Frequently Asked Questions

What Is A Loan Modification?

A loan modification is a change in the terms of an existing loan based on the inability of the homeowner to pay the loan. In today’s market, a loan modification often produces the best results for homeowners. Unlike a mortgage refinance, a loan modification is not based upon high credit scores. Homeowner with low credit rating can achieve significant loan modification results.

Loan modifications vary from case-to-case, but typically they involve a reduction in the interest rate, extending the term (number of years to repay) of the mortgage and converting an adjustable rate to a fixed rate mortgage. A principal balance reduction is also a possible outcome. Click here to obtain more information.

Who Is A Candidate For A Loan Modification?

Regardless of credit rating or equity position, any homeowner who wishes to keep their home and can demonstrate an ability to pay a modified loan payment is a viable candidate for a loan modification. Any homeowner who is having difficulty making mortgage payments and who is experiencing a verifiable hardship is eligible. Also, you are eligible if your:
  • Adjustable rate mortgage is scheduled to reset in the next 60 - 90 days
  • Mortgage recently reset/adjusted
  • Outstanding mortgage balance is greater than the home's value.
  • Hardship has been resolved -or- hardship still exists and you can afford to make regular payments or the newly modified payment.
Want to know more, Click Here.

What are possible outcomes of a Loan Modification?

With a Loan Modification, it is possible that:
  • Your interest rate may be reduced
  • Your interest rate may be changed from adjustable rate to a fixed rate
  • The amount of time to repay the loan may be extended
  • The principal balance may be decreased
  • Develop a repayment plan for delinquent payments
  • Late fees may be waived
This is just a partial listing of negotiable items. We are more than happy to discuss this with you in more detail. Click Here to have a counselor contact you.

Why Would A Lender Agree To Modify A Borrower's Loan?

It's simple. Foreclosures are at an all time high. Banks cannot afford to own many foreclosed homes. You see, banks are in the business of lending money, not owning vacant houses. When they own vacant real estate, they own non-performing assets -- assets that are not generating income. Therefore, in almost every case, banks lose money on foreclosed homes. It has been proven, that failure to modify a loan can result in even greater losses to the lender/investor. According to Freddie Mac, the typical foreclosure costs nearly $60,000. The average loss on sale of a foreclosed home is 20 - 25 percent of the loan’s value. In most instances, a foreclosure is truly the worst alternative and banks are going to great lengths to avoid it.

With this in mind, now is a great time to request a loan modification. If a homeowner has a verifiable hardship that could lead them into a foreclosure situation, and the homeowner wishes to stay in the home, a loan modification can be the answer. Click Here to get further information.

How Long Does It Take To Complete A Loan Modification?

Because of the number of impending foreclosures and the increasing demand for loan modifications, you can expect a modification to be completed within 90 days. Click Here to get started now.

Do I Have To Be Delinquent On My Mortgage Payments To Be Eligible For A Loan Modification?

No. Most lenders are now willing to work with borrowers even if there mortgage is current. Each loan is reviewed on an individual basis—different options are available based upon the borrower and their individual circumstances. You should begin the modification process as soon as you have concerns about being able to make your payment. Take the next step and get your FREE ANALYSIS today.

What Are The Fees For A Modification?

Consumer Loan Modifications, LLC (CLM) fee schedule for loan modification services is calculated based upon the outstanding balance on your mortgage. We also offer a progressive payment plan. Incremental payments are made as we navigate you through the phases of the negotiation process.

Do You Have A Money Back Guarantee?

Absolutely! Consumer Loan Modifications offers its clients a Money Back Guarantee. If despite all of our efforts, a successful loan modification cannot be negotiated, all fess paid by the homeowner to CLM, less $500.00 will refunded to the homeowner. Click Here To Get Details.

Can I Do My Own Loan Modification?

Yes you can negotiate your own Loan Modification. Keep in mind, your lender has a staff of professional negotiators who are working on behalf of the investor; negotiating in their best interest. If you feel that you are qualified and prepared to handle this on your own, by all means you should. If you are uncertain, Click Here to view the video of a U. S. Congresswoman Maxine Waters as she attempts to begin the Loan Modification process. Also, ask yourself these questions: 1-How much training and experience do you have as a professional negotiator? 2-Do you know all of the options available to you? 3-How much time do you have to dedicate to this effort? 4-What will you do if they offer you a modification that you feel won’t work? 5-Are you willing to gamble with possibly your most valued asset? Click Here to contact us.

Why Should A Homeowner Hire Consumer Loan Modifications?

There are several reasons a homeowner should hire Consumer Loan Modifications, LLC. Most importantly, Consumer Loan Modifications, LLC (CLM) is a certified, professional foreclosure intervention counseling and loss mitigation company. With more than 60 years combined real estate and mortgage experience, we are not only experienced, but also trustworthy and caring professionals who work hard to negotiate the best loan modification terms for our clients. OUR CLIENTS ARE OUR NUMBER ONE PRIORITY. We take care of each and every client with the highest level of professionalism and confidentiality in the most timely and cost effective manner. Your lender has professional negotiators and loss mitigators protecting their interests; and you, as the homeowner, need qualified professionals representing you as well. Homeowners need a professional who is on their side and who will negotiate in their best interest. Also, because the loan modification process can be highly complicated, very time consuming and stressful, homeowners must be able to efficiently and effectively protect one of their most valuable investments. Consumer Loan Modifications, LLC is the professional you need.

Lastly, CLM offers its clients a money back guarantee. If despite CLM’s efforts, a successful loan modification cannot be negotiated, all fess paid by the homeowner to CLM, less $500.00 will refunded to the homeowner. To learn more, Click Here.

If I Don’t Qualify For A Loan Modification, Can CLM Help Me?

If it is determined that a loan modification does not meet your needs, our counselors are available to discuss other alternatives. We are able to provide you with valuable information concerning your options and other possible resources available. This is why It is so important to take advantage of our FREE ANALYSIS immediately.