Ask The Experts 

See other people's questions below.
When doing a Loan Modification can you do it with another bank or do you have to use the the lending organization that provided you with the loan?  San Jose, CA

A loan modification is with the lender you currently have. When you modify a loan the only thing that changes are the terms of the loan. If you want a different lender you need to have a refinance. If you have negative equity you need to get a short refinance and this is very difficult.
Have you done loan modification on income property? Can it be done? Self employed borrowers?  Los Angeles, CA
You can get a modification done on rental property just like you can your primary home. You can also get it done if you are self employed. The only difference is how we prepare your game plan.
I got a modification from my bank a few months ago but they only took my rate down to 7.5% and the payment will go back up after a year. Is it possible for you to get a new modification and lower my rate?  Reno, NV
Oh boy, you should have gotten a much better rate. 7 1/2% on a modification is not low enough. Most lenders can go down to 4.5% and that is a much lower payment for you. Some times the lenders only give you what they think they can get away with. Remember, the lenders have to do everything they can to get the most amount of money out of you they can. When the lenders deal with the homeowner they know you will take less than we will. We remove all of the emotions out of the equation and it becomes purely business.  
What is the biggest challenge you face in getting a modification done?  Lancaster, CA
The biggest challenge we face in getting modification done is reworking the budget so it fits in the lenders profile.
"I have heard about the new program that might be coming out. Should I wait to see what they will do for me?"  Stockton, CA
I would not wait to see what the Gov does to help you. One thing you need to realize is their program is designed to only help about 400,000 families. Last month we had almost 400,000 that went into foreclosure, so the odds of your family being one of the very few the new program helps is very low. Also, why would you want to wait on them to help you when you may lose your home to foreclosure in the meanwhile... TIME IS OF ESSENCE. Your lender wants to help you because it is in their best interest to do so; they will continue to earn interest from you even if it is a lower rate, that is better than them losing you entirely. If I were you I would contact a Certified Foreclosure Specialiat IMMEDIATELY and have them prepare a package that will give YOU the best opportunity of success in getting a modification done.
"I am afraid of doing a short-sale on my home because I will get a 1099! Do I have any options left?"  Reno, NV
You can still perform a short-sale and get out from under your financial mess. If I were you I would consult with an accountant that specializes in Insolvency issues. If this is your primary residence, click the link above
"Mortage Forgiveness, Debt Relief Acto of 2007"
"I called my bank and they told me I had to be behind on my payments to get a modification, is that true?"  Fresno, CA

 No, you do not have to be behind on your payments to get a modification done. You may have been speaking with the collections department and their sole job is to get money out of you right now. Many times a person from the collections department has no authority nor any knowledge on loan modification programs. I speak only with the Loss Mitigation Department departments and once your package is completed and I submit your Loan modification package, you will be in their system for a modified loan that includes a lower interest rate and/or a lower loan balance plus sometimes an extended term.   
"I have two different properties, one is my residence and the other is a rental. Can I still get a modification done on them both?"  Phoeinx, AZ
Yes you can still get a modification done. I would work on both properties at the same time. 

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Why Should I Choose Loan Modification?

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         KEEP  YOUR  HOME 
Why Should I choose a Loan Modification?    In short, if you want to keep your home, but you are currently late on your payments or upside down on your loan, a loan modification may be your best and only option available to avoid foreclosure.
What Is A Loan Modification?   A Loan Modification is a negotiation between lender & borrower where the loan terms are restructured without refinancing.  The interest rate and terms of your loan are restructured to fit your current financial situation.

Our primary goal is helping homeowners who want to keep their homes, find a beneficial solution for their situation.  We will work with you to ensure that we can obtain an affordable solution for your loan modification needs. 

"I really want to help you keep your home and avoid foreclosure.  I want to do my part in helping our Economy by helping as many distressed home owners avoid Foreclosure which also helps our Economy get back on track."  Ginger Hopp, Certified Foreclosure Specialist

You are truly lucky to live in America!   In these market conditions, the banks and lenders have been mandated by the president to do everything they can to work out a payment plan with their borrowers. This is a great thing for today's  distressed borrowers. The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.

As your "Loan Modification Specialists", we currently work with most major banks and lenders to secure a loan modification which helps them to help you.  Within 24 hours after receiving your completed package, our legal team will contact your lender to notify them that they will be negotiating a loan modification on your behalf.  From then on, they will be working with you and your lender in order to find a solution to get you back on track with your existing lender.

