Pressemitteilung

American homeowners struggling to keep up with their mortgage and save their homes now have a new solution at hand. CDLoanMod.com, a site offering mortgage modification and foreclosure prevention services, has launched their newly redesigned website that offers mortgage modification payment options to better help troubled borrowers get back on their feet.

Mortgage modification is a process wherein borrowers can get their lenders to change the mortgage terms so they can better afford it. It is usually offered to homeowners who have lost part or all of their income - and thus cannot keep up with mortgage payments - due to illness, job loss, death of a family member, or other unavoidable causes.

Their mortgage modification payment plans allow the homeowner to get an affordable mortgage modification while still including all the essentials for negotiating with lenders, such as application forms, checklists, and informational resources on mortgage modification-related matters such as mortgages and mortgage types, lending terms, predatory and sub-prime lending, and tips on getting the best deal from mortgage servicers.

The mortgage modification process involves a four-steps, starting with an initial consultation where they assess the client's situation and determine whether or not a loan modification is the best option. Otherwise, they usually suggest viable alternatives such as short sales or deeds in lieu of foreclosure.

Once the homeowner is deemed qualified for a mortgage modification, he or she can start gathering the documents required for the application process. Each lender has its own requirements, but some of the most commonly requested documents are W2 forms, the latest mortgage statement, and a hardship letter explaining why the borrower fell behind.

The CDLoanMod.com team will then send the application package to the lender and start negotiations, pushing for better terms until the bank makes an offer approved by the client. The waiting time varies according to the client's situation and the lender’s initial offer, but most loan modification applications take anywhere from 30 to 60 days.

Finally, the offer is sent to the borrower for approval, along with all the mortgage modification documents. Depending on the lender's terms, the mortgage modification may start with a trial period, after which the modification becomes permanent (assuming the borrower does not go back into default with the new rates).

CDLoanMod.com also offers resources for homeowners considering mortgage modification, including a Learning Center where topics like foreclosure, short sales, credit and credit scores, homeowner rights, predatory lending, and adjustable-rate mortgages are covered. There is also an FAQ section addressing some of the main issues on mortgage modification.

For users who want to stay updated on the mortgage and loan modification industry, the new site also features a News section, which covers the latest developments in the field. Also onsite are mortgage modification case studies, where users can explore previously granted modifications to help him make better decisions for their mortgage modification choices.