Am I eligible for a loan modification?

The answer depends on your unique set of circumstances.  If you are in a situation where you are unable to pay your mortgage and have fallen behind in your payments, attempting a loan modification is always the first step.  Whether the delinquency is due to recent financial difficulties such as a job loss, or recent changes to the loan terms such as an adjusting interest rate which have made it unaffordable – documenting the hardship and providing proof of what you can afford is critical to the decision.  A modification is not guaranteed however.  Two critical factors that determine whether a loan can be modified is whether the new terms will result in a payment that is verified to be truly affordable to the borrower, and if the lender or loan servicer can make the proposed changes to the loan according to their own contractual obligations to investors.  A loan modification is not usually available for borrowers with no extenuating circumstances who can continue to afford the loan and choose not to, or to borrowers where even a sizable change to the terms will not result in the likelihood of their ability to repay the loan.  Making these determinations and understanding the available options is where using a skilled representative such as The Center for Fair Lending can truly make a difference.

Am I eligible for a modification even if I am not currently delinquent?

Yes, you may qualify for a loan modification even if you are not currently delinquent.  If you are in a situation where the terms of your loan are scheduled to change in the next 60 days and you are able to demonstrate that the resulting monthly payment will far exceed your ability to repay the loan.  Not sure on when or what the upcoming changes will be on your loan?  The Center for Fair Lending will take the time to explain what you can expect, and proactively reach out to the lender to protect your good credit and ensure your mortgage remains affordable.

Is a loan modification a refinance or debt consolidation?

No, a loan modification is simply a process where the terms of your existing loan are changed in order to make the payments affordable and assist you in avoiding any further negative impact to your credit and help you stay in your home.  There is no change in the lien-holder and you are not forced to pay additional fees to a title company, mortgage broker, etc.

What if I don’t qualify for a loan modification?

There are several other options for borrowers that do not qualify for a loan modification, some of which still allow the borrower to stay in their home and all of which assist the borrower in avoiding the stress and difficulties of the foreclosure process.  The Center for Fair Lending employs former loss mitigation and REO experts from major lenders, as well as mortgage and real estate professionals that can determine the absolutely best solution for your unique situation and have the professional networks and knowledge to accomplish it in short order.  For further detail on additional options that may be available, you may visit our Solutions page.

How can I find out if I am eligible?

The Center for Fair Lending can review and help you determine the best possible option in several ways, and do so at no cost.  First, you can apply directly online via our secure application which, once received, we will promptly review and determine a course of action within 24 hours.  It is helpful if you collect all of your loan’s information and your monthly financial information before starting the full application, as it requires some detail.  Additionally, you may fill out an abbreviated online questionnaire to determine your basic qualification and provide us with the information to follow up with you.  Finally, you may contact us at (XXX) XXX-XXXX where we can discuss with you any questions you might have or apply for assistance over the phone.

How long does a loan modification last?

Depending on your specific circumstances and the policies of the lender, a favorable modification of loan terms can last anywhere from six months to permanently.  Recent indications from federal legislative and regulatory agencies have placed pressure on lenders to find solutions that are not only affordable, but sustainable over a longer period as we undergo this challenging economic environment and disrupted housing market.  Given that expectation, the current likelihood is that a successful modification will last a period of at least 3 years if not longer.

How much does using the Center for Fair Lending cost?

Unlike many companies which claim to offer similar services and charge fees up front regardless if they are successful or not, the Center for Fair Lending does not charge any initial fees to our customer… and depending on the solution and the lender involved, there may be absolutely no fees to you at all.  Upon a successful resolution, if a fee is required, the Center for Fair Lending will guarantee that the entire cost for a modification will not exceed $800 (usually less) – which is much less than what is commonly charged by competitors with far less industry knowledge and experience, and oftentimes far less than the amount a borrower actually saves on their very first modified payment!  Other solutions such as short sales and deed-in-lieu resolutions have different costs, but none greater than $800, and none are charged unless the borrower is successful in their efforts.