Behind in your mortgage or facing foreclosure?
Received a Notice of Default or Trustee Sale?
Loan modification DENIED?

Frequently Asked Questions About Loan Modification

• I have an IRS tax lien against me - can I still get a loan modification?
• Yes. In December 2008, the Internal Revenue Service established an expedited process making it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home. MRS can walk you through the complicated steps of managing a loan modification with a tax lien.
• Can you modify my investment property?
• Yes. However, the question that your lender will probably be asking is, “where does the financial hardship originate?” If your financial hardship is caused by an excess of mortgage obligation not covered by renters or from another property, then the odds of modification success are slim. MRS can evaluate your situation and provide you with an assessment of your options and possible outcomes.
• I have tried this, but my lender won't budge. Can you help?
• Yes. Many lenders will hesitate on action until an attorney gets involved. We are attorney-backed and go through such an extensive approval process before your package ever reaches the bank.
• Is it true that I may be able to skip a payment during the modification process?
• Yes. Most of our customers are relieved to find that we are usually able to capitalize on at least one month’s payment in the process of the modification.
• Are credit scores taken into consideration?
• No. Your credit scores are not a factor and are not taken into consideration. Additionally, if you are not late or behind in making your mortgage payments and you are applying for a loan modification, your credit score may not even be affected.
• What interest rates can I expect?
• With so many varying factors to consider for each individual loan modification application, it would be inaccurate, if not impossible, to quote terms to any client upfront. However, our clients are consistently satisfied with the modified agreements our legal affiliates have been able to achieve on their behalf! We negotiate all terms, focusing on multiple loan aspects, to ensure you receive the best possible modification - one that will allow you and your family to remain in your own home!
• Can you help a client with a Notice of Default?
• Yes, we can also help if you have a Notice of Trustee Sale. We need to work quickly to stop the foreclosure process for you!
• Can you negotiate with all lenders?
• Yes. Our established alliances with banks and legal resources help to maintain MRS’s high success rate.
• Is each bank the same?
• No, they may differ in the terms and conditions of the negotiations. Although these terms are often frequently adjusted, even on a daily basis, MRS stays current on the latest banking practices and up to date on the most recent changes.
• Do I have to be late on my mortgage payment?
• No, loan modifications are meant to help anyone with proven financial hardship. Lenders may be more willing to help borrowers whose delinquency proves they are having serious trouble making their mortgage payments. Consult with your MRS Loan Modification Specialist about this issue.
• Whose income counts toward a loan modification?
• The income of everyone that lives in the house is counted. Whether they are a renter, someone who is not on the loan, or even those not on the title - as long as they live in the home, their income is taken into consideration.
• I just became unemployed can you help me?
• We may be able to help - contact Mortgage Resolution Specialists today!