Can you get pre-qualified or pre-approved for a Loan Modification?

Yes and No. The real answer is no, not from a loan mod company. The banks have the ultimate say, they have the control. There are those out there saying that they will guarantee you results or that they can tell you that you are already approved before they have all of your info. Obviously they are just trying to get your business and will do anything to do it. But do you really want to trust your home to someone like that?

Or the guys that act as though they are going to do your loan modification for free or next to nothing. Like they say, you usually get what you pay for. If they have an office and a staff you better believe they are making money some how. From what we have heard and seen many of them are using the old bait and switch. They get you in on a loan mod, then for some reason when you are not approved they get you to go with them for a short sell. See what happens if you tell them you already have a short sell approved through another Realtor, but that you would like to give it one last try to stay in your home through a modification.

I am sure you have heard in the news about the groups that are taking money from people just before they lose their homes and give them hopes of getting a loan modification. There are thousands of people who have done this where the loan mod companies did not even contact the lenders on their behalf. Likewise I know of someone who was working with their bank on their own loan modification and they got foreclosed on.

There is such a wide array of results that it would be misleading to tell someone the kind of results they could expect prior to having a complete loan modification package. Even then it's not certain.

I just want you to be as informed as you possibly can be BEFORE YOU PAY!

Also, before you begin thinking you need to look for a new place to live. You should set up a time to meet with a qualified negotiator or talk on the phone so we can figure out how much you can afford to pay in your existing home. Some are having success getting into loan mods where their payments are lower than if they were to move out and rent.

To get pre-qualified for a loan modification, I will collect information about your debt, income, and assets. I'll look at your property value and your loan docs and assess your best options.

I do not charge up front fees and will only take your case if I feel very confident you can get a loan modification.

To get pre-approved, you will complete a loan modification application and provide me with a variety of information verifying your employment, assets and financial status through W-2 forms, bank records and credit card statements. I'll review your loan modification worksheet, then package it together in a format that we know gets results from the bank and then you relax and let us do the negotiations with the bank.

Amount of time this process takes varies depending on your lender.

Give me a call for more information or to request an appointment for a loan modification consultation.