We have a different way of completing a loan modification than other loan modifications service providers. We do a full evaluation to determine if you will have a high level of success, if we move forward and process a loan modification package to be delivered to your loss mitigation department.  We do this to save you money.  The majority of loan modification servicers do not do this action.  They usually take 50% of the fee up front and demand the final payment prior to submitting your loan modification. 

We require only $250.00 to gather your information and complete the evaluation.  This action can save you thousands of dollars.  If we determine that you should move forward, you will be required to make additional incremental payments for a total sum of $2500.00.  This fee is substantially below the typical cost of a loan modification.  If we determine that you would not benefit from a loan modification, the only cost to you is the $250.00.  That's it!  

We will evaluate your situation and give you answers and options.  

Get started by clicking here.  

One of the questions we frequently get asked is “How long will it take for me to get my loan modified?” While there is no one answer that is universally true, there is a general timeline that can be followed. Let’s look at the process step-by-step.

1. Securing help. The first thing you need to do is entirely in your own hands. You need to pick up the phone or submit an application online and get someone working on your behalf. There’s no time constraint on this other than you taking a moment to initiate the process.

Time it Takes: Immediately, but it’s up to you

2. Getting a full loan modification package submitted. We have a set of forms you can access once you speak with an AMG loss mitigation specialist. These must be filled out and returned to us in a timely manner. We’ll help you anywhere you need it, but it’s largely up to you to make sure this gets done quickly. The most frustrating aspect of loss mitigation for us is when a borrower that we know we can help drags his or her feet on getting the information to us. Time is not on anyone’s side and any delays can end up costing you a successful loan modification.

Time it Takes: 1- 2 days if you are proactive about getting everything done quickly.

3. Internal auditing and underwriting of the file. Once your complete package is in, we will do an internal review to make sure everything is in and documented. We will not submit your package unless our mitigators are confident we have built a solid case.

Time it Takes: 24 hours

4. Submit file to be assigned to a mitigation specialist with your lender. Following our internal review, the package is submitted to your lender for assignment with one of their loss mitigation specialists. Depending on the lender, this can take up to a couple weeks so be prepared to for a waiting period.

Time it Takes: 3-14 days depending on the lender

5. Mitigation process and getting a decision back. This is widely variable. Depending on your lender, you may receive a decision within less than a month or it could take up to 60 days. The lenders that are properly staffed will deal with your loan modification request in a timely manner, while those that can’t handle the volume of requests will take longer.

Note: One of the biggest mistakes people make is trying to deal directly with their lender. We hear stories from people about trying for 3-4 months to get a decision and nothing ever happens. It doesn’t need to take that long and if it does, you need representation. Many lenders treat us differently than they do a borrower. The reason is that they know we are going to give them exactly what is needed and they can trust us to only bring clients that are solid candidates for a loan modification. A lender knows up front when they deal with us that they will spend less time working the account.

Time it Takes: Typically 30 - 60 days, but it depends on the lender and can take longer or shorter than the typical time.

6. Making the newly modified loan official. Once the decision is returned from the lender, you’ll have a clear set of new terms that you can either choose to accept or decline. Typically, the lender will give you your new rate, balance, monthly payment and date that the loan will be completed. Additionally, they give you a date you must sign and return the agreement by. If you fail to return the agreement on time, it may cancel your right to a loan modification so do not delay.

Time it Takes: 1-7 days depending on how quickly you return your signed agreement.

A recent visitor found our site by asking the question, “How late can you be to do a loan modification?” It seems like a good topic to discuss as more and more people are falling behind on their loans and not realizing that there is still time to get things fixed.

The quick answer to the question is that it doesn’t really matter. You can be 30 days, 60 days, even 90 days late on your mortgage and there’s still time to get a loan modification. Too often, someone gets behind and thinks they are completely out of options. It doesn’t help that there are companies telling these people to simply walk away as if nothing can be done.

What you can do

Get ahold of a loss mitigation consultant immediately. An experienced mitigator can get a lender to listen up and begin negotiating immediately, no matter how late you are.

