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- What is a Loan Modification?
A Loan Modification is a procedure in which a loan's terms, such as the interest rate, the balance, or the monthly payment and term, are changed to meet the current financial situation of the homeowner. All of this is done with the approval of the lender. In other words, we negotiate with your lender to change the terms of your loan (like the interest rate, balance, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and avoid foreclosure.
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- How do you qualify for a Loan Modification?
There are no specific guidelines for qualification however in 2009 the Obama Administration introduce the Homeowner Affordability Modification Program which streamlined the process for many participating banks as well as outlined the guidelines necessary to obtain a modification. The most important aspects of qualification include a financial hardship, property depreciation, and either existing or imminent risk of default on the loan.
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- How can a Loan Modification help me?
The purpose of Loan Modification is to work out an agreement between you, the borrower, and the lender in order to stop foreclosure proceedings and create a solution that fits your budget and the lenders need to keep you paying on time. By utilizing a Loan Modification you may be able to either permanently or temporarily lower your payments and regain control of your finances!
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- How long does the process take?
Loan Modification can take anywhere from 30 days all the way up to 120 days, or longer, depending on the bank and case details. GMA Modification Corp., is there to make the hassle as quick as possible and hassle free for you, the homeowner.
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- How do I know GMA Modification Corp is a legitimate organization?
GMA Modification Corp., is a subsidiary of GMA Financial Corp, which also owns GMA Mortgage Inc., GMA Realty Inc., and www.ForeclosedBus.com. We have been in business in the Real Estate and Mortgage arena for the past decade and employ only the most experienced and knowledgeable staff. We have had national recognition in the New York Times, CNN, as well as The Miami Herald (the largest publication is SouthEast Florida). As well, we also currently hold an Excellent "A" Better Business Bureau rating and guarantee our services in writing or your money back!
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- Why should I use GMA Modification instead of going with my bank directly?
GMA Modification is experienced in representing YOU, the homeowner. We deal with a very large volume of cases monthly with the same banks you hold your mortgage through and not only know exactly what the banks are looking for but we fight to get you the best possible terms. Along with expert representation we also spend countless hours on hold, on your behalf, argue and fight for you no all levels of the bank, and remain persistent even when someone else would give up!
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