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No application fee. No consultation fee. You will only be charged if we successfully negotiate your loan modification. Tampa Bay Home Solutions staff has been trained to modify the terms of your mortgage and help you get up to date on your payments. By restructuring the terms of your loan, we can help you become current on your mortgage and get your loan in good standing again. Our experts look at your case individually based on your financial situation. We want to stop the foreclosure process now, keep you in your home, and establish a financial plan with mortgage payments you can truly afford. We don’t want to give you a short term "band aid", but a permanent solution to the danger of foreclosure. Our proven Loan Modification Program gets results without refinancing! Let us help you get back on track by negotiating with your bank and get you into an affordable loan. We make the process convenient, effective and fast! Comparison of Modification vs Traditional Refinance Loan modifications are only truly relevant in the real estate world when properties values are dramatically declining. Since the real estate economy has been stable for over a decade, most people have had no need of a loan modification. Therefore, when a homeowner's mortgage needs to be addressed for any reason, refinance is the initial thought. Refinancing is advisable in a stable or increasing market. It gives the homeowner the ability to take cash out when needed, lower their interest rate, fix their interest rate, as well as other options. In today's declining market, refinancing is only available to a select few. Getting approved for a traditional refinance is extremely difficult because Wall Street is no longer purchasing loans from originating banks and lenders have cut programs to all but a select few. If government is not guaranteeing these loans, then most brokers and lenders will not release these funds. FNMA, Freddie Mac, and FHA are the Government Sponsored Enterprises (GSE's) who were supposed to come to the rescue but were denied the ability to do so. Potential homeowners and current homeowners looking to get financing/refinancing, must have superb credit, equity, job security, disposable income after ALL bills are paid and proof of the ability to repay a large mortgage. If ANY of these conditions are not met, getting a loan is almost impossible. When considering refinancing in a market where equity has evaporated, causing balances to exceed value, there is no option to refinance. This is true for all borrowers, subprime as well as qualified borrowers. Cost Comparison: Modification vs Refinance Refinance: 1% - 2% of the loan amount plus closing costs (closing costs are generally $2,000 - $5000). Many people do not mind the points or the closing costs because they are usually added into the loan. Rarely are they paid "out of pocket". Closing costs and points increase the monthly payment! Generally speaking, a $500,000 refinance will cost a borrower over $10,000 (usually higher) in combined points and third party fees. Modification: $1000 - $3000. Our service fees typically cost $1000, but will vary according to each client and their specific case. (A principal balance reduction will take longer than getting an ARM into a 30-40 year fixed.) There is no application fee and no consultation fee, and you will only be charged if we successfully negotiate your loan modification. Tampa Bay Home Solutions has processors that assemble the file, mortgage professionals that analyze the files, and your case manager that will liason with our attorney with only the specific sections of your case requiring legal analysis. Our company is structured in this manner to provide some of the lowest costs in the industry. Our success rate and benefit to the homeowner surpass the costs. How to Decide Whether to Refinance or Modify? Whether a homeowner will be able to refinance or modify their loan depends on each individual situation. Most homeowner interested in doing either in this market are the ones in trouble and do not qualify for a refinance. If you are behind on your payments, we can modify your loan into a fixed interest rate lower than what you started with. When a borrower is late but can show (with our expert guidance) the ability to pay a lower payment, we will get you caught up with your bank and get you the payment you can afford. Although we can provide you with local Mortgage companies who specialize in refinance, we always recommend the benfits of a loan modification. **Tampa Bay Home Solutions is not a Mortgage Company because the mortgage industry is predicated on trying to convince the borrower to accept a higher rate than is necessary so that mortgage brokers make exorbinant profits. (it is the opinion of Tampa bay Home Solutions that if regulations were in effect during the last real estate boom that limited how much an mortgage broker/loan officer could make from a home loan, (ie...greed!), much of our current disaster could have been avoided!) Contact us now to see how we can help you! |
