LOAN MODIFICATION FAQ

How long does it take to complete a loan modification once we submit all of the paperwork to Performance Solutions?

Your loan modification can be completed in as little as 30 days or can be as long as 180 days depending on the lender and their case load.  Performance Solutions employs only very seasoned, professional negotiators who are working diligently on your behalf to make sure the process is expedited as swiftly as possible to ensure that you receive the best results possible. 

How successful and experienced is your company at completing the loan modification?

Performance Solutions only works with clients that they believe they can help to achieve a successful loan modification.  A preliminary prequalification process is conducted by their underwriters to better determine if the client is a good candidate for a loan modification based on a multitude of factors.  Performance Solutions works with the clients to present their case to the lenders so that the client receives the most beneficial outcome. 

How do the government programs affect my chances of getting a loan modification?

The government is telling banks they need to do their part to fix the housing crisis.  The Bail-Out Bill, Obama's Home Affordable Modification Program (HAMP) or Making Home Affordable (MHA), and other plans will only improve your chances of getting a Loan Modification. The government is now offering financial incentives to banks and servicers to perform loan modifications . 

Do I have enough time to get a loan modification if there is a pending foreclosure?

Performance Solutions will work to postpone any foreclosure auction sale date scheduled so that they can proceed with the negotiations of the loan modification.  Often times a lender will postpone a sale date if they see that a borrower is trying to find a resolution to the situation (ie loan modification, short sale etc).   

Why would I use Performance Solutions instead of another loan modification company?

Performance Solutions is an attorney backed company who has been doing loss mitigation services since 2003.  Most companies that are performing loan modifications have literally been in business sometimes only a year or two OR LESS!!!.   Additionally, Performance Solutions works with legal, mortgage and real estate professionals for a well rounded approach to their negotiations to create the most success for their clients.

Why can't I do my own loan modification?

You can.   However, less than 8% of those who try to perform their own loan modifications are successful.  Additionally, your lender may give you only one opportunity to do a loan modification and if they decline your file, they may not let you resubmit.  Also, Performance Solutions compiles reports (as applicable) such as Cost Benefit Analysis, Current Market Analysis, Rent Analysis, Profit & Loss Statements, Forensic Loan Audits and Expert Witness documentation to better make your case.  And finally, there are countless hours put into the compilation of the entire file not to mention countless hours in negotiations. 

In short, using a professional loan modification company is the best use of your resources (time, money etc) if you truly want the most desirable outcome.

Do you have a money back guarantee?

Performance Solutions provides to the client an up-front fee schedule which documents different stages of refund based on services rendered to that point.  Performance Solutions is attorney backed and, just as you wouldn't receive a refund from an attorney if they lost your case, the attorneys we work with do not refund for a loan modification that was not approved.  You may, however,  at any point of the process choose to cancel your agreement at which time the services that have not been rendered to that point will be refunded to you in full.

I am not late on my mortgage payments yet, can I still qualify?

Yes.  In fact, you don't want to wait to start the loan modification process because the more time Performance Solutions has to work on your case, the better the resolution they can obtain for you often times.  Performance Solutions has been successful at all stages of the process, so know that wherever you are in the process, you have the best team in the industry working on your behalf.

What about non-profit groups that offer to do loan modifications for free?

There are non-profit groups that offer these services for free but this is a case of "you get what you pay for".  They are usually overwhelmed and their staff is oftentimes not adequately trained to handle the work load or the negotiations in the manner that professional loan modification companies like Performance Solutions and their staff of mortgage, real estate and legal professionals can.

Again, the lender may only give you one opportunity to do a loan modification, so you want the very best team working for you during this process because you may not be given another chance.

What if I am unemployed, can I still obtain a loan modification?

In order to obtain a loan modification you must show that there is enough income to cover the new rate and terms that Performance Solutions works out for you.  A loan modification isn't of any use to you if you cannot make the new lowered monthly payments.

Who qualifies for a loan modification?

Anyone that is having trouble paying their existing loan may qualify for a loan modification. In today's housing market banks are willing to work with mortgage holders who are having trouble paying their mortgage. However, those with a high probability of getting a loan modification are those currently in an adjustable rate mortgage, who have a high interest rate, and/or are experiencing any kind of hardship.

What if my credit is bad?

A Loan Modification is not based on credit. The banks are trying to make a good loan out of a troubled loan. Additionally, getting a loan modification will not adversely affect your credit; generally only late payments or a foreclosure will negatively affect your credit score.

What if I have no equity or I am upside on my property?

The good news is that it does not matter to the lender! We will try to make a case with the lender that you are indeed a candidate for a loan modification because of the negative equity position among other things.  We will provide to the lender a Cost Benefit Analysis which will show the amount they will lose in not providing a loan modification. It is not in the lenders' best interest to take back properties that will be so costly to their bottom line, so in most cases the lender will be agreeable to doing a loan modification.

Banks are rapidly changing guidelines for Loan Modifications. A bank will typically modify your loan into a loan you can afford and continue to pay. This may include a lower interest rate, payment reschedule, principal reduction, longer terms or any other modification that will make and keep the loan a "performing loan‟.

You can save hundreds or even thousands a month, depending on your loan amount. Remember, a loan is typically for 30 years. So the Loan Modification that saves you $500 a month really equals $150,000 over the life of the loan.

Most all banks do some form of a loan modification today. We are in a housing crisis and most banks are willing to work with clients to help them save their homes.