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 $599, plus
you get a Enterprise 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!
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. Please 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 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 Professional or
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. , 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