Q: Do I have to stop making payments on my mortgage?
A: No, you don’t have to stop making payments on your mortgage to get a loan modification. The staff at Professional Loan Consultants, Inc. has helped plenty of people who were not behind on their mortgage payments in getting loan modifications.
Q: Can I count the income of people who are living in my home but are not on the mortgage?
A: Yes. We most lenders will consider the total income of the household, not just the homeowner when working out a loan modification with Professional Loan Consultants.
Being behind on your mortgage will make it easier to qualify for a better loan modification as modifications are meant to help those with financial hardships. Generally, the further behind the borrower is on the mortgage, the more motivated the bank is to work out a favorable remedy to the homeowner.
Q: Can I lose my house during the modification process?
A: You may lose your house while trying to modify your loan and that is why Professional Loan Consultants work with attorneys to help delay the process and help you keep your home while we are working on your loan.
Q: Are there any other remedies you can help me with if I don’t want to keep my house? A: Professional Loan Consultants can assist you in a Deed in Lieu of Foreclosure or short sale to get rid of any properties you don’t want.
Q: I am a senior and can’t afford any mortgage payments, is there any way you can help me keep my home? A: If you are a senior and have equity in your home, you may qualify for a reverse mortgage. A reverse mortgage is mortgage that allows you to use your equity to payoff your existing mortgage and may eliminate your monthly mortgage payments, provide a source of income and allow you to stay in your home as long as you live. The members of Professional Loan Consultants are licensed mortgage brokers and can help provide you with a reverse mortgage.
Q: Do you only work with certain lenders?
A: We work with all lenders, results vary with each lender and depends on how willing the banks’ negotiator is willing to work with each borrower and the severity of the hardship.
Q: Are all lenders willing to negotiate with you?
A: Yes. Our team has established contacts with many of the major lending institutions. These relationships have saved our clients homes and even lower their mortgage payments.
Q: Can you modify an investment property?
A: Yes, Professional Loan Consultants, Inc. can help you work out a successful modification with your investment properties if you have suffered from a financial hardship.
Q: What is classified as a hardship?
A: A hardship could be anything that has caused some one to fall behind on their mortgage. Some examples of hardships are:
•Loss of Job
•Business Failure
•Divorce
•Medical Illness or Operation
•Decline in income
•Victim of the bad economy
•Act of Nature
•Negative Amortization Loans (Option Arms)
Q: Is it too late to help if I have already been served?
A: Definitely not! The experts at Professional Loan Consultants can help prevent foreclosure up to a few days before the actual transfer sale date but it is encouraged to act as soon as a problem occurs.
Q: Will a loan modification for me if I have not had a hardship?
A: No. A loan modification is designed to help those who have suffered from a hardship to recover and keep their homes.
Q: Will waiting for my situation to improve increase my chances of getting a loan modification?
A: No! You should get help as soon as possible. Although the possibility of your situation to get better is possible, it is not likely. Waiting for things to change is only going to make the situation worse.
Q: How much can I expect my payment to decrease?
A: There is no exact formula to predict how much your lender will decrease your payments or principal, it is ultimately a business decision that is made by your lender. At Professional Loan Consultants, we put a proposal together from your lender in direct proportion to your budget. Although we try to help our clients lower their payments as much as possible, we typically see decreases in payments ranging from 20-30 percent.* Results may vary from case to case.
Q: Will my lender need other documents (such as credit scores) to assess my application?
A: Besides the pay stubs and tax forms, some lenders will ask for at least two months of bank statements. But that is strictly to determine your income. Credit scores are never used for qualification.
Q: Do I need to pay for your services in advance?
A: Yes a deposit is required and if we are unable to help you, we do offer a money back guarantee to help take away the risk you might face. We do offer payment plans for those in need.
Q: Can I use my credit card to pay your services?
A: No and sorry. Professional Loan Consultants does not accept MasterCard, Visa or any other credit cards.
Q: How long does it take to complete your services?
A: The average wait time does vary from lender to lender and depends on how responsive the lenders are to hiring enough staff to help out with assisting their clients. In the passed it has taken from 60-90 days, and some have taken much longer do to the lender no responding to us fast enough.
Q: Can you help unemployed homeowners?
A: Although most lenders like to see a source of income, we can help clients who have lost there job work
