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Save your home today with a Loan Modification by calling American Capital Revitalization Group
  • USA - English


News provided by

American Capital Revitalization Group

Jan 28, 2015, 03:00 ET

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talking to an agent at ACRG
talking to an agent at ACRG

Beverly Hills, CA (PRWEB) January 28, 2015 -- With all the publicity about loan modifications and President Obama promising to help homeowners, how do you know where is the right place to turn for help? How many horror stories do you hear about people submitting documents to the bank just to find out they lost your paperwork? Do you even trust your lender? I mean they are the ones that got you into this mess, why would you trust them to get you out?

The first this we need to understand is, what is a loan modification?

“All I have to say is thank you, thank you, thank you!! My loan modification is complete and my house will not be sold in a sheriff sale. Thank you for helping me out when I needed it, I will always send my friends to you guys!“ Steve N., Norwalk – CA

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Whether you call it a loan modification, mortgage modification, restructuring, or workout plan, it’s when a borrower — who is facing great financial hardship and is having difficulty making their mortgage payments — works with their lender to change the terms of their mortgage loan. The workout plan could result in temporary or permanent changes to the mortgage rate, term and monthly payment of the loan. The plan’s goal is to help the borrower reduce their monthly mortgage payments to 31% of their gross income. Under Obama’s plan, loan modifications will be standardized, with uniform loan modification guidelines used by Fannie and Freddie Mac, and then they will be implemented throughout the entire mortgage industry.

Who is eligible for a loan modification?

According to the Department of Treasury: “Anyone with high combined mortgage debt compared to income or who is “underwater” (with a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. Eligibility for the program will sunset at the end of three years.”

As reported in the LA Times, “This program applies to borrowers who are unable to make — or are struggling to make — mortgage payments that exceed 38% of their monthly income. If the lender agrees to lower the interest rate or reduce the principal amount to bring the payment to 38% of the borrower’s income, the government will pay half of the additional cost to the lender to reduce the payment to 31% of the borrower’s income.”

Who’s not eligible for a loan modification? Not just speculators or those who bought homes for investment purposes. All homes must be modified if behind on their payments. Also, mortgages with amounts above the conforming loan limits will now be eligible under new programs and guidelines.

How does someone get a loan modification?

There are several ways of getting a loan modification but the most aggressive way is to contact American Capital Revitalization Group and speak with one of our senior account managers. All of our staff is educated on the latest programs offered by your lender and the Federal Government.

Also depending on the direness of your financial difficulties, it’s always good to hire legal counsel. call American Capital Revitalization Group for guidance.

Why would lenders modify your loan?

Incentives. According to USA Today, the plan also includes incentives to encourage mortgage servicers — who collect fees for refinanced and delinquent mortgages — to work with qualified borrowers to modify loans. Servicers will get $1,000 for each eligible modification they make, and another $1,000 a year for three years as long as the homeowner remains current on payments. Homeowners who stay in their properties and are current will get a monthly balance reduction to help reduce their loan principal. That will amount to up to $1,000 a year for five years.

Also, banks would rather have you stay in your home — even if they’re not making the full amount they signed up for — rather than have the house go to foreclosure. They stand to lose more if you foreclosure than if your loan is modified.

Bottom line

It is estimated 3-4 million homeowners will benefit from working with American Capital Revitalization Group. Will you be one of those people? Get a fresh start and live the life you and your family deserve. Call today 855-273-5051!

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

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