What is a Loan Modification?

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. A modification can involve a reduction in the interest rate, forgiveness of a portion of the principal balance, or provide an extension of the maturity date of the loan.

How long does it take?

The modification process varies depending on the lending institution.
The average time for a loan modification is usually 60-90 days.

Why does it take so long?

The lending institutions are overwhelmed by the number of demands for loan modifications, short sales and foreclosures. In addition to this, the banks have experienced severe financial set backs, leading to layoffs and an increased work load. Although the process may seem long, rest assured that our staff contacts your lender on a daily basis to follow up and drive the file to closing as quickly as possible.

What kind of programs do you have to help me keep my home?

We have dozens of programs and techniques we can use to save your home based on your current situation. Complete our Online Form or
Call (818) 999-0333 and we will quickly, yet carefully determine your financial profile and make several recommendations on how we can help you keep your home.

What are my chances of success working with you to get a forbearance?

We have relationships with virtually all of the large institutional lenders. We are experts at negotiating forbearance plans because we know what your bank requires in order to achieve approval. Wall Street Financial Group proudly boasts an astounding 99% approval rate, thus ensuring a very probable chance of success in working with us, as opposed to attempting negotiations on your own, or even with another institution.

Is this like refinancing?

No, Modifications are NOT refinances. Refinances require appraisals, title, escrow and Lender fees to be charged and often times can be very expensive. Modifications only cost $3995.00, potentially saving you thousands of dollars verses a refinance! In addition, qualifying for a refinance is MUCH more difficult than qualifying for a loan modification. So, if you have bad credit or an imperfect payment history, little to no assets, and diminishing equity, you can still qualify for a modification! Loan modifications are requests made of your existing lender.

Can I take money out when I modify?

No. This is not a refinance and cash cannot be drawn from the transaction. A modification will reduce your rate, payment, loan balance, or create a repayment plan. The Lender is already taking a loss on your loan and will not allow any cash to be drawn during the modification process. If chosen, you may refinance your home in the future and draw cash at that time. You are asking the lender to take a loss on your loan. Do not expect that the lender will also give you money as well.

What do I need to do?

All that we ask is that you provide us with all of the information we ask you for and that you do so in a timely manner. In order to begin the process, please contact us at our Corporate Headquarters so that we may discuss your financial situation with you. Our phone number is (818) 999-0333, we are available Monday through Friday from 9:00 AM- 6:00 PM Pacific Standard Time.

Some basic documentation will be requested up front to initiate the process. The initial documents needed are:
1. A signed Borrower's Authorization form- This allows your lending institution to discuss your file with us.
2. A completed financial statement- This form itemizes your monthly income, expenses and assets. These figures are a crucial part of the modification package.
3. A copy of your most recent mortgage statement. If you have 2 loans, a statement will be requested for each.

Once this documentation is received by the bank, a preliminary package will be submitted and the negotiation process will begin. At this point you will be notified of any further documentation needed. The lender will typically request copies of your tax returns, bank statements and an explanation of your current hardship.