Why are your services less expensive then most companies I have contacted? Simply put we are efficient and we value providing as much help to as many people we can at the lowest possible price.  helpUmodify.org is run as a Not-Profit project as a division of PorchLight Real Estate Services.  We collect only enough fees to pay the employees that help provide these services to homeowners like you.  If you have the means, either during the process or at a later date, we would welcome any additional donations to help serve even more homeowners in need.

Do I need to be behind in my mortgage to qualify for a note modification?  No, you simply need to demonstrate the fact that the loan has become or will become unaffordable.

What is the most commonly approved loan modification?  The most common modification is an adjustable rate loan that is affordable now but will not be affordable when the loan adjusts.

Can I reduce my principal balance with a loan modification?  In theory yes, however lenders have generally not begun to offer homeowners principal reductions as of yet.  There is some proposed legislation that may cause lenders to begin to do this in the near future.

What would I likely pay if I hired a third party Negotiator?We have seen some pretty excessive fee based services starting at $3,000 and as high as $7,000.  We feel that a moderate fee schedule in the range of $1,000 is fair, slightly higher for multiple mortgages.

What if your preliminary work (Analyzer Service) concludes I don’t qualify for a Note Modification?Learning that you don’t qualify is one of the most valuable services we provide.  This will save you endless hours and possibly thousands of dollars.  Most important is understanding why you may not qualify .  Once you know, you may be able to make adjustments that will result in a Note Modification Approval from your lender.

Can you guarantee that I will be approved for a Note Modification after completing your preliminary work with the Analyzer Service?  No, each mortgage lender has their own specific guidelines.  Our Analyzer Servicewill get you past the initial qualification tests that most lenders use to disqualify over 90% of all applicants.

Is there a Black-List for Foreclosure Reuse Scams out there?  We don’t know of one but we believe there should be.  Go here and read up on these scams to help avoid them.

Before contacting your lender to discuss your situation, be prepared to provide them with your family budget.  This includes all of you income and expense in your household.  Your lender will ask you for this information as a means of qualifying you for one of their standard workout solutions.  Be as accurate as you can as overestimating your income or your expenses may cost you an approval.

When communicating with your lender, clearly express your desire and intentions to keep the home.  Do not threaten to walk away from the home.  Lenders want to work with homeowners who truly desire to stay in their homes and are willing to work through their challenges.

While exploring workout solutions with your lender, keep up on your payments as best you can.  Contrary to what you are hearing out there, purposefully withholding mortgage payments as a means of negotiating is bad advice and can cost you the ability to obtain a better mortgage as conditions in the mortgage market improve and other workout solutions become available.