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Follow on Google News | On The Brink Of Foreclosure?Looking for a solution on saving your biggest investment...Your Home?
By: MLE Group LLC We provide you with up-to-date and accurate information and expert advice so you can make the right decision. Here are some questions you will find answers to: • What is a home loan modification? • How can I save my house from foreclosure? • Do I qualify? What are loan modification requirements ? Loan modification agreements come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so the homeowner can continue to make payments and stay in the home. Loans can also be modified so they have a longer amortization term (e.g. 40 year instead of 30 year) which will cause the payments to decrease. Principal writedowns are rare, but they do indeed happen where the bank actually writes down some of the principal amount. Latest success stories: As reported by service companies within our network: ............................................................ 1st mtg is 8.4% neg am IO 2nd is 10.6% fixed Approval is $7929.26 down, 1st 6.90 IO and 2nd remains at 10.6 as they do not modify 2nds. 3 months step to modification. If the payments are made as agreed, loan then modified to 6.90 fix, all past due capitalized into balance. The 2nd will be brought current and the payments will remain the same. Customer will be sent package for updated income at the end of 3 months, if all remains the same the mod will be approved. Down payment due back with doc’s and first payment is 10/25. ...................................................... Pre-Modification - Adjustable Loan at 8.625%, payment was $4658.00 PITI. Customer was in foreclosure and had not made a payment since 10/07 Loan Mod Approval is as follows… >>Top 5 years interest only at 3.25%. After the 5 years it will be a principle and interest adjustable at prevailing market rates at that time. So…. Not only did we take them out of foreclosure… Great loan for customer to get back on their feet….. ............................................................ Customer is currently in a "Neg Am Pick a Payment" that is currently at a 7.460% interest rate. Our approval is as follows: • Oct 1st 2008 $1731.29 for 1 year 3% principle and interest payment • Oct 1st 2009 $2082.67 for 1 year 4.272% principle and interest payment • Oct 1st 2010 $2457.07 for 1 year 5.544% principle and interest payment • Oct 1st 2011 $2850.67 for 1 year 6.818% principle and interest payment Then the loan converts into a 30 year fixed at 6.818% for the remainder of the loan. If customer has a problem down the line, we also can go back for another modification Contact Us at www.mlegroupllc.com for a free consultation. End
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