Obviously, we prefer that you come to us as early as possible. For every day that goes by, our ability to successfully negotiate your loan modification declines. If you’re 60 days late, don’t wait for day 61.

As programs like loan modifications and short sales grow in popularity, a good question to ask is why some people are given a loan workout while others are denied. A big part of it is that people don’t know how to negotiate with a lender and do the wrong things on their way to being denied. Another aspect is going after the wrong program. Each borrower is unique and has certain things that will work and others that won’t.

Loan workouts take more than just asking nicely. You have to craft a picture that includes finances and hardships. It has to presented to the lender in such a way that convinces them to work something out.

With that said, there are some principle things to consider on your way to working out a solution.

It’s about the money

The first thing you have to realize is that it’s all about the bottom line. A lender is willing to work with you on a solution if it makes sense to their own bottom line. It sounds harsh, but it’s the truth. The good news for borrowers in trouble is that foreclosure is expensive to the lender and more times than not, they consider it an unfavorable outcome. That leaves a litany of other workouts that a lender is willing to negotiate. Short sale, short refinance, loan modification, deed-in-lieu of foreclosure and forbearance are all common loss mitigation programs that have their own pros and cons. AMG focuses on the first three as preferred programs.

It’s about your ability to pay

Your finances are going to be front and center in any potential loan workout. The lender wants to know where every penny is coming from and where it’s going to end up. If they are to offer a workout for your situation, they want to be sure it’s a worthy investment. There are some things you may want to cut out from your monthly bills:

• Excessive vehicle payments (less car is a good idea)
• Cell phones
• Cable TV
• Restaurants
• Inessential purchases

Stick to the necessities. Lenders want to see you making a serious effort to find room to make your monthly mortgage payment.

It’s about where you live

In places where it’s harder to sell homes on the market (California, Florida, Nevada), chances are better of a loan workout agreement being reached. Why? Because if a lender ends up with the deed to the home, they have to sell it to recover their investment. If the home can’t sell, they’re stuck. That’s guaranteed incentive to get a solution worked out. Lenders are acutely aware of market activity and will know what is and isn’t working in certain regions.

It’s about your commitment

No doubt, a situation where you can’t pay your mortgage flat-out stinks. If you can face the fact you need help and are going to have to make some sacrifices, you can probably working something out. If you’re in denial and unwilling to realize that times have changed, you could be in big trouble. Be willing to humble yourself a little bit. A strong commitment to getting things fixed will go a long ways toward getting you back on track.

Every mortgage lender has a loss mitigation department. If you so choose, you may contact them and directly negotiate a program to save your home. That being the case, why should you use a professional loss mitigation professional like American Mitigation Group? Here are four reasons that show why doing it on your own is not worth the risk.

1. Each lender has different policies and approaches

Some lenders will work with you, some won’t. The process with one lender can be very different from the next. Perhaps you think you understand everything you need to do, only to find out that your specific lender has different guidelines. What happens when you take the wrong actions? It could cost you your chance at successfully negotiating new loan terms.

2. Lenders are not going to make this easy

A lender is already leery of your ability to pay your mortgage because you have missed payments. They are going to be detail-oriented when considering your application for a loan modification and will want hard proof that you will be able to handle the new terms. In other words, you’ll need to dot each ‘i’ and cross every ‘t’. We have developed forms that make sure you cover every part of the process and don’t miss a single thing. Can you say that in conducting your own negotiations that you are confident you have done everything the lender requires?

3. The negotiation takes some expertise

Say you were having car troubles and couldn’t get your vehicle to start. Would you dive in to the engine yourself and fix the problem? Probably not - more likely, you’d take it to a mechanic who is trained to fix such problems. We all have our niches of expertise and loan modification is no different. There are subtle tricks and issues that can have a huge effect on your loss mitigation success. Having worked with lenders for so many years, we aren’t going to get tripped up by a lender during the process. Rather, we will be able to smoothly maneuver through the process and avoid critical mistakes that could cost you dearly.

