What is a loan modification

Since Obama & Congress released the funds for mortgage rescue people are confused about what a loan modification actually is. How can it help you? What are the steps I need to take? Here are a few questions and answer from our website to get you started.

What is a Loan Modification?
It is a means in which to extend terms, waive penalties and/or waive present funds in the arrears. Lower payments, lower interest rate to as low as 3% and/or re-amortize your existing mortgage.

What is the best solution for you?
As we learn more of your situation we build a solution for you. We find the best solution for you - not the best solution for the lender. You are our client and not the lender. We put your interest before the lenders.

Allow us to get you back on the right trail which fits your current financial situation. Allow us to achieve a loan modification for you at a low cost for a solution with a money back guarantee.

As stated by the FDIC, the following excerpts will help understand the process:

Minimizes Losses on Distressed Mortgages
Once the borrower-specific modification is determined, the servicer must perform a valuation test between the cost of modification and the estimated cost of foreclosure to ensure modification results in a lower cost to the investor. By providing a transparent valuation comparing the cost of the modification and the estimated cost of foreclosure, the servicer fulfills the terms of most servicing.

Key objectives
� Keep borrowers in their homes when the borrower is willing and has the capacity to make an affordable mortgage payment.
� Provide borrowers with immediate payment relief and stable long term mortgage payments.� Modification must always result in a positive NPV outcome for the investor, i.e., the cost of the modification must be less than the estimated cost of foreclosure.

At Wise Loan Modifications, we do all the research for you. We keep abreast of current legislative changes and have the contacts to get the job done. You have the option to use us for the modification or one of the attorneys we affiliated with. We can also have a forensic audit done of your existing mortgage.

I'll be posting updates to this page with more information.

Raymond
www.wiseloanmod.com