As if the possibility of foreclosure wasn’t daunting enough, the language and procedures of the mortgage and finance realm also can be overwhelming. The Skyline Team has prepared some practical loan modification information and definitions of loss mitigation terms in real language for real people.

We hope the following mortgage process information will be useful for you. The Skyline Team believes that demystifying the loan modification process can go a long way towards reducing the stress of difficult times.

Loss Mitigation Definitions:
• Loan modification: A new interest rate, time frame, principle reduction or mortgage aspects are modified on an existing home loan.
• Lien modification: The bank or mortgage company modifies the existing loan in such a way that it becomes possible for the homeowner to qualify for a refinance with a new mortgage lender.
• Loss Mitigation: This is a broad term that encompasses a variety of strategies designed to minimize the loss of loan monies for the lender, and the loss of assets for the homeowner or other borrower.
• Short sale: The lender permits the house to be sold at a price lower than the amount of the mortgage balance and forgives the borrower the balance of the loan. When no other loss mitigation strategies are possible, short sale will keep the borrower from foreclosure. With the severe drop in housing values all over the country, this has become an important loss mitigation strategy that is fair for both the borrower and the mortgage lender.
• Deed in Lieu of Foreclosure: When the homeowner has offered the home on the market at a fair value for at least 30 days with no sale, the bank may choose to accept the property deed ‘in lieu of foreclosure’. The mortgage balance is forgiven and the homeowner avoids adding foreclosure to his credit history.

Homeowners Frequently Asked Questions (FAQ):

What kind of changes will happen in my mortgage with a loan modification program?

A variety of things can occur with a home loan modification, depending on the specific situation for each homeowner. An interest rate may be decreased; a new lower fixed rate applied; the time period for payment may be increased; the principle amount reduced; or any combination of these loss mitigation strategies.

How do Banks and other Lenders view Loan Modification plans? Would they rather foreclose on the home?

Banks and mortgage companies DO NOT want to foreclose whenever a fair and practical loan modification is possible. Especially in these times of rampant foreclosure, banks are more ready than ever to work with homeowners on practical loan modifications to stop foreclosure or even prevent it from coming close. Contrary to popular belief, mortgage lenders are not looking to collect all the homes they can find, in fact, banks have many more houses on their hands than they can manage. The average cost of foreclosure for the mortgage company is $50,000. It is almost always more profitable for the lender to work out a loss mitigation program with the homeowner.

Do I need to go through a mortgage broker to work with the Skyline Team? No, you can work directly with us as your loan mitigation specialists to walk through either step of the process.

I am a homeowner and I’ve just been serviced a foreclosure notice. How can I get help today with a loan modification solution?

We have a solution for you. Right now Request a Review of your home loan from the Skyline Team. One of our professional and compassionate loan modification experts will be in touch with you promptly to answer your questions and get you started with real and workable options that will keep you in the home you love. We’ll even recommend an excellent broker in your area from our extensive network of home loan professionals.

Contact the Skyline Team via the website or call 602-241-2777 today and let us roll up our sleeves and get to work for you and your family. Bottom of Form

The Benefits of Loan Modification
• The Homeowner avoids foreclosure, retaining an excellent property investment and the possibility of selling at a good profit down the line.
• Loan modification does not affect the value of surrounding homes in your neighborhood.
• Toxic mortgage debt is "forgiven" avoiding the stress of often embarrassing legal proceedings
• No harm is done to the homeowner’s credit rating from a loan modification arrangement. And, your credit report will heal much more quickly from the couple of past due mortgage payments that you’ve incurred than from a traumatic home foreclosure.
• Home loan terms are modified to work within the borrower’s financial means. No more having to ‘rob Peter to pay Paul’ as you scramble to make the monthly payment.
• The loan modification process is much smoother and faster than foreclosure or bankruptcy, with a lot less red tape to deal with.
• You and your family get to stay in the home you love with a second chance at accessing the American Dream.

The Benefits of Using the Skyline Team:

Why Choose the Skyline Team as your Partner?

We handle every aspect of the loan modification process.

We prepare the financial statements; take care of all communications with the right people at the mortgage company; we stop the harassing phone calls, guide you through any legal hurdles, and walk you step by step to the moment of resolution. You’ll never have to battle the lender’s army of overseas call center reps again.

Homeowners, you are Not ‘just a number’ to the Skyline Team.

Our compassionate professionals treat each home owner with dignity, caring, and diligence. Our mission is to create custom mortgage solutions, tailored to the unique needs of each of our homeowner clients. We help American families stay at home where they belong, with new opportunities and a brighter outlook for the future. Thirty plus combined years of real estate and loan modification experience.

Our loss mitigation experts are the best in the business and have worked with every major mortgage lender to build workable loan modification solutions for our valued customers. The Skyline Team representatives know the laws and options for homeowners in Arizona and across the nation. We know what Lenders can and can’t do in each loss mitigation case and can see through every scripted response and every bluff.

We take the mystery out of the mortgage modification process and give you back your Peace of Mind.

The Skyline Team believes that the home financing industry has a duty to the borrower to make the loan modification process and its associated language straightforward and understandable to homeowners. Unfortunately, most big lenders don’t seem to share this outlook. We educate homeowners from step one and that knowledge goes a long way towards relieving the mystery, stress, and confusion that the threat of foreclosure can create.

You Do Not need a mortgage broker with the Skyline Team.

We remove the middleman from the process, making communication between the Homeowner and the Lender more direct and avoiding any additional costs when things are already financially challenging.