| LOAN MODIFICATIONS - FAQ's If you can no longer afford your mortgage payments and could potentially be in danger of losing your home, then our loan modification program might be for you. What is Loan Modification? Loan Modification is a procedure in which a loan's terms, like the interest rate, the monthly payment or the term, are changed to meet the current 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, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and save your credit. According to Investopedia: A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan. Is Loan Modification right for me? In order to qualify for a loan modification you must be experiencing some type of hardship. This can be anything from owing more than your home is now worth, an adjustable rate increase, loss or reduction in household income, divorce, or unforeseen expenses such as medical bills. If you are you one of the millions of Americans with an Adjustable Rate Mortgage that is about to reset to a higher monthly payment, then Loan Modification is probably right for you. Since most folks that got interest-only and adjustable rate mortgages don’t have much equity in their home, it will next to impossible for them to refinance. Short-sale or forbearance are not good options because they have negative tax and credit history consequences associated with them. A Loan Modification procedure does not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment. What happens in a Loan Modification Procedure? In a Loan Modification procedure, your loan's terms, like the interest rate, monthly payment or the length of the loan, can be renegotiated to match what you can pay. So if you can’t afford to make higher payments on your mortgage, we negotiate with your lender to keep the lower payments. Isn’t this the same as Debt Consolidation or Refinancing? NO. This is not debt consolidation. And this is not an offer to refinance from a mortgage company. It’s a shame to see so many debt consolidation companies out there that claim to help people but really end up just taking their money. Most debt consolidation procedures out there consist of just putting everything a person owes on a credit card, trying to negotiate a better rate, charging a high fee and calling it a day. As mentioned, for a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people. What do you need from me to get the process going? Typically we ask for some details about your financial situation, your income, how much you owe on your home and other debts, and we prepare detailed paper-work for the lender demonstrating your inability to pay a higher monthly payment on your loan. We then renegotiate the terms of your mortgage through the Loan Modification process, to allow you to keep a lower payment. How long does the Loan Modification procedure take? It can be done in as little as 60 days or less, but sometimes as long as 90 days. Are lenders and banks willing to go through this process? Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it, so the majority of lenders are very open to the Loan Modification process. So consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike. Will I have to meet with the Bank/Lender or deal with Paper-work? Absolutely not. We take care of all of the paper-work for you, so you don’t have to worry about the red-tape and negotiation associated with the process. You will never have go to your lender, or bank, we do all of the leg-work for you and will fight to reach the ultimate goal of keeping your home, and arriving at a monthly mortgage payment you can afford. Does everyone qualify for the Loan Modification process? Unfortunately in certain situations, you may not qualify for the Loan Modification process. This is usually the case with people that have waited to long to act and take charge of their situation. There are other options available to folks and our team of expert consultants will explore every possibility to save their home and their credit. When is the best time to do something about my ARM or Interest-Only Loan that is going to reset? DON’T WAIT! Time is your worst enemy in a situation where your payment is going to increase, and it is likely you won’t be able to afford it. Since it takes 60-90 days to complete the process, the best for you to call is RIGHT NOW. 727-687-1617 Do I have enough time to stop my foreclosure? It is important to check the state laws pertaining to your situation but know that time is your worst enemy in these situations! Stopping your foreclosure has to do with in many ways has to do with you taking charge of your situation and acting now! There are some required time lines, like getting a loan, loss mitigation, document preparation, etc. They all require time. If you’re worried about having enough time to stop the foreclosure, then call right now, not later. How successful have you been in other cases? We have a high success rate, simply because we fight for the client, not the lenders. We are Real Estate and Finance professionals with decades of experience dedicated to helping you save your home and your credit. If we think your situation is beyond remedy, we will tell you right away. We know you’re used to getting your hopes up only to be let down later and want to be up-front and honest with you. If we accept your case, we will explore every possibility to save your home and your credit. What programs are available to homeowners who don’t qualify for Loan Modification? Besides Loan Modification there are quite a few options, some better than other. We can get loans, refinance, sell your home, do a short-sale. It all depends on what is best and possible in your situation. We specialize in working with homeowners who want to keep their home. The majority of homeowners who contact us want to save their home from foreclosure and get their lives back on track, and that’s what we’re here for. |
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