FAQ
What is a loan modification?
A loan
modification is where you ask the lender to change the terms of your
mortgage so your payments can become more affordable. For
example, they could lower your rate to 3%, extend your
term, and/or lower your principal
balance.
Who can receive an loan modification?
Many homeowners are eligible for a loan
modification.
1. If you
have an ARM or high interest rate
2. You have
little to no equity
3. You are
struggling to make payments
4. You are in
foreclosure
5. or You just
want to lower you payment
What
qualifies as a hardship?
Any event that has either reduced your
income or increased your outgoings may qualify as a financial
hardship. This could be a job loss, struggling business,
illness, divorce or simply the fact that your interest rate has
adjusted resulting in unmanageable payments. There is no shame
in not being able to afford your mortgage after the teaser rate
period is over. Lenders know that many people were told that
they could simply refinance to a lower rate before the introductory
teaser rate adjusted upwards.
Do you know what
the most important aspect is in getting a loan modification
approved?
A well
prepared loan modification request package. Most loan
modifications can be approved without any lender negotiation.
However, a professionally prepared package significantly increases
your chances of approval.
4 Step Loan
Mod professional packages are designed for fast lender
approval!
Is it easy to submit a loan modification
request on my own?
Yes, 4 Step
Loan Mod makes it very easy to submit a fully prepared and
professional package that your lender can immediately use to process
your loan modification.
Can a loan
modification request stop foreclosure?
Yes! A well prepared loan
modification can influence your lender to place a hold on
foreclosure proceedings.
Does the software
process principal reductions for both HAMP and Non-HAMP
modifications?
Yes, it
will offer proposals for both methods if your situation warrants a
principal reduction.
Do I need to
be behind?
No!
Can I attempt a loan modification on my own and
then use your company or a law firm if I did not get a good enough
offer?
Absolutely, our company offers a
professionally prepared loan mod package at a very reasonable
rate. We could review your file to see why your attempt failed and
correct the error. Our fee for this is only $350, plus you get
a Pro Version of our software.
Please Click Here for more
information about the loan mod package preparation program.
For more money, a lawyer
may also try to see why your attempt failed and correct
any errors. It is important that you document all
correspondence with your lender during your modification in case you
later decide to take the law firm approach.
We also offer a forensic mortgage
audit service and FREE attorney referrals
for our audit clients. Our nationwide attorney list is
comprised of attorneys that understand Federal Lending Laws and know
how to use them to obtain relief for their
clients.
How long does a loan modification take?
Generally, a modification takes anywhere from
30 to 90 days to complete.
How is a loan
modification different than a forensic mortgage
audit?
A loan modification is where you ask
the lender to change the terms of your mortgage so your payments can
become more affordable. For example, they could lower your
rate to 3% and/or extend your term to 40 years or so.
The forensic mortgage audit is a review of the
mortgage related documents signed by the borrower on the day of
closing. The audit focuses on disclosure violations of federal
law, commissions violations and calculation errors. It does
not modify the loan terms, but it can make it much easier to get
them modified. Especially if you have been denied in the past
or need a principal reduction or do not qualify for the HAMP
program.
Why should anyone
do an audit to lower their payment?
Audits work to lower payments because it gives
power to the homeowner. The lender will now be much more
willing to negotiate with them for better terms now that they have
presented these violations. The homeowner is now in the
driver's seat!
I called my lender and they told me that they
do not do loan modifications. What are my
options?
You normally need to speak to the loss
mitigation department. Please make sure that you have
contacted the correct area.
If you are sure that your lender does not offer
loan modifications under normal circumstances, and your lender
makes at least 30 loans a year, you should consider
getting a Forensic Mortgage Audit to see if you can get special
consideration from your lender.
Will this impact my credit?
No, unlike a
bankruptcy or foreclosure, a loan modification, or attempt to do so,
will not appear on your credit at all. Making late payments on
your mortgage does damage your credit. It is very common for a
successful modification to remove any arrears from your account and
add them to the amount outstanding on the mortgage. This
brings your payments up to date and has a positive effect on your
credit score.
How much does the software cost?
Please see the comparison chart above. 100% Money Back Guarantee
provided!
How much does a professionally prepared loan
mod package cost?
The fee is
only $350 and you will receive a copy of the Professional Edition of
our software as well. Please Click Here for more
information about the loan mod package preparation program.
Can I test
the software without spending any money?
Yes. We have a Free Trial version
available for download. It does have restrictions, but
between using it and watching our Full Instructional video on the
download page, you will get a good understanding of this amazing
software!
Are their instruction manuals?
Yes, there is
a STEP-BY-STEP video provided. Also, a Read Me file is also on
the download page for quick reference
questions.
What organization
sells the software?
The
software is sold by Strong Family Fund, Inc. Click Here for more information
on the company.
Can the
software be used for business?
Yes, it
provides professional loan modification packages that are designed
for quick approval. You can purchase either our Professional
Edition or Branded Enterprise Edition. The software can be
used for a mom and pop operation (i.e., processing loan mod packages
for friends and family members) or a full fledged business operation
with many employees. Additional licenses can be purchased at
reduced rates.
Can I have the letters in the software changed
to my company letter head and signature?
Yes, this will be available with the
Branded Enterprise
Version mentioned
above.
What are the
system requirements?
Windows Operating System, Microsoft Excel 2002
or newer, Enable Macros, and Medium Security Or Lower for
Macros.
What is the unlock password or file?
This is a
security measure to keep the software from being copied onto
multiple machines. Once you download the software and open it,
you will be prompted to email your computer or machine
ID to the company in order to receive the unlock password or
file.
How many licenses
come with each purchase? ONE
What organization
completes the Loan Modification Package and/or Forensic
Audit? Homeowner purchased audits and
packages are completed by The New Earth Foundation, Inc. an IRS
approved non-profit 501 c(3). Homeowner audits/packages
may be tax deductible. Please Click Here for more
information about the homeowner
program.
Business purchased
audits/packages are handled by Strong Family Fund, Inc.
Click Here for more
information on the Wholesale Audit Program.
Do you have an affiliate program?
Yes, you can
earn 35% on every software sale. Click
Here
FREE Video
On How To Obtain Loan Modifications Even if you
Are Current! 
