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  • Loan Modification FAQ's:

  • Following are some definitions and information about the world of loss mitigation and loan modification processing that our readers may find useful. ModPro believes in clarity and demystifying the mortgage modification process.

  • Loss Mitigation Definitions:

  • Loan modification: A new mortgage rate, time frame, or other terms and conditions are modified on an existing loan.
  • Lien modification: The mortgage lender modifies the existing loan, making it possible for the borrower to qualify for refinance with a different lender.
  • Short sale: The mortgage lender allows the house to be sold at a price lower than the mortgage owed and forgives the borrower the balance of the debt. This is used as a last option to avoid foreclosure when other avenues are not feasible.
  • Deed in Lieu of Foreclosure: When a house in saleable condition has been on the market for at least 30 days without selling, the bank may accept the deed to the house in lieu of foreclosure and forgive the balance of the debt.
  • Loan modification net branch: a professional loss mitigation company specializing in helping brokers with loan modification processing for homeowners.

  • Frequently Asked Questions:

  • What changes occur within the mortgage with a loan modification solution?
  • A few different things can occur with mortgage modification. A variable rate may become fixed. An interest rate may be lowered, the time period for payment may be extended, or a combination of these arrangements.
  • How do Banks and other Lenders perceive Loan Modification? Would they rather foreclose?
  • Banks DO NOT prefer foreclosure to a reasonable, workable loan modification. Contrary to public image, banks are not looking to scoop up all the homes they can find. They have more real estate in their portfolios than they can handle.

    The average foreclosure costs the mortgage lender $50,000 and in today’s economic market the number of foreclosures is growing at an alarming rate. It is almost always in the lender’s best interest to participate in a loan modification program. As an experienced loan modification net branch, ModPro has worked with all of the big lenders and the reception we get is almost universally receptive and positive.
  • I’m a home owner. How do I get my mortgage broker involved with the ModPro loss mitigation services?
  • That’s the easy part. Have your broker visit us at www.ModProinc.com and fill out the simple online registration. We can answer any questions and your broker can fill out your home owner information right away for a prompt review of your case.

    Brokers: For professional loan modification processing from the leaders in foreclosure negotiation, Contact ModPro today!