Real Estate in Downey, Norwalk, Bellflower, Paramount, North Long Beach, Pico Rivera, South Gate, and surrounding areas.

CA Dept. of Real Estate Lic. #907130

$8,000 Buyer Tax Credit:

A Buyer Can Use The $8,000 Credit Towards an FHA Purchase

Real Estate Loan Modification

A Loan Modification in the real estate industry is a CHANGE IN either the PAYMENT OR in the TERMS of a real estate loan.  Some of the most common types of loan modification can be:

Change in Interest Rate - 
For example, a lender can agree change your interest rate from an 8% rate to a 7.25% interest rate.

Change in Monthly Payment -
The monthly payment may be changed, whether or not the actual interest rate is changed.  

Change in the Length of Time of the Loan - 
A loan could be changed, for example, from a 30-year loan to a 40-year loan.
This, of course, would create an automatic reduction in monthly payment. 

Other Types of Changes -
Other examples of Loan Modifications would be a change from an adjustable interest rate to a fixed interest rate loan, waiving late fees, deferring payment of prior foreclosure fees, etc.

 

Who Can Do A Loan Modification

Only Licensed Real Estate Agents and Licensed Attorneys can legally assist a home owner with a Loan Modification. 

However, a homeowner CAN NOT Be Charged for Loan Modification assistance until after the Agent or Attorney has actually performed the loan modification service.

A Real Estate Agent or Attorney can collect an up-front DEPOSIT for loan modification work to be done performed.  However, any money collected up front must be deposited in a separate Trust Account, unspent, until the loan service has been completed.

Of course, a homeowner can also contact their lender directly and attempt to negotiate their own Loan Modification.

The draw back to this is that a homeowner may not be very familiar with the best ways of dealing with the lender.  A homeowner may not have the time and willingness to invest in the sometimes painful learning curve that is sometimes required in learning how to deal with a lender. 

For further information or assistance regarding the Loan Modification Process please Contact Us.  Much of the assistance we can provide would be  ABSOLUTELY  FREE!!