|
 | Information |
 |
|
- 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.
Back to top
- How do you qualify for a Loan Modification?
There are no specific guidelines for qualification. The most common case is a form of financial hardship such as the loss of a job, loss of wages, increasing liabilities such as new borns, traveling costs (gas costs), increasing interest on current loans, etc... Another qualification include severe property depreciation where your mortgage balance is higher then the property value.
Back to top
- How can 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.
Back to top
- How long does the process take?
Loan Modification can take anywhere from 30 days all the way up to 120 days, depending on the service type. GMA Modification Corp., can only begin the negotiation process upon recieving the complete package from you.
Back to top
- 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 knowlegeable professionals. We have the most strict privacy policies, and will never release or sell any of your information, Guaranteed!
Back to top
 |
|
