An acceptance or denial occurs only after Quick Qualification applications are carefully submitted by the client and processed with a modification associate. An additional analysis by Mods123 and the legal team determines which cases can lead to a successful long-term modification and significantly reduce the possibility of default.
See Case Studies for actual results
Most applicants will receive an acceptance or denial within 48 hours.
There is no guarantee in achieving a stated interest rate or program goal, but the improvement is intended to be substantial - decreased rates, fixed terms and / or principle reduction - in order to ensure the Homeowner can stay in their home for the long-term.
Currently, close to 70% of applications submitted result in acceptance and of these, 60% are formalized into a legal and financial client / attorney contract.
Of the applications accepted and contracted with our attorneys, nearly 100% result in a significant improvement in the Homeowner’s loan terms and cash flow.
Each case is different. Each lender, service provider or investor group holding or servicing the note is continually changing their positions / policies as to how willing they are to engage in the negotiation process.
President Obama’s Making Home Affordable plan offers financial incentives to lenders, servicers and investors who successfully negotiate with Homeowners or their representation. These success incentives are offered to the lien holders to modify the loans but are not mandated by the President. Therefore, the willingness lies exclusively with the financial institutions and investors.
Our attorney firms are engaged in a contractor service relationship, so they have a stake in generating the best possible result. They are consistently evaluated based on performance, customer service, and the speed of the process. We use a continuous quality review to make certain we are using only the best firms and process improvments on behalf of the Homeowner
We encourage all Homeowners to submit their case for analysis and are willing to provide this service free of charge.
If accepted, the Homeowner can keep the case approval on-hold for up to 90 days so they can consider entering into the contract phase and determine the means to pay our attorney fee but it is your home you need to take action on. The sooner you start the process, the sooner you are making new payments on your mortgage each month.
If a case is denied and the Homeowner gets behind in their payments or their hardship increases, we encourage the Homeowner to re-submit for qualification at a later date. This is an evolving process - lenders and investors are changing their negotiation criteria on a regular basis