Modification Process
After an acceptance from a thorough pre-qualification, we commit ourselves to the best possible strategy and results, whether your hardship is imminent or your home is in the last month of the foreclosure sale date.
Our CRM (Customer Relationship Manager) allows us to track and respond to your individual case, while always having a consistent, responsive and accessible customer service presence. We know our service requires micro-management at all stages of the process.
Strategic Debt Resolutions is a highly competent, caring and legally compliant team.
Once we decide to pick up your case:
You will need to review, before signing, a contract with Strategic Debt Resolutions
SDR will negotiate a payment plan on a case by case basis
Supply ALL documents requested in a timely manner; each income source will have to be documented
We then prepare your file for submission to your lender, including an in-depth financial analysis
The analysis may include:
A NPV (Net Present Value) analysis that will illustrate to the lender the financial advantage of modification as opposed to foreclosure.
This analysis estimates the potential savings opportunity for the client per property to see if the program that the lenders may offer will provide enough financial relief to improve cash flow on a long term basis.
The NPV software is the very same the servicers use to determine which are the best programs, terms, and rates that will work, if any.
A BPO (Broker Price Opinion) which determines the most current, fair and accurate market value.
A BPO supports NPV analysis in deciding the best program.
Feel free to order your own BPO (on home page) to find out the current valuation of your home. This is significantly less expensive than an appraisal, but just as viable for a loan modification analysis of any other strategies you may be considering.
A "Soft" Credit Report pulled, if needed, to identify unsecured debt, credit cards, judgments and liens.
The banks will pull credit at least once during the underwriting process to confirm expenses.
SDR will then have the same information that the bank has during the compliance part of the process and avoids any incongruencies.
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An important reason for our service fee is not only understanding how to put the file together properly (generally ranging from 70-90 pages per file per property), but the endless micro-managing of where and how to submit the files to the correct point of contact for each individual lender.
SDR will contact the lender every week or month depending on the lender to see if anything is outstanding or needs updating.
We stay on top of the endless maze of process changes that are implemented regarding modification programs.
We have developed contacts at executive levels and departments to ensure intelligent intervention for a successful result.
We will compose and file letters of complaint to the BBB, FTC, State Attorney General’s Office, US Dept. of Treasury, and lender’s Loss Mitigation Supervisor’s if the lender’s responsiveness is not in the best interest of all parties.
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We expect each client will understand that the process of applying, submitting and monitoring a consistent financial hardship will take months; anywhere from 1 to as many as 9 months depending on the situation and lender, investor or servicer before a modification is contractually granted.
Practicing patience, understanding, and cooperation of the many hurdles will be strongly encouraged:
The length of the process is to allow the lender a period of time to make sure the property owner can maintain a mortgage modification for long term sustainability and they WILL regularly ask for updated information such as recent paystubs/ bank statements to see if the hardship has stayed relatively consistent.
The lender will be looking to see if the financial hardship has been resolved at some point so that consideration for a modification no longer applies, or a trial period payment agreement may not graduate to a long term contract.
If first offered a trial period, it will be temporary, anywhere from 3 to 6 months
on average, until entering into a final contract with your lender. SDR will commit to seeing the process through until a permanent modification is achieved.