The Network has a documented record of success in matching owners with professionals that utilize all options and strategies. Our mission to do all that can be done to help you accomplish your desired outcome. Stop a sale, defend a foreclosure, find a way to work it out with the bank, short sell or bankruptcy as a last resort. Our team looks at each file as a long term process, and advocates credit repair and rebuilding from day one. You CAN apply for a mortgage with our mortgage partners one day out of foreclosure or short sale. So preemptive work is always in the works if that is the direction you want to go in.
Your Loan Mod Was Denied…Now What?
Was Your Ratio Correct?
If you believe you were eligible for a loan modification, but didn’t know your DTI (debt to income ratio) or NPV and the optimal way to structure these ratios for your lender, then you were setting yourself up for failure from the get-go. If you’re unsure about how to structure these figures, then it’s best for you to hand your loan modification over to a negotiator who can handle the process for you. An experienced loan modification representative can help you restructure the way your financial situation is presented to give you your best chance at a great loan modification.
Do Loan Modifications Affect Your Credit?
If you're thinking about a loan modification, chances are your credit has already taken a hit. "Most customers in the process are already delinquent," Broeker says.
When you proceed with a loan modification, a comment code will appear on your credit report that says something like "paying by modified terms."
But getting back on track with payments could have enough of a positive effect on your credit over time to make up for this derogatory remark.
If you're still unsure whether a loan modification is a good idea and hesitate to extend your loan term, remember that you can refinance later, when you're on better financial footing.
"I don't think loan modification fits everybody," Broeker says, "but it's the single best tool we have from a loss mitigation perspective to keep people in their homes."