Mortgage Loan Modification - Loss Prevention.
At Martin Business Consulting, we offer different mortgage payment loss mitigation assistant options that could potentially help you save your home. Under these options, you typically can reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as the payment amount, length of the loan, interest rate, etc. These options may include:
Loan modifications
a permanent restructuring of your mortgage where one or more of your loan terms is changed to provide you with a more affordable payment. With a loan modification, the lender may agree to do one or more of the following to reduce your monthly payment:
1Reduce the interest rate.
2Convert from a variable interest rate to a fixed interest rate, or
3Extend of the length of the term of the loan.
Forbearance agreements
An agreement that helps to provide short-term relief for you as a borrower. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period. In exchange, the borrower must resume the full payment at the end of the forbearance period, plus pay an additional amount to get current on the missed payments, including principal, interest, taxes, and insurance.
Repayment Plan
If you’ve missed some of your mortgage payments due to a temporary hardship, a repayment plan may provide a way to catch up once your finances are back in order. A repayment plan is an agreement to spread the past due amount over a specific period.
1The lender spreads your overdue amount over a certain number of months.
2During the repayment period, a portion of the overdue amount is added to each of your regular mortgage payments.
3At the end of the repayment period, you will be current on your mortgage payments and resume paying your normal monthly payment amount.
This option lets you pay off the delinquency over a period. The length of a repayment plan will vary depending on the amount past due and on how much you can afford to pay each month, among other things. A three- to six-month repayment period is typical.
Required documentation (as applicable):
- a financial statement
- proof of income
- most recent tax returns
- bank statements, and
- a hardship statements.
At Martin Business Consulting, we understand that your home is your priority and we are here to discuss your mortgage loan with personalized care. Call us today at 1-877-371-4646 and schedule a no obligation consultation with one of our mortgage expert who will review your document and advise you on the best way forward.
