Reducing the interest rate.
Secure Your Future with Tailored Loan Modifications
Get the Help You Need When You’re Facing Foreclosure
At OHIO 4CLOSURE, we specialize in creating flexible loan modification solutions for both residential and commercial properties. Our approach begins with a thorough gathering of borrower information, documenting the hardships faced, and verifying accuracy. This initial step is crucial in understanding the unique challenges each client faces.
We then move on to determining eligibility for loan modifications. This involves a meticulous examination of the furnished documents against the terms of the existing loan contract. Our goal is to ascertain the level of hardship and the feasibility of modifying the loan.
Once eligibility is established, we present the borrower with modified loan terms tailored to their circumstances. This includes working closely with underwriters and ensuring complete regulatory compliance with government loan modification rules and regulations.
Our process culminates in the dispatch of modification packages to the borrower, providing them with a comprehensive understanding of their new mortgage plan and educating them about the implications and benefits of the modified terms.
What Is a Loan Modification and How Does It Work?
Loan modification is an effective solution for homeowners and business owners struggling with their current mortgage terms. Our objective is to modify your mortgage in a way that reduces your monthly payments to a more manageable level.
Options for modifications may include:
Our experts will guide you through each step, ensuring that you are fully informed about the long-term implications of your modification. We ensure that the modifications align with your financial goals and do not lead to unforeseen complications in the future.
Forbearance Loan Modifications
We also provide forbearance loan modifications for residential and commercial properties. This option is ideal for those who have undergone temporary financial hardships and need immediate relief.
If you are granted forbearance, it will suspend or reduce your payments for a time. But you will still have to repay the loan; it is not the same as loan forgiveness. Post-forbearance, we offer various solutions to bring your loan current, such as:
- Reinstatement.
- Repayment plans.
- Payment deferral.
- Loan modification, including principal forbearance and term extension to 40 years.
We ensure that our forbearance loan modifications are structured to provide the most beneficial outcome for your specific situation.
Qualifying for a Loan Modification
To qualify for a mortgage modification, borrowers typically need to meet certain criteria:
- Being at least one month behind on your loan or close to missing a payment.
- Experiencing significant financial hardship such as illness, death of a family member, increased housing costs, divorce, or natural disaster.
- The property in question must be your primary residence.
Our team at OHIO 4CLOSURE will work with you to determine your eligibility and the most suitable modification option for your needs.
Frequently Asked QuestionsAbout Loan Modifications
What are the pros and cons of a loan modification?
Loan modifications can provide crucial relief by lowering monthly payments, but they may also lead to an increased total interest paid over the life of the loan.
What are the rules for loan modification?
Lender policies and government regulations govern loan modifications. They usually require proof of financial hardship and a review of your financial situation.
Can I be disqualified for a loan modification?
Yes, if you lack consistent income to make the new payments, your request might be denied. The proposed monthly payment should ideally be 31% or less of your monthly income.
Discover Financial Relief Through Loan Modifications
At OHIO 4CLOSURE, our team of experienced professionals is dedicated to providing comprehensive loan modification services that cater to your unique circumstances. Whether you’re a homeowner or a business owner, our tailored solutions aim to offer you the financial flexibility you need.
Contact us today to find out how we can assist you in restructuring your mortgage and securing your financial future.
How it Works: Our Process
Three Simple Steps
to Save Your Credit and Property
We ask seven questions so we can research your property.
We’ll schedule a meeting – virtual or in-person – to get more specific information and understand what your end-goal is.
We’ll meet with you again – virtual or in-person – to recommend the best solution for your situation and review the next steps to get started.
Schedule a Consultation614-687-1964