Bank Modification Experts unveil new loan modification process to stop foreclosure

Bank Modification Experts has launched a new loan modification process for its clients to prevent foreclosure of their property.
By: Bank Modification Experts
 
Jan. 13, 2010 - PRLog -- Bank Modification Experts has launched a new loan modification process for its clients to prevent foreclosure of their property. Loan modification is a process that allows homeowners and lenders to change the terms of a loan in order to help the borrower prevent foreclosure. The terms and structure of the loan is renegotiated  or restructured under the new modification plan.

Loan Modification is done by reducing the interest rate on the loan; or exchanging interest rate from adjustable to fixed; or increasing the time-period of the loan; or by changing the type of loan. Under a loan modification plan, the existing mortgage note will be changed and a fresh new start in managing home will be offered to the clients. Under the new loan modification process, the clients will not be required to undergo credit check and appraisal for the second time. The new process will prevent foreclosure and help the clients to reduce their current payment to an affordable amount.

BME negotiates with the existing bank of the clients to create new terms for  their current loans, with 95% success rate. The firm offers best choice for clients considering mortgage assistance. It can assess the clients financial situation to help them determine their best strategy for modification of their loan.

If the clients are able to make current regular payment, however, there is a lagging past-due amount, BME negotiates with the clients bank to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. Re-amortization of the new amount is completed over a new period of time.

About Bank Modification Experts (BME):

Bank Modification Experts offers loan modification plans for its clients at a more affordable rate to prevent foreclosure. BME has an excellent team of appraisers and lawyers along with our expertise which will produce the best possible result for every  individual situation for its clients. We, at BME, are up-to-date with the various laws such as the Truth in Lending Act and Real Estate and Settlement Procedures Act and use the knowledge of these acts to better negotiate with the bank representatives to ultimately get to our desired outcome for our clients.
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Source:Bank Modification Experts
Email:***@bankmodificationexperts.com
Tags:Bank Modification Experts, Loan Modification, Loan Modification Professionals, Mortgage Assistance, Prevent Foreclosure
Industry:Loan modification
Location:United States
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