Do not give your house back to the bank and give up!  We can help you plan your future, even if things looks dismal right now.  We will help you AVOID FORECLOSURE,  (see other options below in center column)

Call for a FREE Analysis of your situation.  If you are truly a distresssed home seller, it is absolutely FREE to you. NO LISTING FEES charged by me as your Realtor and Certified Foreclosure Specialist. 

Please contact us with any other questions or concerns.  Remember that time is not on your side, so if you are having problems or struggling to keep up with rising mortgage payments, don't delay and call us immediately for a free and confidential consultation.

What paperwork do I need to complete the process?

  • Client Authorization Form with signed Disclosures & Agreement
  • Financial statement (one page) current debts, income,assets
  • W-2's or 1099, plus current paystubs or P&L if self-employed.
  • Three months bank statements, 2007-2008 Tax return (first 2 pages ony)
  • Any correspondence from your lender or any Trustee notices.
  • Hardship Letter (describing what led to your distressed circumstances)

Once we receive these items from you, we can begin your loan modification promptly.  We create a professional file on your behalf.  One that includes all of your financial data including income, assets, expenses, and unexpected intangible expenses.  This data profile along with a full property analysis and then we package this together in a file that makes it easy for the lender to read and understand, allowing for a more comprehensive and quicker response than you would get through any other form of negotiation. 

Why didn't my mortgage lender tell me about this?
Because they are in the business of refinancing loans and making up to tens of thousands of dollars in interest. Quite frankly, they are so busy dealing with hundreds of loans that are in default, that they don't have time to deal with your situation personally.  That is why you need "Loan Modification Specialists" like us to handle it for you. 

Is loan modification my only choice?
No, if you are having trouble and behind on your payments you have several different options to fix your problem.

Reinstatement Plan - Where your lender will reinstate the original terms of your loan once you are caught up.

Repayment Plan - Where your lender will tack on an extra amount onto each payment for a set period of time.

Loan Modification - Where you negotiate a restructure of your current loan terms without refinancing.

Loan Refinance - Refinancing may be an option if you have the equity and credit required, plus the cash for Escrow fees.

Forbearance Agreement - Where your lender negotiates a repayment plan and may force you to list your home for sale.

Deed-in-Lieu of Foreclosure - You agree to sign your property back over to your bank and walk away.  WARNING:  This will stay on your credit report forever.  See Short in order to Save Your Credit.

Short Sale - Where you sell your property for less than you owe but your lender accepts it as payment in full.  This is the best plan to SAVE YOUR CREDIT when you have lost your job or suffered another hardship.  Be sure you hire a "Certified Foreclosure Specialist" such as Ginger Hopp, to be sure you will actually qualify and be accepted by the lender for a Short Sale.  Many distressed home seller had listed their homes, expecting the bank to take the deal, but when the "Short Sale Pacaking" is not pre-qualified and packaged correctly, the lender has no choice but to turn down the offering, even when the borrower is pre-approved.  Don't be one of those horror stories, hire only a "Certified Foreclosure Specialist" to have a smooth transaction and Save your credit so that you can buy a house when you are back on you feet.

Call for a FREE Analysis of your situation.  If you are truly a distresssed home seller, it is absolutely FREE to you. NO LISTING FEES charged by me as your Realtor and Certified Foreclosure Specialist. 

Pre-Foreclosure Sale - You agree to sell your property before foreclosure takes place. (requires equity)  Instead, List it & Sell it for less than you owe on it with the Bank's permission.

Bankruptcy - You have to file bankruptcy, Chapter  to protect yourself, but if you miss one payment you will be right back in foreclosure.  In many cases, we can stop a foreclosure and avoid bankruptcy with a Loan Modification.

A loan modification is a good solution if you cannot refinance because your house no longer has any equity with this declining market.  Also if you are behind on your payment or struggling to make your payments, have experienced a genuine hardship, and you want to stay in your home, a loan modification is a permanent solution to your situation and is not just a temporary stop to the foreclosure process like a bankruptcy often is.

What makes you different from other companies?
We charge more reasonable rates than many companies out there. Many companies have so many middlemen earning a fee they have to charge a lot more and their service may not even be as personable as ours.

Will I have to meet with my lender or deal with any of their paperwork?
Absolutely not.  We take of any of their paperwork and all of the negotiating on your behalf.  Some lenders may call you as soon as they receive our package; you can simply remind them that you are leaving it all up to us to speak on your behalf and refer them back to us.  Since we collect all the pertinent information upfront from you, it should not be necessary for them to contact you for any information you have already submitted to us.

How long does the process usually take?
It usually takes from 6 weeks - 15 weeks depending on the lender, type of loan, and individual situation.