4. Time is critical and none of us have enough to spare

In case you somehow missed it, there are only 24 hours in each day. Between work, family, social responsibilities and everything else life throws at us, do you have the time required to accomplish a loan modification? Probably not. There’s no getting around it, you will have to spend some time figuring out your financial picture and discussing your situation with us. Otherwise, you can leave the rest to us. We’ll worry about lender negotiations. We’ll worry about staying on top of the process. While you’re busy living the other aspects of your life, we’ll make sure your home stays, well, yours.

Are you wondering if you might be a candidate for loan modification? Many homeowners - and by many, we mean thousands if not millions - are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?
 

• Tried to refinance but got turned down. Many homeowners with adjustable rate mortgages are trying to refinance but simply can't qualify under stricter lender guidelines. When the housing market began to decline and lenders were forced to cut back or even close the doors altogether, it became much harder to get a loan. As such, homeowners aren't getting the help they need. Loan modification, however, is proving a viable way to work out an agreement when refinancing isn't possible.
   
• Suffered a hardship. Hey, life happens. Sometimes, there's just nothing you can do. In this tough market, people are getting laid off from their jobs and have no means to pay their monthly mortgage. Others are dealing with the issues that pop up throughout life. Family illness, accidents that cause injuries, a decline in income and unexpected events are all legitimate reasons for falling behind on a mortgage that would otherwise be getting paid on time. Lenders are pretty open to workouts for hardships, especially when you show an ability to pay in the future. You'll need a hardship letter and we can help you put one together.
   
• Home value has dropped. With a declining market, many homeowners end up owing more than the home is actually worth. In many cases, loan modification may not be an option when you get upside down on your home loan. You may be better off with a short sale. We can help you determine which program is better for your situation.
   
• Simply can't keep up with the mortgage. As the economy and individual markets suffer, many people are seeing once stable and predicatable income decline to a point that they can't afford their home any longer. It's possible a loan modification agreement can be reached that would bring payments to a more affordable level. This is an especially attractive possibility if you can show your income will again rise to previous levels.

Do you think a loan modification is right for you situation? We'll give you a free consultation in which we can make a preliminary determination about your qualification status. Give us a call or apply right here on our website.
 

A Loan Modification is a permanent change in one or more of the terms of your loan creating a brand new contract between you and your lender. We will work with the lender to create a new contract that will reinstate your loan and give you a fresh start by restoring your credit status.

Ways your loan can be modified

What terms a lender will agree to largely depends on your ability to pay and what would make the most economical sense for both parties.

• Adding the delinquent balance to the loan. Rather than require payment up front, the lender may choose to add the balance owed to the new loan terms ensuring you will eventually pay it back.
• Reduce the interest rate. You’ll need to prove that a rate reduction can positively affect your situation and allow you to resume making timely payments.
• Extending the years due. By adding years to the loan, the lender is able to reduce the monthly payment knowing that they will recover the amount later on.
• Reduce the balance owed. Under some circumstances, the lender may elect to reduce the balance of the loan. To do so, they’ll want to be absolutely sure you will be able to make the new payments.

Due to our pre-qualification process, the majority of our clients can expect to get the solution provided in your contract. When you become our client, you can rest assure that we are going to get the job done for you in almost every case. However, unusual circumstances do arise. In these rare instances, we provide a 100% money back guarantee - less the initial, small auditing fee - in the unlikely event we cannot fulfill our promises in the contract.

On Loss Mitigation cases we will provide a 100% refund - less the initial, small auditing fee - when ALL the following conditions are met:

• We cannot obtain an offer from your lender.
• A foreclosure sale had not been set as of the day you returned us a signed service agreement, your completed mitigation documents and full payment of our fee.
• You kept all of your obligations under the terms of the Service Agreement and Responsibilities of Client documents.

It's important to note that all cases are unique meaning that some refund guarantees may require altering. Your personal refund guarantee will always be spelled out in your service agreement.

Loss Mitigation:

Loss Mitigation (also know as "Loan Resolution," "Homeowner Retention," "Home Retention," "Loss Recovery" and "Hardship Assistance") is a term used by the mortgage industry to describe a set of programs designed to help borrowers in default. Most lenders have a whole department that deals solely with these issues. The programs include repayment plans, forbearance plans, loan modifications, workout assumptions, partial claims short sales and deeds in lieu of foreclosure.