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LOAN MODIFICATION

You’ve worked hard to make your home your own. You pay your mortgage, your taxes and homeowners insurance. Sometimes though, life takes a turn and makes everyday more difficult. Should that happen CDG Exclusive LLC (“We”, “Us”) will provide you, as a homeowner, with the opportunity to restructure your loan and keep you in your home. The harsh reality of foreclosure need not be YOUR reality. All it requires is the ability to take action and the decision to keep your home.


Do you Qualify?

If you are currently behind, or in danger of being behind on your mortgage payment, you are experiencing at least one of the following hardships, you want to stay in your home and you can show you can afford the new payments, you will be a terrific candidate for a loan modification:

Common Hardships: It’s a tragedy for a family to lose their home to foreclosure. To dismiss such situations as a mere consequence of an irresponsible homeowner however is to focus on one element of a much larger problem. Despite the many reasons for foreclosure, there are many other reasons homeowners feel helpless to avoid it and often there are matters beyond their control or capability. There is always hope in these situations because we force lenders and investors to think “outside the box” and come up with creative solutions both during foreclosure and pre-foreclosure. Some examples of hardships are:

  • Divorce or Legal Separation, Job Loss or Pay Cut, Death, Bankruptcy, Predatory Lending, Serious Illness
  • Disability of a borrower/co-borrower or dependent family member, Disaster, Distant Employer Transfer
  • Excessive Obligations, Business Failure, Increase in Mortgage Rate, Property Taxes, etc.

Commitment to Stay: Lenders want to be sure that you are serious about remaining in your home before they decide to consider restructuring the terms of your loan.

Ability to Pay: Lenders want to be assured that you will be able to make the new mortgage payment once the rate and terms have been reduced to a payment that is more affordable.

Documents You May Need To Provide:

  • Signed Authorization
  • Signed Financial Form and Hardship Letter
  • Current Mortgage Statement
  • Two (2) Months’ Proof of Income (W-2, cancelled checks, pay stubs)
  • Two (2) Months’ Bank Statements
  • Last Two (2) Years’ Income Tax Return Forms 1040
  • Proof that Homeowners Insurance and Taxes are paid (if not escrowed).

Loan Modification vs. Refinance: A loan modification is a contract between a lender and borrower that restructures the rate and terms of your current mortgage to fit your current financial circumstance, enabling you to remain in your home without the requirement of refinancing. Basically, modifying your original note—adjusting the terms of your loan by lengthening the amortization schedule, lowering the interest rate, or rolling the delinquent amount into the loan and re-amortizing the new balance to help bring your loan current. In today’s market conditions, state and federal authorities are pressuring lenders to do everything they can to work out payment plans with borrowers. As a result, they give our submissions the respect and attention they deserve. In addition, a modification is much more cost effective for you than refinancing (our fees cost less than refinancing closing costs) and cheaper than foreclosure for the lender. In addition, most modifications take place without a closing.

Time: Your application can be completed and submitted in as little as one (1) week depending upon your ability to gather and provide the necessary documentation. Once you’ve fully cooperated, it can take (30) days to (90) days to obtain an approval, depending upon the lender, the type of loan and your specific hardship. Remember, time is NOT on your side! If you are struggling to keep up with rising costs and/or mortgage payments DON’T DELAY. Each day you sit idle is costing you in so many ways.

In New York State, Housing Counselors, who are approved by the U.S. Department of Housing & Urban Development or the New York State Banking Department, may provide the same or similar services as a distressed property consultant for free. A list of approved Housing Counselors can be found on the New York State Banking Department website at www.banking.state.ny.us or by contacting the New York State Banking Department toll-free at 1-877-BANK-NYS (1-877-226-5697). You should consider consulting an attorney or a government-approved housing counselor before signing any legal document concerning a distressed property consultant."