Modify Your Loan

When you submit your loan modification request to your lender it may seem like it disappears into a black hole. But understanding how the modification process works can help reduce your anxiety while you wait for approval. HomeLoan Modification Corp (HLMC) is here to help you prepare your modification package quickly so you can submit it with confidence to your lender. You will have comfort in knowing that all the necessary compliance documents are delivered to your lender in accordance with the Federal Governments Home Affordable Modification Program (HAMP) requirements.

Some lenders like to prequalify potential modification clients to determine how much they can afford. HLMC will prepare your paperwork in a fashion that will give you and your lender an opportunity to see which modification, forbearance or restructuring of your real estate debt would be most appropriate for your needs. HLMC will assist you in gathering the information needed, such as your income and other existing debts. To initiate the process all you have to do is call one of our specialists today.

Once your initial information is received, an analyst will review your credit information, the amount of available collateral, and your income. Your analyst will determine if any additional documentation is required, such as personal financial statements, bank statements and other pertinent documents your lender will need.

Once your package is completed HLMC will send it to you so you can submit it to the decision makers (your Lender). In some cases the lender will present you with a letter of intent or temporary modification terms. This is a formal document intended to ensure that all parties involved (the lender and you) are on the same page. The temporary modification document should include the names of involved parties, amount of the loan in question and any changes being made to the balance (if any), type of security (collateral) interest rate and/or payment adjustments and other key terms. Decisions depending on your particular lender can take from 2 weeks to 3 months. During the review process, you may need to furnish your lender additional documentation.

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