Frequently Asked Questions
What is a loan modification?
A loan modification is a change to the current terms of your loan. Back in December of 2008, a loan modification quickly rose to prominence as a way for both banks and homeowners to prevent a home from going into foreclosure. The problem came when the banks were incentivized not to help the homeowner receive a loan modification. Currently it is more beneficial for the lender to foreclose on a homeowner than it is to help the homeowner. This was not how it was supposed to be, therefore in order to ensure that homeowners stay in their homes, law firms enforce the rights of the homeowners. When an experienced law firm gets involved, loan modifications are completed.
Why would a bank agree to a loan modification?
The short answer is that a bank is supposed to modify your loan if you meet certain requirements. The problem is that if you do not present your case properly and do not have the proper representation, the lender will look for a reason to deny you. This is because it is more beneficial for a lender to foreclose on you than it is to help you.
What type of loans can be modified through a loan modification?
Just about any type of loan can be modified, however their are certain requirements that must be in effect. You must have an income, for example. This is why we take the time to ask specific questions about your financial situation in order to determine if you do qualify. We will not waste your time or our time. If we cannot help you, we will tell you hat we cannot help you. Contact our office as soon as possible to see if you qualify for a loan modification. If we can help you, you will get your loan modified and stay in your home.
We are current on our mortgage. Can we still qualify for loan modification?
Yes you can still qualify. Depending on your financial situation, you may qualify. this is why it is necessary for us to have a full consultation with you in order to determine your financial situation. Banks don’t require you being behind in your payments.
How do your fees work?
We perform a thorough evaluation and if you are accepted by the firm, meaning we can help you, then the fees to the firm are paid over a fourth period following the progression of your modification.
Why should I choose to work with you?
- We are extremely experienced and believe in personalized care
At FJ Capital LLC, our relationship with you is our number one priority. Many of our clients have been through another company which has not been able to help them out. Your home problems stop here. We know that your home is one of, if not the most important asset in your financial profile. FJ Capital LLC works extremely hard to make you feel comfortable at every step. You can trust in us to get your loan modification complete.
- Highly Skilled Team
FJ Capital LLC is specialized at this type of work and has experience working with your lender. You will be connected with a team that will ensure you stay in your home, if FJ Capital LLC accepts your case.
- Limits on Caseloads
At FJ Capital LLC, we limit the number of caseloads our experienced staff can manage. Every case is time sensitive and any type of delay can cause a disaster at any step of the process for the homeowner. Our teams manage much smaller caseloads than most other firms in order that you receive personal attention. While some companies are significantly larger, their clients may receive less attention and get less response to their inquires.
Should I make my mortgage payments?
You absolutely should make your mortgage payments. Missing your payments will dramatically impact your credit score and could devastate your financial future. Despite what the lender will tell you, we will never recommend that our clients fall behind on their mortgage on purpose. Please contact us immediately to answer all of your questions.