What is a Loan Modification?
A Loan Modification is the procedure whereby a loan's payment plan is changed, due to a hardship of the borrower, in order to make the loan manageable. This may include changes to the rate, the term and monthly payment amount. In rare cases, even the principal amount may be reduced. This process is handled through the lender's Loss Mitigation Department.

Why would a lender perform a Loan Modification?
Foreclosures are at an all time high. Banks cannot afford to own many foreclosed home assets, as they are in the business of lending money, not owning property. With the bank-owned property (also known as an REO - Real Estate Owned property), the value of the home is tied up and cannot be lent out. There are also ownership costs the bank does not want to be burdened with, and more often than not the bank loses money on these properties. The foreclosure process itself can be time consuming and costly. Therefore it is in their best interest to perform a loan modification for a borrower in distress.

Who is a good candidate for a Loan Modification?

• Homeowners who are having difficulty with their mortgage payments.
  
• Homeowners who have recently adjusted mortgages they cannot afford.
• Homeowners with an ARM (Adjustable Rate Mortgage) that will reset in the next 75 to 90 days.
• Homeowners who are 30+ days late on their mortgage payment.

Who qualifies for a Loan Modification?
Qualification is considered on a case-by-case basis through the lender and there are often specific rules depending on the type of loan, but in general the Homeowner is required to have a verifiable hardship that does not allow them to afford the current loan plan, and that the Homeowner will be able to manage a modified plan. What is NOT generally considered is the equity in the home (if any), the Homeowner's credit rating (good or bad), and the mortgage delinquency.

What is the Loan Modification procedure that Sutton Homes Realty follows?

1. We send to you a financial packet of the required information you will need for our consultation. Be prepared to submit an array of financial information.*
2. Arrange your private consultation with us, through e-mail, fax, phone, and home or office appointment.
3. We discuss your situation with you to pre-qualify for a Loan Modification. If you decide to proceed with the request, then we take it from there.
4. We contact the lender to discuss the situation with them and request a Loan Modification. We take care of the shipping and handling of documents to and from the lender for you.
5. We follow up and negotiate with the lender at least once every week.
6. We contact you with weekly updates through phone and e-mail.
7. If your Loan Modification is approved, the lender will prepare new documents for you to sign. Congratulations!
8. Depending on the specific lender (some are busier than others), the entire process typically takes 60 to 90 days.

- The Loan Modification Specialists at Sutton Homes Realty can be your exclusive agent throughout this entire process.**
We understand what you are going through and wish to help alleviate the stress and KEEP YOU IN YOUR HOME. Our expertise (Certified Loan Modification Specialist through the distinguished Harris University - HarrisRealEstateUniversity.com ) can give you the confidence that your Loan Modification request will be performed with professional skill and efficiency.

What is the fee for Loan Modification Specialist service?
Sutton Homes Realty does not charge any fees up front. Our service fees are only collected when your loan modification request is completed.

• If your Loan Modification IS APPROVED, Sutton Homes Realty charges a flat fee of $750
• If your Loan Modification is NOT approved, Sutton Homes Realty only charges a processing fee of $50
• If you LIST your property for sale with Sutton Homes Realty (Short Sale or otherwise) the $50 fee is waived***

If you feel that a Loan Modification may be right for you, please fill out the form below for a free no-obligation consultation to discuss your options. We are here to help in these trying times and truly care. We can be reached 24 hours a day through e-mail and phone.

What if the Loan Modification is NOT approved?
If you are unable to maintain your mortgage payment plan and are facing foreclosure, selling the property is the next step. If the current market value is near or below the total amount owed against the property, then this would be called a Short Sale. Sutton Homes Realty has the knowledge and expertise to successfully market and sell your house. We provide an array of useful information through this website such as Seller's Information, Seller's Toolkit, and + Listing Agent to get you started. When you are ready to discuss your needs with us, we can be contacted 24 hours a day through e-mail and phone service.

*Sutton Homes Realty respects your privacy. As licensed brokers it is our duty to protect your sensitive information and will never distribute, sell or otherwise release any information we may receive on your behalf.

**We are currently servicing Loan Modifications for OREGON Homeowners.

***We are accepting home sale listings for the Southern Oregon region (Jackson and Josephine counties).