FAQs

1. What is a Loan Modification?

1. A Loan Modification is when the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to ultimately and significantly lower your monthly payments, for either a temporary or permanent period of time. Check out our Case Studies to see some real life examples.

2. Who qualifies for a loan modification?

1. Anyone that is having trouble paying their existing loan. In today’s housing conditions banks are willing to work with mortgage holders that are having trouble paying their mortgage. However, high probability characteristics are homeowners currently in an adjustable rate mortgage, have a high interest rate, are upside down on their home, and/or experiencing any kind of hardship.

3. Why will it work for me?

1. The government has asked for ALL lending banks to help in the foreclosure epidemic and modify mortgages for all troubled homeowners. This site will automatically produce your Bank Approved Loan Modification Package. Going to your lender with a complete modification package that has been reviewed by our loan modification consultants, will make a scary process seem simple.

4. What if my credit is bad?

1. A Loan Modification is not based on credit. The banks are trying to make a good loan out of a troubled loan.

5. What if I have no equity or I am upside on my home?

1. It does not matter! Some banks are doing principal reduction, which means the bank will discount the total loan amount to the current value of your home. This is called a principal reduction and is becoming popular for banks.

6. What if my income is too low?

1. You will need to show the bank you or all others in your household can afford the new payment. This is done in our Pre- Qualification when you start the process.

7. What should I expect the terms to be on my new loan?

1. Banks have 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 function that will make and keep the loan performing.

8. How much can I really save by doing a loan modification?

1. Hundreds or Thousands a month. 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.

9. Does every bank do loan modifications?

1. Yes. We are in a housing crisis and banks are willing to work with clients to help save their homes.

10. How does the bail out bill affect my chances of getting a loan modification?

1. The government is telling banks they need to do their part to fix the housing crisis. The Bail Out Bill will only help your chances of getting a Loan Modification.

11. What should I do to ensure the best loan modification?

1. Take Advantage of our consultation service. After you purchase the BANK READY Loan Modification package, you will receive a 1 hour FREE consultation to discuss your loan. Please take advantage of this offer.

12. Will Renegade Real Estate Services Inc. review my case prior to submitting the loan modification package?

1. Absolutely, our service includes a consultation time to discuss your Loan Modification, step by step instructions, and your legal rights.

13. Can I call Renegade Real Estate Services Inc. for advice after I start the process?

1. We are available to you before, during and after this service is complete. We are here to help you save your home.

14. How long does the process take?

1. With our service you will have all the documents needed to submit to the bank. Banks are different and can take 30-90 days for a decision. We will be here for you every step of the way to walk you through the loan modification process.

15. What are some negotiation tactics to use with my lender?

1. We can’t publicly release that info, you will have to get pre-qualified and purchase the loan mod package. After you purchase the Bank Ready Loan Modification package our consultants will guide you through the process and give you the knowledge to succeed.

16. Are there any other costs involved? Appraisal, credit report, title, closing costs, broker fees, etc...

1. There are no more costs assigned with a Loan Modification. The banks are modifying loans for no charge.