What is a mortgage modification?

It’s a process whereby a homeowner's mortgage is changed through negotiation, and both the lender and the homeowner are bound by the new terms. These modifications include lowering the interest rate, converting adjustable rate mortgages to fixed rates, increasing the term of the mortgage, forgiveness of payment defaults and bank fees, reducing the principal balance, or any combination of these.

Should I refinance or modify my existing mortgage?

If you are locked into a burdensome mortgage, refinancing is certainly an alternative. However, with the sharp decline in real estate values, it will probably be very difficult to obtain the proper amount of financing to pay off your existing mortgage. Additionally, there are many thousands in closing costs. A mortgage modification avoids these problems. We work with your existing lender to modify the mortgage you already have and negotiate to reduce your interest rate and/or term. Best of all, the cost is surprisingly small.

How can PRIME help me?

In these troubled economic times, homeowners are carrying the heaviest burden. With the huge increases in energy prices, it costs homeowners more than ever before to maintain their homes. Coupled with the nationwide banking crisis, and the steep decline in the value of real estate, the PRIME Mortgage Modification Program will reduce your monthly mortgage payment, thereby freeing up more of your hard earned money to pay your other bills. We make your home affordable again!

Who handles the negotiations with my lender?

PRIME has a team of attorneys, experienced negotiators, and financial experts who will fight for you. Our team is highly skilled at handling negotiations with even the most difficult lenders.

How do I start the mortgage modification process?

We will send, or have already sent, our Client Package to you via email, fax or regular mail. (or if you wish you can download our Client Package here ).All you need to do is complete, sign and date the following documents contained in our Client Package and either fax them to 888-891-6903, or mail them to us:

1. Mortgage Modification Services Agreement
2. Authorization(s) (please complete one for each mortgage)
3. Authorization to Release Information
4. Credit Card Authorization (if you wish to charge the mortgage modification processing fee. If you wish to pay by check, please mail it with the above documents)
   

Why do you charge a mortgage modification processing fee?

We spend, on average, 15-20 hours preparing your file so that we can negotiate the best possible modification for you. This is not a simple process. There are many factors to consider when presenting your situation to the lender. These factors are all carefully weighed so that we can present your file in the best possible light. The fee covers only a fraction of our actual costs.

What information do I need to send PRIME to get my mortgage modified?

Our Client Package contains a Mortgage Modification Document Checklist and a Financial Worksheet. We need all the documents listed, and a completed Financial Worksheet (to the best of your ability) in order to present your case properly to your lender. We will review all of the above and be in touch with you promptly to go over all of your documents.

How long does it take for PRIME to get my mortgage modified?

Usually, it takes between 30 and 90 days to negotiate your mortgage modification,
depending on your lender.

Will you keep me informed of the progress of the negotiations with my lender?

Yes. We give each and every client frequent updates regarding the progress of their modification.
Plus, we are always here to listen if a client has any questions, concerns, or problems.

What if I’m not satisfied with the modification you negotiate with my lender?

In the unlikely event you are not satisfied with our services, YOU OWE US NOTHING ELSE.
No other company gives you that kind of guarantee!

 

Mortgage Related FAQ’s

What is a fixed rate mortgage?

A fixed rate mortgage has the same interest rate for the entire term of the mortgage. Your monthly payments will remain the same for the entire term.

What is an adjustable rate mortgage?

An adjustable rate mortgage has an interest rate that generally increases over the initial interest rate when you took out the mortgage. There are many different kinds of such mortgages. Most have the initial interest rate locked in for 1, 3, 5 or 7 years. After that period, the interest rate will increase. This will make your monthly payments increase.

What is an interest only mortgage?

It is a mortgage (commonly called an I/O) in which only interest, and no principal payments, are made for a certain number of years. This results in a lower monthly payment during the interest-only period. However, after the interest only period, the monthly payments will increase because part of the principal will be paid every month.

What is a negative amortization mortgage?

A negative amortization mortgage (commonly called NEG AM) is one that allows you to make monthly payments that are less than the interest only payment based on the interest rate on the mortgage. The difference between the lower payment and the actual amount due is added to the principal amount of the mortgage. Thus, the principal balance of the mortgage increases from the amount you originally borrowed.

What is forbearance?

Forbearance is a commonly used legal term that describes a negotiated agreement between a homeowner and the lender to postpone or reduce either past due mortgage payments, or future mortgage payments, for a specific period of time. This is usually due to some homeowner hardship, such as sickness, injury, disability, or job loss.

What is loss mitigation?

Loss mitigation is a fancy legal term that involves negotiations between a homeowner representative and a bank to stop foreclosure. The term is generally used in situations where a homeowner is significantly past due on his mortgage payments. The negotiation strategy is based on the individual situation of the homeowner.