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Able Financial Solutions specializes in Home Loan Modifications in the Southern California area. We’ve gone way above and beyond the call of duty to familiarize ourselves with the unique circumstances home owners contend with from Los Angeles to Palm Springs; from Orange County to San Diego. Our expertise rests in our ability to understand and connect with the average person dealing with hardships. mortgage modification

 

At Able Financial Solutions, we pride ourselves in bringing forth factual, up-to-date information that helps struggling and savvy homeowners alike make intelligent and informed decisions about Home Loan Modifications. We also acknowledge there are a lot of Home Loan Modification experts who can make the negotiation process with your lender appear more intimidating than it really is…

 

We’re not here to necessarily convince you to do business with us (although we appreciate everyone who is drawn to work with us). Our mission of sorts is to increase the positive awareness about Home Loan Modifications, especially as it pertains to the Southern California area where we reside.

 

Home Loan Modifications in Southern California are an amazing opportunity for any homeowner who seeks out their government supported right for mortgage restructuring!

 

There are a lot of misconceptions, misinformation, and old truths not yet retold about Home Loan Modifications. If you’re a homeowner in L.A., Riverside, San Bernardino, O.C., or San Diego, listen up: The information we’re inspired to share with you is going to help you tremendously in making the right decision about your ever-expanding mortgage restructuring options.mortgage modification

 

Let’s get straight to the heart about the Home Loan Modification reality:

 

• The Obama Administration believes Home Loan Modifications are an essential piece for economic recovery. Obama has created a 75 million dollar federal program that helps people with home loans of less than $729,750 succeed in restructuring their mortgages.

 

• Lenders like Chase, Bank of America, and Citi Bank (just to name a few) are extremely compliable about approving Home Loan Modifications. Whereas, a couple years ago, Southern California lenders were quite stubborn about approving home loan restructuring of any kind. New precedence about government funding and overseeing has changed the way lenders treat mortgage loan modifications. These are empowering times for homeowners, as much as they are scary for people who don’t know their rights and options. (Note: Individual lenders are more apt to approve different aspects about your home loan modification. Contact Able Financial Solutions to learn more about your distinctive situation.)

 

The truth is that Home Loan Modifications are absolutely perfectly suited for anyone unhappy with the structure of their mortgage:

 

• Are you paying a loan that’s under water, e.g. no equity?

 

• Have you been unable to pay your monthly mortgage and need to find a solution immediately to prevent foreclosure?

 

• Are you already in the midst of foreclosure proceedings and are experiencing a lot of fear about what options you have to save your home?

 

A lot of people fail to seek out the options they have to restructure their home loans because of fearing the unknown. These ever-changing economic times, while difficult for a lot of people; are also affording YOU the opportunity to renegotiate with lenders in ways that were not possible a few years ago. Lenders in Southern California don’t want an abundance of foreclosed properties. That’s to nobody’s benefit. Don’t let the noise in your head prevent you from taking deliberate action to better your life because of not fully knowing your options. The fact is that Home Loan Modifications are appropriate for anyone in the Southern California area who wants to:home loan modification

 

• Lower their interest rate.

 

• Lower their loan principle to be more in harmony with today’s reduced home and property values.

 

• Stop paying ridiculous monthly payments for their outdated principle loan.

 

No, you are not helpless.

 

No, your home loan circumstances are not hopeless; even if you were rejected for a Home Loan Modification in the past.

 

Able Financial Solutions has special relationships with many of the lenders in Southern California that allow us to complete a modification in 3-5 weeks. Our unique ability to expedite your Home Loan Modification is a peace of mind we enjoy giving our customers.

 

When you work directly with Able Financial Solutions, we also take the burden of stress off your shoulders by:

 

• Determining the outcome of your Home Loan Modification before imparting any financial obligation to you.

 

• We also work with you to create a monthly payment you can afford before there is any cost to you.

 

In plain black & white English, there are absolutely no upfront costs for your Home Loan Modification. You can take that to the, um, lender!

 

Take the first step and contact us today. We’re here to provide you with more information about your Loan Modification options. More importantly, Able Financial Solutions will give you the freedom to finally leave behind all the stress, worry, doubt, and fear about your cherished home. We proudly facilitate the ability for you to regain your sanity and equilibrium so can live a better more hassle free life. Isn’t that what we all want?

There are seven ways to alter the terms of your mortgage. Learn the details and trade-offs of each in a few minutes of reading and conclude which one is right for you.

 

Refinance What is it? In a home mortgage refinance, homeowners essentially acquire a new mortgage that replaces their current one. It is a lot like selling your home to yourself. The value of your property is assessed, just as it would be if it was going to be placed on the market, and you renegotiates the terms of a new mortgage based on the interest rates of the day.

 

When Does It Work? When housing prices are high and interest rates are low, which explains why refinancing was so popular from 2002 to 2007.

Why the process will not proceed for some? When housing prices have fallen to the point where homeowners no longer have any equity in the property. This is why the refinancing industry, so busy and active 2 years ago, is practically unheard of today.

Pros: When done at the right time, refinancing can give homeowners cash in their pocket (if the value of their home increased since they took out their last mortgage), and lower monthly payments (if interest rates have fallen, or their credit rating has increased, since they took out their last mortgage).

Cons: Fees, fees and more fees. Because you’re basically selling your home to yourself, all of the assessment fees, escrow fees and handling fees you paid when you first bought your property still apply.

 

Repayment Plans What Is It? Mortgage repayment plans are a great solution to temporary hardship on the part of a homeowner. This solution involves the lender temporarily modifying the terms of a mortgage so that the homeowner can enjoy lower payments in the short-term at the expense of higher payments or longer time periods in the future. It is essentially a case where the lender bets that you, the homeowner, are a good investment; that you are likely to overcome your temporary setback and fulfill your mortgage.

