Welcome to Lend a Helping Hand Home Group LLC!

With the real estate market in serious decline, coupled with the enormous increase in energy prices, times are extremely difficult for homeowners. We empathize with your plight, since we are all homeowners as well. Lend A Helping Hand’s pledge to you is to work diligently to secure the mortgage relief you need. We have only one objective... to make your home affordable again!

What is loan modification?

A Loan Modification is the reduction in one or more of the following: Interest Rate; Principal Balance; Penalties. It also must bring the account current, creating a fresh start for the borrower. A Loan Modification will create a current account and give you the ability to keep your home. A Loan Modification is permanent. A new contract is drawn up with the revised terms and you and the lender will be expected to adhere to the new conditions.

Time is critical and none of us have enough to spare

Between work, family, social responsibilities and everything else life throws at us, do you have the time required to accomplish a loan modification?  Probably not.  There’s no getting around it, you will have to spend some time figuring out your financial picture and discussing your situation with us.  Otherwise, you can leave the rest to us.  We’ll worry about lender negotiations.  We’ll worry about staying on top of the process.  While you’re busy living the other aspects of your life, we will be working to help your home stay yours

The negotiation takes some expertise

A lender is already leery of your ability to pay your mortgage because you have missed payments. They are going to be detail-oriented when considering your application for a loan modification and will want hard proof that you will be able to handle the new terms. In other words, you’ll need to dot each ‘i’ and cross every ‘t’. We have developed forms that make sure you cover every part of the process and don’t miss a single thing. Can you say that in conducting your own negotiations that you are confident you have done everything the lender requires? Our team of professional negotiators is ready to begin working on your case. In order to get started please contact us at (888) 611-HOPE

Do Banks really do this?

YES – but why would a lender be willing to lose thousands of dollars to help keep your family in your home? We all know the first order of business for any bank is to make money. With the current state of home mortgages and the housing market in general, banks are faced with not only losing millions of dollars, but with the high foreclosure rates, they risk being declared insolvent by the Federal Government. The last thing a bank wants is to take your home in foreclosure. Your house then becomes a non performing asset and is a negative on their books. Many banks are experiencing serious default problems, with overwhelming delinquencies and pending foreclosures. The Federal Reserve requires lenders to maintain $8.00 in reserve for every $1.00 tied up in an REO (real estate owned-foreclosure). So, for every million dollars in REO’s on their books, the bank cannot lend $8,000,000 in new loans. No new loans mean no new profit. Usually, a much more attractive option is for the lender to re-negotiate your current loan to an affordable payment. You & your family get to stay in your home and the bank looks great on paper. There are many variations on a loan workout, each situation is unique.

Who Qualifies and Why

Qualifying for a Loan Modification is a lot like what you went thru to qualify for the loan to begin with. Except, it’s backwards. Now you want to show that certain circumstances have occurred which prevent you from being able to abide by the terms of the original loan. Therefore, even though you cannot afford the old payments, you can afford the new, lower payments and it would be beneficial to the lender to modify your loan. A well thought out Hardship Letter along with an accurate and complete financial statement will convince the lender to accept your Modification Application. There are certain circumstances that the lender will consider as acceptable hardships. Here are some of them:

Adjustable Rate Mortgage reset- Payment shock
Death of spouse or co borrower
Divorce or separation
Failed business
Injury/Illness/Medical bills
Job relocation
Military duty
Loss of Job
Reduced income
Incarceration

How do Banks and other Lenders perceive Loan Modification?

Would they rather foreclose?

Banks DO NOT prefer foreclosure to a reasonable, workable loan modification. Contrary to public image, banks are not looking to scoop up all the homes they can find. They have more real estate in their portfolios than they can handle.  The average foreclosure costs the mortgage lender $50,000 and in today’s economic market the number of foreclosures is growing at an alarming rate. It is almost always in the lender’s best interest to participate in a loan modification program.  Benefits for the lender: (1) A performing loan instead of owning an empty house via foreclosure (2) Accounting practices like current loans on their books instead of past due accounts. (3) They really don’t want to get your house back.

• Gather Documents
•  Lender official Pay Off statement (ordered via telephone or online)
•  2 months most recent pay stubs
•  2 years W2’s
•  2 years tax returns Federal only
•  2 months most recent bank statements (checking, savings, etc)
•  Current mortgage statement(s)
•  Hardship Letter
•  Any supporting documentation for Hardship
•  Any credit counseling letters you have
•  Lease agreements for rental properties you have
•  Proof of taxes and insurance if not included in loan payment

* Loan Modification services provided by independent licensed attorneys pursuant to signed professional services fee agreement with the consumer.