Frequently Asked Questions (FAQ's) by Home Buyers

• What if I CAN qualify to refinance but would prefer to do a modification because it costs less?
• If I do qualify for a refinance, can Modification Services, Inc. help me with that?
• Is it true that I may be able to skip a payment when you help me get my loan modified?
• Will a loan modification reflect poorly on my credit?
• I have already been told my credit isn't good enough to refinance, does that exclude me from a loan modification also?
• Due to the homes in my area decreasing in value, I don't have any equity left in my house. I know that prevents me from being able to refinance, but would it prevent me from a loan modification as well?
• My lender has already filed the Notice of Default and started the foreclosure process. I've been told that it is now too late for me to obtain help. Is that true with your services as well?
• What if I haven't experienced a hardship or I am not struggling with my mortgage payment? Can I still use Loan Modification or Loss Mitigation Services?

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What if I CAN qualify to refinance but would prefer to do a modification because it costs less?
If you can qualify to refinance, you need to refinance. Loan modifications were put in place to help those that cannot qualify for a traditional refinance due to a hardship or other reasons.

If I do qualify for a refinance, can your company help me with that?
We will gladly give you the information on some of our referral partners and then you can decide who to go with. We specialize only in loan modifications and therefore does not do refinances.

Is it true that I may be able to skip a payment when you help me get my loan modified?
Yes. Most of our customers find it to be a huge relief that we are usually able to capitalize at least one month’s payment in the process of the modification.

Will a loan modification reflect poorly on my credit?
No. Unlike a foreclosure, bankruptcy, or many credit repair agencies, a loan modification does NOT report negatively on your credit. If anything, a loan modification helps your credit because it lowers your debt ratio and when after the modification is complete it will help prevent any future lates on your mortgage.

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I have already been told my credit isn't good enough to refinance, does that exclude me from a loan modification also?
NO! Unlike a refinance, poor credit does NOT prevent you from qualifying for a loan modification.

Due to the homes in my area decreasing in value, I don't have any equity left in my house. I know that prevents me from being able to refinance, but would it prevent me from a loan modification as well?
NO! Unlike a refinance, negative equity (aka being "upside down" on your mortgage) does NOT prevent you from qualifying for a loan modification.

My lender has already filed the Notice of Default and started the foreclosure process. I've been told that it is now too late for me to obtain help. Is that true with your services as well?
The purchase of a home or commercial building is one of the largest single investments you will ever make. Unlike the majority of our competition, we have an Attorney on staff that is able to negotiate modifications for loans even after the foreclosure process has started. Although we cannot prevent every foreclosure, there are many cases where we can make the difference between someone losing their house or not. If you are in this situation, please call us at (866) 637-2285 today for a no cost analysis of your personal situation.

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What if I haven't experienced a hardship or I am not struggling with my mortgage payment? Can I still use Loan Modification or Loss Mitigation Services??
No. Although all of us would probably like to pay less on our mortgage, Modification Services, Inc. is only here to help those that truly have a need.