Frequently Asked Questions


Q.In which circumstances is the bank able to run a credit check or look up financial information without my customers permission?

A.When the account is 15 or more days past due the bank can pull a credit report on both borrowers every 30 days without permission. (this was signed with the original loan documentation). So it is extremely important that your customer is completely honest and accurate about any monthly debts that report against the credit bureaus!!


Q. Why shouldn't my customer just file bankruptcy?

A. Bankruptcy negatively affects your customers credit score for a period of 10 years and can even affect their ability to obtain employment. (any). Plus your customer will still have to pay a federal tax debt on the Deficiency Balance ( unpaid portion of the loan) of any property other than their primary residence because no one Can file bankruptcy on any federal or state tax . A loan modification does NOT affect your customers credit and all negative marks associated from being past due will be removed from your customers credit report in a period of only 7 years, instead of 10 years like with a bankruptcy.


Q. Why shouldn't my customer just walk away from the property?

A. Walking away from the property will cause the same situation as filing a bankruptcy, however in some cases it can be worse because your customer will be responsible for any damage or neglect to the property which in most cases further increases the deficiency balance that your customer would be taxed on.


Q. How much will each loan modification file cost?

A. Answer: The cost of our loan modification processing is set at an extremely low wholesale rate. We will correspond with the Bank and the Investor on your customers behalf so your customer will never have to talk to the bank again and nor will you. We offer a 100% money back guarantee in writing if in fact we can not reduce your customers current mortgage payment by at least 10% or modify your customers loan from an ARM to FIXED rate that is affordable.


Q. How long will it take before the terms of my customers loans will be modified?

A. Well that depends. If your customer is current on their mortgage payments it can take up to 90days. If your customer has received a notice of default it could take up to 60 days. If your customer is within 30 days of an assigned sale date it could be completed in as few as 2 weeks.


Q. Why can't my customer complete the loan modification themselves?

A. Your customer can do it themselves; However unless your customer gets to the right person in the right department and knows the ratios that the investors require in order to qualify for a loan modification, this will be next to impossible for your customer to complete on their own.


Q. What happens if the bank rejects my customers modification request?

A. In the unlikely event that the loan modification is declined we can still offer other options for your customers property:


Q. How much of a reduction in monthly payments can my customers expect from the loan modification?

A. That is completely dependent upon your customers individual situation. Please keep in mind each home owner has a completely different situation than the next. Thats why we offer a free analysis with no obligations to review your customers individual situation. This can range from a 10% to a 70% reduction, depending upon your customers specific situation.


Q. How many loans can you modify?

A. As many as your customers would like.


Q. Do all my customers mortgages have to be with the same bank in order to be modified?

A. No.


Q. Will the bank reduce my customers principal?

A. Principal reductions are becoming easier to come by on properties in outskirt areas. The reason for this is simple; the cost of foreclosure in these areas actually exceeds the cost to the lender to simply reduce the balance to the current market value. Keep in mind the servicer is contracted by the investors to minimize their loss positions where ever possible - they do not have the homeowners best interest in mind.