Mortgage Loan Modifications

Mortgage Loan Modifications are now available for homeowners. You can get a loan modification and save your home from foreclosure. This is a nationwide program.

A Loan Modification is not actually a refinance. Loan Modifications are a modification of your existing mortgage agreement. There are no closing costs or bank fees.

What is a Loan Modification?
Loan Modifications are the best way for homeowners and banks to stop foreclosure. Banks use loan modification to reduce interest rates, loan balance and or to extend the term. A Loan Modification reduces the monthly payment and enables the homeowner to keep their house and pay a reduced monthly payment and the bank avoids taking back the house.

Why would a bank use loan modification instead of foreclosing on my house?
The bank loses less money lowering your interest rate and mortgage balance than taking your house back in foreclosure. Here is an example of a $200,000 mortgage. The bank has two choices.

CHOICE ONE: Getting 40¢ on the dollar reselling your house – $80,000 net to the bank, $120,000 loss to the bank. Plus they are required to escrow a foreclosure penalty of six times the loan amount totaling $1,200,000. That money goes into a hold pattern losing interest and profits every day until that foreclosed home is sold.

CHOICE TWO: Removing 40% off your interest and principle. This is the logical choice for the bank.

I'm behind on my mortgage payments. Am I still eligible for a Loan Modification?
Yes. If you have not sold your home or it has not been taken back by the bank, you probably qualify for a Loan Modification.

I am not behind on my mortgage payments, can I still qualify for a Surefast Mortgage Loan Modification?
Yes. Due to various factors affecting you financially, you may qualify for a Loan Modification. Banks do not require you to be behind on your mortgage payments.

I have asked my bank for mortgage assistance but they would not help me. Is it possible I may qualify for a Loan Modification with Surefast Mortgage?
Yes. Many homeowners are and have been in this situation.

How long does the Loan Modification process take?
The average Loan Modification takes three to four months.

How can I keep up to date on the status of my Loan Modification while it's being processed?
At your request, we will give you a username and password which will give you access to an online Loan Modification Status Report. This report will be a easy list of what major steps in the process have been completed and at what step in the process you are currently at so you will always be informed of where your at in the process.