid foreclosure. The deed in lieu of foreclosure can solve the problem. This process is basically giving the title and ownership of the property to the lender in trade to be free and clear of the loan. Many lenders of require borrowers attempt a short sale for a 60 – 90 day period prior to executing a deed in lieu. Some benefits of a deed in lieu include:
• Releasing responsibility
• Lender still has collateral to sell
• Lender does not waste cost and time in foreclosure
• Credit of debtor is not ruined
• Both sides have satisfying outcome
|
