Loan Modification frequent questions

Q: DO YOU CHARGE AT FRONT FEES ? 

A: No, we don't. You should not pay any fees until services as disclosed in your written contract are performed.

CAN YOU HELP ME IF I AM UNEMPLOYED ?

A: Yes, we may be able to help you depending in different factors. A forberance agreement can help you while finding a new job and improving your financial situation. 

Q: DO YOU COUNT THE INCOME OF PEOPLE WHO LIVE IN THE HOME BUT ARE NOT IN TITLE?

A: Yes, the total household income can be considered however it is up to your lender or the discretion of their investor to accept income of others or non traditional income as acceptable income for qualification purposes. Contact us with your specific loan scenario.

Q: CAN YOU HELP ME IF I AM STILL NOT BEHIND IN MY PAYMENTS ?

A: Yes, we can help you and work a plan of action. Note that a loan modification is meant to help people in financial hardship and banks are willing to help those at risk of default as well. If you are not late we may be able to refinance your loan, please contact us.

Q: WHAT DO YOU LOOK FOR IN LOAN MODIFICATION APPLICANTS?

A:  We can work with anyone in financial trouble, but certain criteria makes our job easier. Ideal applicants are those who:

- Are already 61 days or more behind in their mortgage paymens.

- Have received a notice of default or served with foreclosure documents.

- Have adjustable rate mortgage that has increased or it is about to.

- Have Negative Amortization Loans.

- Are experiencing financial hardship due to a reduction of income, increase in expenses or as a result of a bad loan and predatory lending ( loans with very high interest rates ).

- Have a sincere desire and commit to save their home from a foreclosure sale

Q: WHAT INTEREST RATE CAN I EXPECT TO GET IF MY LOAN IS MODIFIED?

A: The results vary from case to case and we will not guarantee you a specific rate or loan terms, but most of our clients have gotten very low rates. Under the HOME AFFORDABLE MODIFICATION PROGRAM rates can be as low as 2.000%.

Q: WILL MY LENDER NEED DOCUMENTS OTHER THAN PROOF OF INCOME OR CONSIDER MY CREDIT SCORES JUST LIKE IN A REFINANCE?

A: Besides pay stubs or tax returns, lenders may ask for your most recent monthly bank statements and that is to strictly determine your ability of repayment. Credit scores are not used for qualification in modifications but they assist to determine all existing debts.

Q: HOW LONG DOES A LOAN MODIFICATION PROCESS TYPICALLY TAKE ?

A: The average time is 60-90 days but varies with different lenders. Some applications process faster than the average time and those in foreclosure often get approved faster.

At Continental Home Loans our goal is to help families avoid foreclosure and stay in their homes. We will take the time to evaluate your case and use our resources to work with you. More importantly, we will not ask for those at front fees are being charged by others in exchange for our services. After all we should not contribute to worsen your situation but to improve it.

If you are facing foreclosure we strongly advice you to contact your lender inmediately, seek for legal counsel and obtain any available information from your State Attorney General website. Beware of scams or someone that approaches you just to profit from your situation.