New Company |
- Home
-
Apply Online
- Prequalify
- Edit Prior Application
- Blank Printable Application
- Printable Bilingual Application
- Free Quick Quote
- New Purchase
- Refinance Adviser
- Debt Elimination
-
Loan Center
- Interest Rates
- Loan Checklist
- Loan Programs
- Mortgage Glossary
- FAQ
Determine Right Loan- Determine the Right Loan
- Types of Loans
- USDA
- Construction Loans
- Loan Process
- FHA
- FHA Lending
- FHA Streamline
- Kiddie Condo
- 203k - FHA Rehab Loan
-
Support Info
- Web Links
- 8,000 Tax Credit
- Avoid Foreclosure
- Avoid Foreclosure
- Making Home Affordable Program
- Loan Modification
- Short Refinancing
- Short Sale
- Credit Scores
- Credit Scores
- Do's and Don'ts
- Credit - 5 Mistakes
- Credit Score Tips
- Credit Repair
-
Calculators
- Basic Mortgage Qualification
- Bi-Weekly Mortgage
- Detailed Mortgage Qualification
- How Much Can I Afford?
- Monthly Loan Payment
- Prepayment Analysis
- Prepayment Mortgage Reduction
- Principal After X Years
- Rent vs. Own
-
Company Info
- About Us
- Privacy Policy
- Testimonials
- Site Security
- Contact Us
- Employment
- Promotion Rules
Mortgage Loan Modifications are now available for homeowners. You can get a loan modification and save your home from foreclosure. We have a walk-in office in Phoenix Arizona and may be able to assist you in other states as well.
A Loan Modification is not actually a refinance. Loan Modifications are a modification of your existing mortgage agreement. There are no closing costs or bank fees.
What is a Loan Modification?
Loan Modifications are the best way for homeowners and banks to stop foreclosure. Banks use loan modification to reduce interest rates, loan balance and or to extend the term. A Loan Modification reduces the monthly payment and enables the homeowner to keep their house and pay a reduced monthly payment and the bank avoids taking back the house.
Why would a bank use loan modification instead of foreclosing on my house?
The bank loses less money lowering your interest rate and mortgage balance than taking your house back in foreclosure. Here is an example of a $200,000 mortgage. The bank has two choices.
CHOICE ONE: Getting 40¢ on the dollar reselling your house - $80,000 net to the bank, $120,000 loss to the bank. Plus they are required to escrow a foreclosure penalty of six times the loan amount totaling $1,200,000. That money goes into a hold pattern losing interest and profits every day until that foreclosed home is sold.
CHOICE TWO: Removing 40% off your interest and principle. This is the logical choice for the bank.
I'm behind on my mortgage payments. Am I still eligible for a Loan Modification?
Yes. If you have not sold your home or it has not been taken back by the bank, you probably qualify for a Loan Modification.
I am not behind on my mortgage payments, can I still qualify for a Surefast Mortgage Loan Modification?
Yes. Due to various factors affecting you financially, you may qualify for a Loan Modification. Banks do not require you to be behind on your mortgage payments.
I have asked my bank for mortgage assistance but they would not help me. Is it possible I may qualify for a Loan Modification with Surefast Mortgage?
Yes. Many homeowners are and have been in this situation.
How long does the Loan Modification process take?
The average Loan Modification takes three to four months.