These are some frequently asked questions about the Loan Modification Process by people.So here are the complete answers of all your Loan Modification related questions.

1. Loan Modification Questions & Answers From the experts at the Loan Modification Department

2. Q. Can you help unemployed homeowners? A. No. You will need a source of income to qualify for a loan modification.

3. Q. Do you count the income of people who are living in the home but are not on the title? A: Yes. We consider the total income of the household, not just the homeowner.

4. Q. Do I need to be delinquent or behind on my mortgage? A: No, but it will make things easier. Loan modification is meant to help people in financial hardship, and banks are more willing to help borrowers in trouble.

5. Q. Do you have any preferred lenders? A: We work with all lenders, but the results vary with each one. The results depend not just on your lender, but also the specifics of your case.

6. Q. Are all lenders willing to negotiate with you? A: We work with all lenders, but the results vary with each one. The results depend not just on your lender, but also the specifics of your case.

7. Q. Are all lenders willing to negotiate with you? A: Yes. Our team has established contacts at all major lending institutions. These relationships have saved our clients millions of dollars in successful loan modifications.

9. Q. Is it too late to help clients who have received a Notice of Trustee sale? A: Definitely not! The Loan Modification Department can prevent foreclosure up to a few days before the actual transfer sale date. However, if you are thinking of getting help, please don't wait until you have received a notice of sale.

10. Q. What interest rates can I expect after a loan modification? The results vary from case to case, but most of our clients have gotten interest rates between 2.5% and 5.5%. We have also successfully negotiated on 5/1 I/O and shifted to a 30-year fixed rate mortgage.

11. Q. Will my lender need other documents (such as credit scores) to assess my application? Besides the pay stubs and tax forms, some lenders will ask for at least two months of bank statements. But that is strictly to determine your income. Credit scores are never used for qualification

12. Q. Can my lender give me any compensation? A: Yes. You are paying for legal representation. It works as a legal retainer, as it does for any legal service. However, we do offer payment plans.

13. Q. How long does it take to get a response from my lender? A: The average wait time is 60-90 days, but it varies from one client to another. Some applications process faster than others.