Why are the Lenders willing to negotiate?  Banks are not in the business of owning property; they don't really want to own it; they are in the business of earning interest not selling houses. Of course, you must prove that you will be able to make future payments that we negotiate for you.  In other words, they want to earn interest on your future payments rather than earn nothing which would be the case if it went into foreclosure. 

Are lenders and banks really willing to negotiate?
Definitely.  Lenders do not want to foreclose on your home unless they have no other alternative.  If we can present them with a realistic professional proposal that makes sense, they are very open and receptive to the loan modification process.

Who qualifies for a loan modification?
Anyone who can prove they are having a tough time. Especially those who are currently a few months behind, those with negative amortizing loans, those with loans that are about to adjust, those who are upside down on their loan and those who would rather keep their home than do a
short sale.  

Actually, the bigger the hardship you are having, the more negotiating power we have with your lender.  Remember, they don't want to foreclose on you; they will lose too much themselves. They would rather keep you in your home and create a solution that will be affordable to you rather than go through the cost and expense of foreclosing on your property.

Can I negotiate a loan modification myself?
In short, yes you can, but you may not want to. You can contact your lender or your bank and see about going through the process of loan modification.  But, keep in mind that your bank has their best interest at heart.  They neither have the time nor the inclination to hear about what troubles you might be  experiencing.  What usually ends up happening, is that the bank will negotiate an agreement that helps them but still leaves you with only a temporary solution.  This also takes many hours of communication and back and forth information exchanges in order to accomplish.  It is not easy to complete on your own and the outcome may not be as favorable to you.  When you contact the bank they will ask for a "hardship letter" from you.  When they receive that letter, they will usually tell you that they will get back to you in about 8 weeks.  By the time you get back with them, or if you are lucky enough to get a call from them, you're already in worse shape than when you first started negotiation. You may even be in foreclosure by the time they get back to you.

What are the benefits of having you negotiate my loan modification instead of me?   We package up your Application for Loan Modification along with all of the other documents the Lender is going to require in order to accept a Loan Modification. They also want to see a drilled down net sheet to show them where they are in the market place, and that is one of the first things we do for you with our service. 

How Come You Have More Success?
Our Loan Modification Department has been doing hundreds of loan modifications every month, working with virtually every bank and lender.  They have open lines of communication with most lenders, which gives them the ability to negotiate directly with the person who is in charge of making a decision on your loan.

I've spoken to my lender and they just want all their money.  Can you still help?   Yes.  Many of our clients have experienced this same kind of inflexibility from their lender before calling us.  You're bank is going to try to put you into something that will benefit them first and put your needs last. 

Our staff has years of experience working with a variety of lenders and banks and we have the credibility and reputation to work with even the toughest lenders.  We have direct contacts with most lenders and banks and we are always taken seriously.

How much does it cost?
The costs associated with an attorney based loan modification will vary depending on the value of your property, the type of loan, the lender, and the number of loans held against your property. 
Since every loan modification is different, it requires a varied amount of negotiation. Starting price is $1695. for one loan plus $600. for each additional loan.  After a quick consultation, your loan modification representative can help determine what the exact cost of your loan modification will be.

"I lost my job and have no income at the moment. My lender told me that they would not work with me because I have no income. What can I do as I am afraid I am going to loose my house?"  Sacramento, CA
When do you think you will have another job or at least some type of income? The banks do not want your house; they want you to make your payments. The reason they told you that you did not qualify is because they do not want to give you a modification now and then come back and foreclose in the future. They would rather foreclose you now and move on. We need to see how long you may be out of work and what you expect your new income will be. I can ask the bank to give you 90 days to get your finances together and then apply for a loan modification.  
If you have no guarantee of future income, I can still save your credit from a foreclosure and List your property for sale for less than you owe.  I will submit a short sale package to a different department for your lender's permission to sell it short. In the meanwhile, I may be able to help you find a Lease with an Option to purchase. Then, when you are back on your feet, I can help you buy another home. 

Hopp for Action ... ... then, start packing !
                     Expect Extroadinary Service!
                     Your ' NEXT'  Realtor ®                                                                                    TESTIMONIALS

GINGER  HOPP     BROKER CFS #01240587          Realtor Since 1998


Specialty Counties:
Placer County CA, Nevada County CA, Sacramento County CA, Marin County CA, Sonoma County CA, Napa County CA, San Francisco Greater Bay Area

  (707) 790-0022
.  "Certified Foreclosure Specialist"  
   Specializing in NOTES @ 70% of current market value

                        HOMES R WE            LOANS R WE    
                         Call Team-Hopp ~ we'll HOPP-to-it

Thinking of Selling?     Call me & we'll discuss it ... no obligation