Loan Modifications

Loan modifications have become quite popular recently. The product has been around for many years, but they have become very popular today with today's mortgage crisis. Loan modifications work in several methods:

1. They can reduce debt (principle), interest rate and increase term. The goal of a loan modification is to decrease payment so that a home owner can increase cash flow.
2. A loan modification recasts the mortgage, by modifying the note it is not a refinance. You will stay with the same note holder prior to the modification, you cannot cash out with a loan modification. Most loan modifications create interest-only payment terms. They can be fixed payments for a term on an adjustable rate.

Many people that purchased negative amortization loans and zero down loans are now doing loan modifications. Beware: If someone asks for an upfront fee to analyze your case, find someone else to modify the note! At Longfin Investments Solutions we partner with only the best attorney based companies. Loan modification fees are only collected to retain the lawyer after your case has been analyzed internally and by the lawyer that will represent you. Keep in mind, only 3 out of 10 cases successfully navigate the loan modification process, so you can potentially lose that money with anyone that charges upfront fees and still have nothing to show for it. Payments on the loan modification are typically only due at the time of retaining the lawyer that represents the homeowner and cannot be "rolled" into the mortgage.

Most banks will negotiate directly with the homeowner. And you are welcome to do this. However, no surgeon will do surgery on himself. It makes good sense to hire a professional that is trained in this type of transaction and who gets consistent results. Loan modifications done by homeowners often do not get principle reduction or reduce the amount of interest when compared to attorney based modifications. Also loan modifications done directly with the lender usually result in the home owner missing payments in order to show distress. This is unnecessary because most banks will accept modification terms without missing payments.

A loan modification is not a guarantee for success but its success is predictable. No lawyer will guarantee a specific result in court and a loan modification is the same. But they are predicatble based upon the homeowner's income, debt service and current loan practices. However, a loan modification is not a cure all for all types of foreclosures. It is a specific tool that is used to create a desired result. If you are faced with a foreclosure problem, contact Longfin Investments Solutions today for a free consultation. A loan modification may be the answer.

Foreclosures

Unfortunately, many people find themselves in a situation where they can no longer afford the payments on their homes. Longfin Investments Solutions has developed programs where you may be able to stay in your home. Longfin Investments Solutions will educate you in the full process in saving your home by increasing your financial intelligence. Longfin Investments Solutions is a full service company that utilizes all available resources in the pre-foreclosure process.

Longfin Investments Solutions will negotiate on your behalf through the forbearance, arrears, refinance and loan modification process. Our first goal is to keep the home owner in their current home. We will complete a FREE OF CHARGE financial checkup to determine the home owner's current status. We understand that home owners are undergoing severe financial hardships and feel we can help.

We will work to reduce the homeowner's debt and create a payment plan that fits within your current cash flow. We do not charge for helping with the loan modification qualification. We do not want your money. We are interested in getting the bank to pay us. After all, the banks have more money than most homeowners!

Depending upon the situation Longfin Investments Solutions may be able to purchase the property outright for cash. If the homeowner is not able to make payments we will work to short sale the property, there by saving the home owner's credit for 3 years instead of the 10 years of impact a foreclosure has on credit. Longfin Investments Solutions will also negotiate to reduce the debt for the home owner to mitigate detriment. (Detriment is the capitol gains taxes that a homeowner may have to pay due to the lender's loss of short sale or worse foreclosure). All of these factors help keep the homeowners credit stable, so that Longfin Investments Solutions can find the home owner a new, affordable home.