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Credit Settler has developed a loan auditing service that conducts all the necessary due diligence to build cases for attorneys in order to receive favorable payment corrections from lenders. Our service has been time tested and proven to be as effective and of course CHEAPER than going thru an attorney direct.
Our forensic loan auditing service goes thru your document package (received at signing) word by word to expose any local, state, or federal violations to build cases which give attorneys the proper ammunition to pursue a loan modification aggressively using the law to their advantage. Our audit reports are comprehensive reports that force the lender to see the violations they accepted and therefore MUST give the borrower the best deal possible in order to avoid a future lawsuit. |
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| What is Loan Modification? |
A modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
A key factor that is required in every loan modification submission, is the existence of a financial hardship for the borrower. The hardship can be temporary in nature or permanent, but the borrower must be able to prove the hardship. |
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| To ensure you are a good candidate for a loan modification, please read these important facts: |
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A loan modification is indicated when the original loan that is secured by a residence has terms that make it impossible for the homeowner to continue making the payments, thus risking the loss of the residence. |
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Loan modifications are not the same as debt consolidations, refinancing loans, or even forbearances. Instead, they are long term solutions for rising interest rates or other hardships that are threatening to overwhelm the budget of a homeowner. |
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Loan modifications stop the foreclosure proceedings and instead re initiate the loans as the modification process continues or Loan modifications stop foreclosure proceedings and instead reinstate the loans as they are being modified. |
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All of your past due mortgage payments, principal, interest, past due escrows, late fees may be rolled into the loan modification thus preventing the lender from losing that money. Since the money is spread over a longer period of time, homeowners will be able to continue to make payments and save their homes as well. |
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Loan modifications may use a step up rate approach or an extended mortgage term to enable the repayment of the mortgage amounts due and any past due funds. The lower payments enable the repayment of the loan to the bank and allow the borrower the added time of being able to make mortgage payments and “get back on their feet” |
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A modification protects the FICO credit score of a borrower and it also helps banks because they don’t have foreclosed homes that they have to worry about or try to sell those homes. |
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| There are some other facts that explain why lenders are actually in favor of working with borrowers and their legal specialists in order to negotiate equitable loan modifications. |
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Foreclosure is avoided when a homeowner opts for a loan modification and the banks are doing everything they can to avoid foreclosures because it’s so difficult for them to sell the houses on the open market, and as a result will lose a lot more money than if they do your modification. |
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All or portion of the outstanding principal and interest, past due escrow, late fees, and even costs may be rolled into the loan modification and thus will not be lost revenue to the lender. Since they are spread over a long period of time, they do not pose a problem to the borrower. |
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Modified mortgages may use a step rate approach or an extended term methodology to provide for the repayment of the due and past due funds. The lower payments ensure the repayment by the borrower while to the lender the added time is actually money in the bank in terms of yet to be earned interest due. |
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Foreclosure is avoided and even though banks routinely foreclose on properties and sell the homes to other buyers for a fraction of a price, the slowing housing market has made it difficult for banks to unload such properties and then recover any additional funds from the previous homeowners. Loan modification is a fiscally much more attractive solution for any lender. |
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A modified loan protects the credit rating of a borrower and it also helps lenders in showing less defaulting loans in their portfolio. This of course makes a good impression when the financial institution is wooing potential investors. |
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| Loan modification services: |
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| Direct one-on-one professional consultation from our dedicated |
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CPAs |
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Financial Planners |
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Real Estate Attorneys |
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Professional Advisors |
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Property Tax Specialists |
These professionals are committed to in finding you the right solution that fits your special circumstances. Everyone’s situation is different and our friendly agents will help walk you through these tough times every step of the way and help you prepare for financial success. |
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| Benefits of Loan Modification: |
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No Credit Check |
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No Appraisal |
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Reduce your principal |
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Reduce your interest rate |
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Erase back payments |
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Stay in your home |
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Save your credit |
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Protect your equity |
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Avoid bankruptcy |
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Free Consultation |
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No Obligation |
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| What is your relationship with lenders? Why shouldn’t I negotiate with my lender directly? |
Credit Settler works as independent third-party loan modification negotiator. Our experience and professionalism ensures homeowners and lenders that we will be the driving factor of the loan modification process. Credit Settler stands apart from the rest simply because of our experience in negotiating over twelve hundred successful real estate transactions typically affecting a win-win outcome for all.
We firmly believe that just as most borrowers use a professional to initially get into a mortgage, it is in their best interest to do so if they are in the unfortunate position that they need to get out of a mortgage. If proactive, you only get one shot to negotiate your way out of foreclosure through a loan modification process, and while it is nearly impossible to negotiate with the lender yourself, it is highly unadvisable. Let our professional team represent you through the loan modification process.
Most lenders’ loss mitigation departments are understaffed, and the overworked loss mitigators are usually overloaded with all parties vying for their attention. Unfortunately, the loss mitigator can be very difficult to get a hold of, and when you finally do get through, you have very little time with which to make your case. Furthermore, the added stress of foreclosure in itself makes it difficult for a homeowner to effectively negotiate their way out of foreclosure.
Because we work with all lenders and represent homeowners from all across the country, and since we specialize in loss mitigation, we understand how to collect, prepare, and effectively present the information that lenders require to seriously consider a loss mitigation solution such as a loan modification. We have excellent working relationships with the lenders’ loss mitigation departments and we will leverage our network and expertise to help you solve your problem. |
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Loan Auditing For The Homeowner |
For the purposes of many attorneys, TILA is most useful as it pertains to the homeowner facing foreclosure who’s looking for some manner of amendment. Here’s where the Forensic Loan Audit is most useful in that it can highlight any of the violations that are written into 83% of all mortgage documents.
A cautionary note. Although software programs available on the Internet that purport to find these truth in lending violations, the proper mortgage document review is carried out best by a professional team of auditors ( Broker, bankers and attorney) that can pinpoint all of these violations through a thorough mortgage analysis. |
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Results of Loan Modification:
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Reduced mortgage payment |
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3 – 12 months without mortgage payment |
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Reduced interest rate |
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Reduced principle balance (loan balance) |
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Paying principle and interest instead of just interest |
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Fixed interest rates |
With loan modification, you can negotiate with the bank in modifying your existing loan to terms and payments that you can afford. Let our professionals help you by providing counsel and helpful guidance in working your way to financial freedom.With loan modification, you can negotiate with the bank in modifying your existing loan to terms and payments that you can afford. Let our professionals help you by providing counsel and helpful guidance in working your way to financial freedom. |
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| If you think you qualify, Act Now! |
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| Here are the requirements you must meet in order to be considered a good candidate for a loan modification process to be started on your behalf: |
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Your monthly mortgage must be affected by a verifiable reduction in income. |
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It is required that you are currently employed or have another source of a stable and predictable monthly income that is provable. |
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The home for which you are seeking to obtain a loan modification must be your primary residence. |
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