H.O.P.E. eliminates the confusion of your modification and loan restructuring by providing you with options that are real.
Registering with HO.P.E. allows us to help you even further from our team of Experts that will keep you up-to-date on the latest information
Home Ownership Protection Experts Inc (H.O.P.E.) is a lifeline for homeowners looking for mortgage relief. (H.O.P.E.) was created to offer homeowners an alternative when seeking mortgage help. Moreover, H.O.P.E. recognizes that many homeowners are mislead or misinformed about loan modification programs.
We have found that many think they need to be behind in their mortgage to be eligible for a loan modification – this is a myth! Many homeowners also feel they need to show their lender that they don’t have any money remaining after expenses to cover the mortgage – another myth!
H.O.P.E. realizes the challenges that you face and we're here to provide the necessary resources for you to maximize your entire loan modification process and to keep what you hold dear: your home.
| WHAT IS A LOAN MODIFICATION? |
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In very simple terms, a Loan Modification is an adjustment made on a current mortgage (See H.O.P.E. Options on our Services page).. The operative word here is current – therefore, it means that it is NOT a new loan nor is it a refinanced mortgage. A Loan Modification is a permanent change in one or more of the following:
A) Interest Rate B) Principal Balance C) Payment |
| HOW IS LOAN MODIFICATION DIFFERENT FROM REFINANCED MORTGAGE? |
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Here is a breakdown of the major differences: Loan Modification
Refinanced Mortgage
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| WHO IS QUALFIED TO APPLY FOR A LOAN MODIFICATION? |
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There are important things that need to be carefully considered before you try to apply for a Loan Modification.
Homeowners need to have their credit, home value, and loan balance analyzed to see if they are better suited for a Loan Modification or a Refinance. Due to the current decline in values of homes across the Country, many borrowers find themselves without adequate equity to qualify for a standard loan refinance. Lower credit scores due to missed payments may also pose problems. An advantage of Loan Modification is that it does not require a high credit score, since the terms of an existing loan are simply being modified to make it more affordable. A lower home value may actually be helpful, as a lender will be more apt to modify your loan. This is reason enough for your lender to help keep you in the home and avoid foreclosure. Many distressed homeowners simply give up and give in to the foreclosure process; often without being fully aware of the Loan Modification option that is available to them. Home Ownership Protection Experts’ team of Loan Modification professionals will assist you in carefully analyzing your income and expenses. After such review, we will submit a proposal to your lender and demonstrate how our proposal will yield mutually beneficial results for all parties. After all, the lenders have to recognize that modifying your loan is financials more advantageous for you and for them considering the costs they would deal with if your property went into foreclosure. |
| WHEN SHOULD I BEGIN THE LOAN MODIFICATION PROCESS? |
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If you, as the homeowner, believe that you may lose your home, then the time to act is NOW. The sooner we begin negotiations with your lender, the greater the likelihood of a successful outcome.
Don’t wait for a formal foreclosure notice against you. Call (888) 809-0909 for immediate assistance. |
| HOW LONG DOES A LOAN MODIFICATION PROCESS TYPICALLY TAKE? |
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Typically, the whole process is completed within 1 to 2 months from the time a complete loan modification package is ready to present to the lender. Of course, the timing also greatly depends on how soon we can begin negotiating with your lender.
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| WHY SHOULD I CONSIDER HOPE OVER OTHER LOAN MODIFICATION COMPANIES? |
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Like you, we are also aware that hundreds of loan modification companies have sprung up overnight all throughout the Country. Unfortunately, many are not legitimate or are not experienced enough to handle your foreclosure problems.
At Home Ownership Protection Experts, Inc. (H.O.P.E.), experience, transparency, and professionalism are some of our advantages. Our principals and affiliates have over 75 years of combined experience in all areas of the mortgage and real estate industries so you can rest assured that we know the business; extensively. Reliable, unparalleled customer service is our commitment. Our loan modification professionals are standing by to assist, educate, and deliver successful results for you. |
Call Today! (888) 809-0909
In today's housing market there are millions of homeowners facing foreclosure. However with Obamas new Federal Loan Modification plan there will be many more people staying in their homes. This new plan from the President is a part of the Federal Stimulus Package that was approved earlier. This new part of the package will be funded with $75 billion.
Wondering what qualifications are need to apply? Who will benefit?
-The homeowners' original loan on the home must have been official on January 1, 2009 or after.
-The home in question must be the person's primary residence.
-The homeowners' lender must be an approved lender with the Federal Government.
-The loan must not be larger than $729,750.
-The homeowners' current monthly mortgage payment must be more than 31% of their monthly income. This would include all property taxes, homeowners' association dues or insurance on the home that you are required to pay monthly.
-The reasons for the homeowners' current difficulties must be due to circumstances that were beyond their control i.e. decreased or loss of income, job loss etc.
-The homeowner then must show proof that will show they will be able to handle the new payments without struggling and also that they are committed to the process.
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Along with the above requirements the application must also be completely and correctly completed and all paperwork need must be included. A person is only allowed to the new plan one time so it is very important to not mess it up with careless mistakes. Homeowners are advised by experts to review and study the requirements and qualification that are needed with the loan modification or refinancing plan and to complete all paperwork properly prior to contacting ones lender. This is advised because there are many small details that will be needed but are easily overlooked and it can lead to delays on your application or even lead to the denial for the plan.
Once the process is complete and you are approved for the loan modification program your monthly mortgage payment will be less than 31% of your monthly income. This is a result of many different things like lower interest, modified length on the loan, forgiven principle and waived late fees. If you like millions of others all around America are struggling to stop foreclosure take advantage of President Obamas new loan modification plan to help you now. Don't hesitate to help yourself using the Loan Modification plan that can be your answer to finding some piece of mind. Don't run out of time to apply for the Loan modification plan because it will only be in effect until December 31, 2012.
Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing. Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information contained herein is provided for general information purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this website shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this website shall be construed to be a guarantee or prediction of result.