 

When Does It Work?If a homeowner has a notable relationship with a lender, and if the mortgage lender itself is on an acceptable financial footing, repayment plans are the best option for everyone involved. At no cost or loss to the lender, homeowners are generally happy to endure stricter long term conditions.

When Does It Not Work? When lenders are receiving billions of dollars in government bail-outs because they are not financially sound, or when high unemployment makes it unlikely that a homeowner’s hardship will be temporary.

Least costly recourse for both the mortgage lender and the borrower.

Cons: Too conditional. The national unemployment rate of over ten percent and a multi-country financial crisis makes it far too tough for the mortgage industry and homeowners to create a repayment plan.

 

Forbearance mortgage modification Is It? Forbearance is a temporary suspension of monthly mortgage payments. It is generally used for temporary hardships that are foreseen in advance by homeowners and lenders. Setbacks such as death, divorce, unemployment or illness are widely accepted as temporary hardships by lenders.

 

When Does It Work? Similar to repayment plans, the forbearance solution is only possible when lenders are financially stable and when are confident that a homeowner’s hardship is temporary.

When Does It Not Work? Again, similar to repayment plans, forbearance agreements are unlikely to be negotiated when lenders themselves are in financial difficulty, and when homeowners are facing a challenging labor market.

Pros: Homeowners do not have to make any mortgage payments for several months, and lenders get to roll the suspended payments into the rest of the mortgage principal and earn higher returns in the future.

Cons: In exchange for a temporary respite, homeowners must pay back a larger sum then their initial mortgage stipulated.

 

Deed In Lieu What Is It?When a homeowner returns the house keys to their lender in return for stopping their future mortgage obligations. This is not the same as “walking away from a mortgage”, which is actually foreclosure. With Deed In Lieu, the lender must agree to take possession of your property in exchange for relieving you of all future mortgage payments.

 

When Does It Work? When the value of a property is still relatively high, i.e. less than 5% below the value of an owner’s mortgage. Before the housing crisis in America hit full swing, Deeds In Lieu were great ways for banks and owners to avoid the high costs and staining legacy of foreclosure.

When Does It Not Work? When housing prices have plummeted to the point where lenders no longer wish to take over ownership of a property in exchange for relieving a mortgage obligation. In today’s market, lenders will lose too much money if they agreed to Deeds In Lieu so the incentive for negotiation just isn’t there.

Pros: It achieves all of the benefits of foreclosure for both owners and lenders without the downsides: High costs for lenders, a giant “F” on a credit report for owners.

Cons: Owners do not get to stay in their homes, and lenders must now find a way to sell the property they just received the deed to.

 

Short Sales What Is It? When a owner sells a property for less than the value of the mortgage and turns all of the proceeds from this sale over to the lender. The lender agrees to this sale because the entire mortgage will paid off quickly. The lender is losing money by not enjoying years of interest payments, but short sales can occasionally be the “least bad option” available for both parties involved.

 

Does It Work? When a short sale is likely to provide the lender with a sufficient return over the short-term for it to allow the owner to proceed with the sale.

When Does It Not Work? When housing prices have fallen to the point where properties cannot be sold, or if the money likely to be earned from a sale is sufficient for the lender to agree to it.

home loan modification: Slightly cheaper than foreclosure, but still incredibly expensive. Owners do achieve a timely, albeit brutal, relief from their mortgage obligations.

Cons: Owners do not get to remain in their homes, and the process generally results in a tremendous loss of money for both owners and lenders.

 

Foreclosure What Is It? When a owner announces to a lender that he or she is no longer able to meet the terms of a mortgage, or when a lender declares that a mortgage is in default and it is taking control of a property. The lender then becomes the owner of the property and must find some way to sell it and make a profit in the future.

 

When Does It Work? Foreclosure is consistently an option, although it is never a good one. It is the last and final solution available for lenders and owners. No one likes it, everyone is hurt by it, but it does remove the mortgage obligation for the owner.

When Does It Not Work? Never. Foreclosure is constantly an option.

As tough as it is , foreclosure will terminate a mortgage loan and provide some form financial relief to the former home owner.

Cons: Foreclosures take between 150 and 390 days to complete depending on the state a property is located, and costs lenders an average of $50,000 per property to complete. That cost is endured even before the lender is able to resell the property, which could result in even greater losses given the scope of the national housing crisis. As for owners, those who foreclose are financially ruined and removed from their home.

 

Modification home loan modification Is It?A negotiation between a lender and an owner to change one or more of a mortgage’s five key terms the borrower.

 

When Does It Work? Almost all the time, although the probability of success is higher or lower depending on the situation. Adjustable-rate mortgages at high interest rates are automatically accepted for modification. Fixed rate mortgages at low interest rates are rarely accepted, but there’s always a chance for success.

Does It Not Work? The leading cause of rejected modification applications is homeowners failing to understand and navigate the system correctly. In the hands of a professional team like Able Financial Solutions, owners can achieve the strongest possible bargaining position for the loan modification negotiation, increasing the likelihood of success.

Pros: Cheaper than foreclosure or short-sales for lenders, which increases the chance that lenders will negotiate in good faith. If successful, owners are able to stay in their homes, achieve financial relief and endure a less painful impact on their credit-rating.

Cons: Because owners must personally negotiate with lenders, loan modification can be a scary, nerve-wracking process. But with a team like Able Financial Solutions, owners can develop a calculated strategy for success and can negotiate with confidence that the best interest of both them and the lender.