The primary question homeowners want answered when they are looking for a loan modification centers around “how does your company work,” or “how does your company handle the loan modification process?” We get these questions from people who either call into our company office at the number listed at the top of this page or they fill out an online application on our website at: http://www.loanmodificationfoundation.com/application.php

In this post, I will do my best to explain the process thoroughly for you.

First, we ask you a series of questions to get an idea of your personal and financial situation. We ask these questions to determine if there is a personal or financial hardship that would warrant the need for a loan modification. Once we determine that you would be a strong candidate for a loan modification, we send you a loan modification packet that we need you to complete and return to us within 5 business days. If we do not receive your information back in our offices within 5 days, we deactivate your file. We cannot wait until you are ready to modify because the need for a loan modification should be a priority for you. If it’s not a priority for you and you don’t get us the documents we need, how can you expect us to work on your modification for you.

Once we get the required loan modification documents back from you, we review and submit your application to your lender within 48 hours. From that point forward, we call your lender every other day to get status on your file and to make sure they expedite your loan modification package. We push them to make sure they give you the best modification possible.

We update you, the homeowner, every Friday to let you know what is going on with your file and to give you the latest status on your loan modification application. For the first 30 days or so, there is not a lot of activity by your lender on your file (unless you are in active foreclosure or a sale date has has been set). Lenders are so busy right now that it usually takes about a minimum of 60 days to get your file reviewed by your lender for a modification. Sometimes it is faster than that and sometimes it is slower but that is usually the average timeframe. Once there is more activity on your file, we will be in contact with you once a week to let you know what your lender has decided in regard to your loan modification.

Once your lender reviews your file and determines you qualify for a loan modification, we go over the information with you before agreeing to a modification on your behalf. We always want to make sure we are all on the same page and we are in communication every step of the way.

Once your lender determines that you are approved for a modification, we charge a fee to you of $2500. We take what we do very seriously and we work very hard on your behalf to make sure we get you a more comfortable mortgage payment. As I’ve stated in the past, we do not charge this fee up front. This fee is charged once we know that your lender has definitely approved you for a loan modification.

I realize that everyone has a unique situation and we address your questions when we talk to you on the phone and get an idea of your financial or personal difficulties that warrant the need for a loan modification. In the beginning, the most important thing is returning the loan modification package and documents to us that we sent you via e-mail so we can review your file and get you started right away. For the most part, we try to answer most of your questions on our website: www.LoanModificationFoundation.com. However, if you don’t find your question answered on the site, just give us a call.  There are millions of people that are going through a tough time right now so it is important to take action so you don’t have to wait any longer than necessary to get your lender to modify your loan.

As always, we are here to help. Don’t hesitate to call if you need assistance.