What Services Does SaveMyLoan.org Offer?
We are specialist in working with your lender (or lenders) to restructure your existing mortgage by developing a professional and practical plan that benefits both you and your lender. We also fully understand that you have a serious problem and only a short time to overcome the real possibility of losing your home. Lenders want to see a verifiable relationship between you and your income and expenses so they feel confident that you will be able to make the modified loan payments in the foreseeable future. We are experts at working with lenders to show this relationship in order to give our clients a fresh start.
Loan Modification - 99% of all "A" type lenders and 70% of sub-prime lenders (with high interest rates) will negotiate a loan modification where most of the delinquent payments and foreclosure fees are either wiped out or added onto the back end of the loan. Payments can remain approximately the same. In most cases the interest rate will be reduced permanently.
With the increase of interest rates on home loans many homeowners with adjustable rate loans are faced with mortgage payments they can no longer afford.
Our job is to convince the current lender that it is better to lower the homeowner's payment by lowering the interest rate or payment rate by creating a payment plan the borrower can afford, than to take the home with a foreclosure sale and lose money on the re-sale. Keep in mind lenders lose money on bank owned properties as it will sell for less than market value, and they must pay a commission to a Realtor; and closing cost plus the cost of holding the property while they wait for a sale in a market that is depreciating.
We need to prove to the lender what the maximum payment is that the borrower can afford by constructing a financial plan for the homeowner that the lender will approve.
Also, as the homeowner is often late with their payments and in foreclosure or soon to be in foreclosure, we need to ask the lender to forgive the delinquent payments or put them on the back of the loan.
A rate reduction in most cases is the only possibility for a homeowner to retain their home --our fee is a risk that each homeowner must weigh. Note: the success rate on a workout program without a rate reduction is 97%.
Note: If we can prove you owe more than the value of the property and there is a second loan, we can convince that second lender to take a major reduction --of 50% to 80% -- off the balance of the loan.
Under many conditions lenders will accept the property back from the borrower as full payment in order to save the time and expense of going through the foreclosure process.
Our job is to convince the lender it's in their best interest to accept the property as payment in full.
This is not a simple plan as we must provide the lender with a complex detailed analysis of current value of the property --and future value. Then we must prove that the borrower cannot afford to make payment or sell the home any time soon or at all.
Note: A deed in lieu will also prevent the lender from filing a 1099 on their loss which is regular income to the borrower.
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