Loan Modifications

APLG Can Help You Modify Your Mortgage

Since the financial crisis of 2007-08, the U.S. federal government has entered the housing market in a BIG way. Most notably it has started programs such as the Home Affordable Refinance Program (“HARP”) and the Home Affordable Modification Program (“HAMP”). HARP allows homeowners who are current on their mortgage payments to refinance to lower interest rates if they meet certain criteria, while HAMP deals with homeowners who are facing the possibility of foreclosure and are in need of lower monthly payments. As you can imagine, the eligibility criteria for HAMP is more strict.

The great thing about these programs and others is that they also provide significant benefits to the lenders who participate in them, as well as punishments for the lenders who do not participate. This makes mortgage lenders more willing to negotiate a modification with distressed homeowners. Another reason why they are willing to participate is because, put frankly, they would rather have more of your money than your home. Virginia is a non-recourse state, which means that, once the lender forecloses on an “underwater” property (it is worth less than the amount still owed), they cannot go after the homeowner’s other assets for the difference and must absorb the loss.

Unfortunately, a lot of scammers are out there who attempt to take advantage of distressed homeowners in this new environment. Every homeowner should be aware of the signs of a possible fraud in this business. At APLG, we do not make any misleading guarantees that we can keep you in your home. Instead, we carefully evaluate your financial situation to see if you are eligible for a refinance/modification program and then assist you in submitting a modification package to the appropriate mortgage servicer in a timely manner. We will closely monitor the application process and respond to lender inquiries promptly. We will charge you a reasonable flat fee based on the amount of your mortgage only after your modification has been approved.