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Q: What is a Loan Modification?
A: A Loan Modification is a permanent change in one or more of the terms in a home owners loan, resulting in a payment the homeowner can afford.
Q:How long does a Loan Modification take?
A:The process could take anywhere from two weeks to a couple of months depending on several factors. However, during this time lenders are often willing to to halt foreclosure proceedings and even the sale of a home.
Q: Am I a good candidate for a Loan Modification?
A: If you currently have an adjustable rate mortgage that has been or will be adjusting to a higher rate and or payment, or have a financial hardship such as reduced income due to illness, divorce, death or a change in your employment, you may be a good candidate for a loan modification. Free Quick Application
Q:Is Loan Modification the same as Debt Consolidation or Refinancing?
A:Simply put - No. Debt consolidation seeks to lump a group of unsecured debts into either a loan or a program that offers lower payments. It does not apply to mortgages. Refinancing a home requires the borrower to apply for a new mortgage for the home and a loan modification seeks to restructure an existing loan saving the borrower thousands of dollars in unnecessary closing costs and fees.
Q:What do I need to do to start the Loan Modification process with Savior Home Solutions?
A: Simply fill out a Free Quick Application. Pick up the phone and give us a call at 845-270-3062 so that we can quickly and accurately assess your situation.
Q: What is foreclosure? | |
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