Progressive Realty Solutions, Inc.

Q. What is a loan modification??

A. Loan modification is one of the quickest, fairest, and most mutually effective way for homeowners and banks to prevent foreclosure. Banks use loan modification to reduce interest rates, loan balance and/or extend the term. By reducing the monthly payment, homeowners keep their house and resume paying a reduced monthly payment and the bank avoids taking back a house they cannot afford. Banks will make use of loan modification as one of the number one primary ways to keep them solvent.

Q. Why would my bank agree to a loan modification?

A. It will cost the bank more money to foreclose on your house than to lower your interest rate and mortgage balance. When a bank has to foreclose on a property there are numerous expense. They are then forced to try to sell the property in a less than favorable market.

Q. What types of loans can be modified using loan modification?

A. Almost any type of loan can be modified. Our knowledgeable staff is highly trained to deal with all types of loans and lenders. Currently banks do require you to have a verifiable source of income. They will also look at if you have experienced a recent hardship such as job loss, sickness, death, medical bills, divorce to name a few. One last thing is currently is, the loan modification must be being done for your primary residence not an investment property, however banks are becoming more lenient. Whether through loan modification or other means we can help you prevent foreclosure on any type of loan. Our consultation is always free as we take our time in understanding our potential clients needs. Contact us for a No-Cost consultation.

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Q. I've already talked with my lender and they just want all their money. Can you still help me?

A. Yes. Many people have experienced this from their lenders before calling us. We review your loan to determine if there are violations of federal law!  Almost 70% of loans conducted in the last 7 years, and almost 95% of all sub prime loans have major RESPA (Real Estate Settlement & Procedures Act) and TILA (Truth In Lending) violations.  The only way to find these violations is to conduct a Forensic Loan Audit by a qualified person…in most instances a trained Attorney!  If found, most lenders choose to renegotiate the terms of the loan to something more affordable to avoid litigation!.

Q. What if there are no discrepancies found in my paperwork? Can you still help us?

A. Yes. We can still proceed with negotiations for a loan modification based on your financial situation as it stands today. Again, if a loan modification makes sense to the lender, they may comply and modify the loan into a loan with new terms beneficial to you. You will be required to provide documentation to prove your hardship, expenses and income .Contact us for a No-Cost consultation

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Q. What is a Short Sale?

A. A Short Sale is yet another way we are able to stop foreclosure. A Short Sale is a legal, lender-approved solution assisting financially strapped homeowners to get out from under their mortgage commitment quickly. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a purchase price for your property to a third party buyer for less than what you currently owe on your mortgage balance.

Q. Why would a lender consider a short sale or loan modification?

A. Lenders are not in the business of buying and selling real estate, and now, more than ever, are upside-down just like you may be. In fact, its expensive and time consuming for them to foreclose on your property. In order for them to protect their charter, especially in difficult market environments, they must do what is needed to minimize their losses. Therefore, lenders have established short sale, loss mitigation departments. In many cases a preemptive offer or attempt to sell your property, even for less than you owe, will actually be a better option for the lenders.

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Q. How does a short sale affect my credit?

A. If we can sell your property before a sale it will typically show up as "paid" or "settled deficiency", however the lender does reserve the right to make a notation typically "less than originally owed". We will do what we can to communicate to the lender a "paid" status be shown on your credit report. The best way to preserve your credit is to act quickly. The actual foreclosure sale and subsequent judgment for the sale difference is what you MUST avoid. Your credit report will also show the sale.

Q. Are you a Law Firm?

A. No, we are not a law firm. It is important to consult an Attorney for legal advice on legal matters. We would be happy to refer real estate attorneys in your area that can help. Contact us for a No-Cost consultation.

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Q. What other options do I have available to me?

A. The options available to you depend on your specific situation and desired outcome. Options we might review with you and/or your lender(s) include: Pre-Foreclosure Sale, Short Sale, Loan Modification, Loan Forbearance, Deed-in-Lieu of Foreclosure, Bankruptcy, Reinstatement Plan, Repayment Plan, Loan Restructuring, Loan Refinance or Do Nothing. What ever you do, take action now, doing nothing is not a realistic option.

Q. Should I file for bankruptcy to save my house?

A. Maybe, but not before we examine all your documents and an attorney reviews your file. The attorney will recommend some appropriate options at that time. Use bankruptcy as a last resort to saving your home. Once you file a bankruptcy, there is little we can do to negotiate a loan modification even if there's evidence of loan fraud.

Q. Should I just let my house go or give it to the lender/bank?

A. Depending on the timeline available and the results of the forensic audit, you may still be able to get a loan modification and save your home. This will need to be determined by the attorney after we have analyzed all your documentation and performed the audit. If no results are found and your lender does not grant a loan modification, you can speak to us about your other options, including a short sale.

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