Frequently Asked Questions

Do lenders modify all loans in trouble?

Not all lenders and servicing companies offer mortgage modification. However, most do and it is one of the easiest and fastest ways to stop a foreclosure and get back on track with affordable payments. If your lender will not approve your application, please contact us immediately as we may be able to align you with a professional and or an attorney in your hometown.

Why do lenders modify loans?

Lenders frequently approve modification for homeowners in financial difficulty. They do this to cut their losses and to make the best of a bad situation. Lenders and investors do not make money on foreclosures. Losses range from 20 cents to 60 cents on the dollar. Lenders typically lose $50,000 or more on one foreclosure. Make no mistake, lenders do not offer modifications because of their compassion for you or your family. They make deals that they believe will maximize what they collect; it’s strictly a dollar and sense decision.

Should I hire an attorney?

The hiring of a lawyer is an important decision. If you currently have been served with foreclosure papers, you may want to and or need to contact an attorney. In many cases, lenders will slow up or postpone the foreclosure process to consider a rate modification. However, this is not a guarantee. You may want to consider having a consultation with an attorney.

What lenders do you work with?

MyHomeMod.net has taken their 21 years of experience and put it into a complete DIY web based platform, allowing you the homeowner to basically use our expertise, and professional software to process your own modification. Additionally should you run in to a bump in the road MHM will provide superior customer service to you from the hours of 9am to 9pm EST. MHM will, upon your request review the information that you have entered to ensure that is entered correctly - Remember the purpose of our software is to allow you the homeowner to prepare a professional modification request.

What exactly will you do for me?

With your written authorization,and permission; MyHomeMod.net will contact independant processing companies and attorneys to discuss alternatives to your current loan. We have extensive experience in this area and will coordinate through a third party to develop a winning strategy or plan for you. With your input, our software will prepare clear and complete financial packages in accordance with the guidelines of your particular lender. Each lender has its own guidelines and requests various documents from individual borrowers based on their individual loans. You will need to upload a copy of recent bank statements, tax returns, pay stubs and detailed information regarding your income, expenses, assets and liabilities to your account. All of this information will then be transmitted to your lender via our lender package contained within our software. You will then have the option to follow up and negotiate your modificationon directly with your bank; should you need to utilize our third party services; upon your written consent they will have your information immediately..

Can I do this by myself?

Yes, you can work directly with your lender. To do this, you must develop and understand the issues that you will raise. You must be fully aware of the risks you may be taking and the resources of your adversary, if any.. The more you know in these areas, the more power you will have and thus the more effective you will be when negotiating your loan and achieving your objectives. However, many homeowners who try to resolve their issues without assistance find themselves back in foreclosure within a few months. This is because lender recommendations are very often self-serving and totally unrealistic. Moreover, the customer service and loss mitigation departments are hard to reach and often disorganized. It takes persistence and experience to navigate through lenders’ red tape. MyHomeMod.net has taken its experience to allow you to push your file through the system to get results, by preparing complete modification packages.

I can’t get anywhere with my lender, how will you?

Make no mistake, mortgage customer care departments are about as bad as it gets. In the first 120 days, most lenders are totally unresponsive and unsympathetic to your problems. They are trained to do one thing: Demand Payment. In fact hundreds of thousands of homeowners have lost their homes - - and many more will - - as a result of miscommunication, servicing abuse and just plain neglect. MyHomeMod.net specializes in getting through to lender, getting your package through the red tape and following up with extreme persistence to obtain a favorable option to foreclosure for you.

What happens if I already have been served with foreclosure papers or I have a scheduled sale date?

Whether you are in the early stages of your foreclosure or whether you already have a scheduled sale date, we will aggressively attempt to postpone the pending sale to give you and us more time to come to a resolution with your lender. In many instances, the lender will delay the sale of your property to consider a rate modification or other alternative to avoid taking the property. Once your enter into an agreement with your lender, the foreclosure proceedings will not continue.

Should I contact my lender immediately?

In some cases, immediately contacting your lender without understanding your position may not be a smart idea. Out of fear of loosing their homes, many people often say things that aren’t exactly true or give unnecessary information. Lenders will use whatever you say against you if it benefits them to do so. At the same time, you cannot delay in seeking to make alternative arrangements with your lender. It is our purpose and goal to contact your lender and take well-planned, deliberate action on your behalf.

My lender will not accept my payment.

When you are more than one payment behind, your lender may decide not to accept any payment less than the full amount due at that time. There is not much you can do other than begin negotiations to get up to date with your mortgage. Often times, lenders will excuse the late payments if you qualify for a rate modification.

My original lender sold the loan to a servicing company.

Loans are sold on a regular basis without your approval. Typically, a notice is send to the homeowner advising of the change. Your monthly payment or other terms of your mortgage should not change.