Mortgage Modification- A procedure whereby a loans payment plan is altered due to the hardship of the borrower. This can include the rate, term and monthly payment amounts.

The term “Mortgage Modification” has been receiving an enormous amount of attention lately and rightfully so. With many homeowners stuck in toxic adjustable rate mortgages and no ways to refinance out of them, mortgage modifications may be the only way to assist struggling borrowers. The term mortgage modification is used when your current lender modifies your mortgage (same loan you have, only changes are made to the note) in order to work with you and make your mortgage more affordable.
A modification to your rate, balance of loan, delinquent fees owed, term of loan etc. can be made by the lender. In the past this was only used when a borrower was delinquent but now with home prices falling, adjustable rates and no equity to refinance we will see it being used before someone is delinquent. This will be the best way to help people avoid foreclosure.
What will Mortgage Modification do for me?

• A mortgage modification will change the existing mortgage note and give “YOU” the client a bright new start in managing your home. Accounts will be brought up to date immediately.
• With a mortgage modification you take the mortgage you now have and change the interest rate and payment requirements in order to achieve a fixed rate. A change in rates and payments does not result in the need for a new closing, legal fees, survey, appraisal, or taxes. Unlike a traditional refinance where as you would be paying for all these fees.
• Lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives. Freehold Capital, Inc. shows the lender why it would be in the lender's best interest to agree to a workout arrangement. We will negotiate with the lender to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms to allow for an affordable loan to allow the homeowners to avoid foreclosure.

What We Do To Effect a Mortgage Modification
This information takes you through our process in the documentation we prepare for the lender. We take our modifications from the perspective of making them financially feasible to the lender. That is why we are so successful.
We will handle every aspect of your negotiation and prepare a comprehensive mortgage modification package for the Lender, including but not limited to:

1. Financial Prospectus Workout.
2. Letter of Hardship.
3. Cost Benefit Analysis for the Lender.
4. Financial Analysis verifying payments your can afford.
5. Comparative Market Analysis.
6. Loan Restructuring Proposals.
7. Cross Cost Analysis.

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