LOAN MODIFICATION

PRO

100

 DEFINITION OF A LOAN MOD

Takes the past due balance (principal, interest, fees, and potentially, escrow) and rolls it back into the principal balance to bring the loan current.

200

HOW DOES A LOAN MODIFICATION HELPS. 

HELPS BRING LOAN CURRENT

300

TRUE OR FALSE:

INTEREST RATE DOES NOT CHANGE AFTER LOAN MODIFICATION. 

FALSE:

INETEREST RATES COULD POSSIBLY INCREASE OR DECREASE AFTER LOAN MODIFICATION.

400

ARE THERE ANY LATE FEES ASSESSED?

NOT DURING A TRIAL LOAN MODIFICATION. 

EXPECTATION

100

TRUE OR FALSE:

YOU CAN MISS A PAYMENT DURING A TRIAL LOAN MODIFICATION WITHOUT REPRECAUTIONS.

FALSE:

IF ANY OF THE PAYMENTS DO NOT GO THROUGH DURING A TRIAL LOAN MOD, WILL CAUSE THE PLAN TO FAIL AND FORCLOSURE CAN RESUME AT ANY TIME. 

200

IS VERBAL ACCEPTANCE FROM THE CLIENT ENOUGH TO COMPLETE A LOAN MOD?

WHEN THE TRIAL IS COMPLETED SUCCESSFULLY, WE'LL REACH OUT TO THE CLIENT WITH THE FINAL MODIFICATION DETAILS AND GET A NOTARY ASSIGNED, SO DOCUMENTS CAN BE SIGNED BY ALL PARTIES ON THE TITLE. 

300

OTHER THAN NOT MAKING A PAYMENT, WHAT IS ANOTHER WAY TO FAIL A TRIAL MODIFICATION

IF THERE ARE ANY OTHER LIENS OR JUDGEMENTS ON THE TITLE, MAY CAUSE THE TRIAL MODIFICATION TO FAIL. 

400

WILL THERE BE CREDIT REPORTING?

LOAN WILL BE REPORTED AS DELINQUENT TO THE CREDIT BUREAUS UNTIL BROUGHT TO CURRENT