| "Refinance" is a change in the current terms of your existing mortgage loan promissory note. Some of the common changes can include but not limited to either a lower interest rate, changing from a adjustable to a fixed rate and lowering the principal balance.
New loan interest rates have been on the decline but unfortunately so has the values of the homes across the United States. It is difficult for most homeowners to obtain financing through traditional loan programs when many owe more than what the home is actually worth today.
Modifications are made when WE prove to the lender that the homeowner can no longer afford to meet the financial requirements of the original terms of their loan. Lenders look at all modifications on a case by case situation so it is important to document the homeowner's situation with great detail.
Our Documentation will show the lender that the loan modification we are requesting is far less costly to them than dealing with late payments and eliminate the threat of a foreclosure.
This is where our processing ability and negotiating experience pays off!
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