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FAQ
Do you have video
tutorials?
Yes, they are built into the software, and they can be updated by the
company instantly.
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 2%, 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.
Solutions Loan Mod professional packages are designed for fast lender
approval!
Is it
easy to submit a loan modification request on my own?
Yes,
Solutions 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. You will also receive
the
Home Version of our software.
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 Predatory Loan 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 60 to 120 days to
complete.
How is
a loan modification different than a Predatory Loan 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, click above.
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.
Can the
software be used for business?
Yes,
it provides professional loan modification packages that are designed
for quick approval. 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, can copy and paste the software letters into MS Word.
What
are the system requirements?
Windows
Operating Systems ONLY, 32-Bit 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.
How
many licenses or copies come with each purchase? ONE
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