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American Capital Revitalization Group Is the West Coast’s Top Rated Loan Modification Firm
  • USA - English


News provided by

American Capital Revitalization Group

Jan 24, 2015, 03:00 ET

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Beverly Hills, CA (PRWEB) January 24, 2015 -- Homeowners facing a major financial hardship that could lead to a foreclosure may work with a lender to get a loan modification -- sometimes called a mortgage modification, workout plan or restructuring -- which will change the terms of the mortgage loan so the borrower can afford the payments. But what happens when your lender turns you down for lack of income or too much income? Your lender doesn't always understand what is going on in your life until they walk in your shoes. Well at American Capital Revitalization Group we understand what it’s like to walk in your shoes. We have help thousands of clients get from pre-foreclosure to a more affordable monthly payment. To do this, we work with your lender to have them either refinance the loan, pay a lower interest rate, extend the term of his loan, skip payments and add them to the total loan amount or roll past-due payments into the total loan amount.

What Is the Home Affordable Modification Program?
In 2009, the government created the Home Affordable Modification Program (HAMP), which is part of the government’s Making Home Affordable Program designed to provide relief for troubled homeowners. HAMP helps troubled homeowners by reducing their mortgage payments so that these payments are 31 percent of their pre-tax monthly income. Unfortunately not all lenders like to follow the rules or guidelines and not all lenders participate in HAMP, but you may be able to work out a loan modification with them nonetheless. Most lenders do have “In House Programs” to allow you to qualify for a program that works for your budget.

How does a borrower qualify for and obtain a loan modification?
Even lenders who don’t participate in HAMP, mortgage companies with loans owned by Fannie Mae and Freddie Mac must participate, and offer loan modifications, though their criteria for who qualifies will vary. To qualify for HAMP, you must:

  • Have gotten your mortgage on or before Jan. 1, 2009. Owe a maximum of $729,750 on your primary residence or single-unit rental property or up to $934,200 on a two-unit rental property (the government sets higher limits for rental properties with more units).
  • Have enough documented income that you could pay your mortgage if it was modified.
  • Have a financial hardship and thus are delinquent or in danger of becoming delinquent on your mortgage payments.

Typically homeowners must show that they are facing “serious' financial hardship such as a loss in income, illness or a divorce that puts them at risk of defaulting on their mortgage. They must prove this hardship with documentation and sign an affidavit to that effect.

At American Capital Revitalization Group we know how to properly put together your financial packet from the beginning to get you approved and on with your life. We make sure our clients will provide the following documents to lenders to be considered for a loan modification: income documentation such as recent pay stubs; tax returns; a list of assets and their estimated values; credit card and loan statements; and a letter outlining the financial hardship they face. Once you have gathered all of the for mentioned documents we will properly process those documents so they can be submitted to your lender and you are approved within 90-120 days. With most lenders you do not need to be late on payments to qualify for a loan modification; you just have to show that you’re likely to default on payments if action is not taken by the lender. Consider hiring a lawyer to help you through the process and/or calling your local HUD-approved counseling agency.

What Is the effect of a loan modification on my credit?
At American Capital Revitalization Group, we understand the Federal Law and how participating in HAMP probably won’t see a dip in their credit score, as the government has set up requirements that lenders report HAMP in such a way that it doesn't currently harm your credit score. However, there is no guarantee that a loan modification in general won’t impact your credit score.

What are the alternatives to a loan modification?
If you don’t qualify for a loan modification, you don’t pay. Period

For more information please go to http://www.ifixcredit.org

Ryan Christianson, American Capital Revitalization Group, +1 (424) 332-0998, [email protected]

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