To qualify for a Loan Modification, you must answer yes to the following conditions. If you do, we suggest you contact our loan modification specialist for a thorough review of your file to determine if you are indeed eligible for a loan modification:

1. Have a loan that was originated on or before January 1, 2009.
2. Have a mortgage payment (including taxes, insurance and home owners association dues) that is more than 31% of your gross pre-tax monthly income.
3. Have a mortgage that is no longer affordable, perhaps due to a significant change in your financials or a loan is that scheduled to re-set to a much higher payment.

Possibly. There are currently a number of different loan modification programs available that different banks participate in. Once we review the particulars of your loan and lender we can determine your eligibility.

Yes. Responsible homeowners who are current on their mortgage payments but are at risk of imminent default due to a change in their financials or a loan that’s going to re-set to a higher payment may be eligible for a loan modification.

A Loan Modification modifies your current mortgage through its note. A loan modification can change any or all of the following terms of your note, including the interest rate, balance of loan, delinquent fees owed and the term of the loan.

Gallagher & Lindsey has been in business for over forty years and we are known for our dedication and attention to detail. We work with one of the best loan modification negotiators in the business with a success rate of 90% of loan files being modified. Following are some recently completed loan modifications:

Family A: Original loan with Countrywide had an interest-only payment for $3,772 a month. Modified loan now has a payment of $1,812 a month which pays interest and principal.

Family B: Original loan with Chase had an interest and principal payment for $1,583 a month. Modified loan now has a payment of $1,291 a month.

Family C: Original loan with Washington Mutual had an interest and principal payment for $3,091 a month. Modified loan now has a payment of $2,036.

Family D: Original loan with Sun Trust had an interest-only payment for $4,791.67 a month. Loan modified to a 40 year fixed loan at 4% with a monthly payment of $4,333 which pays interest and principal.

The Treasury Department is currently providing a number of incentives for lenders to offer interest rates as low as 2% if necessary to get to a payment that you can afford based on your income.

Yes. Mortgages on buildings up to four units are eligible.

We will need the following documents to determine if you are eligible for a loan modification:

• Copies of your most recent mortgage statement(s).
• Copies of your two most recent pay stubs
• Completion of our Monthly Income and Expenses Worksheet
• Copy of the Declaration page of your Homeowner’s insurance policy.
• Copies of your two most recent months of bank statements.
• An explanation/hardship letter explaining why you are having trouble making your mortgage payments and why you need a loan modification.
• Photo I.D.

Yes. You can contact your mortgage company directly and try to modify your loan yourself. Just as some people choose to act as their own accountants or legal representation, some people are knowledgeable enough about mortgage companies that they know how to get to the right person, what to ask for and how to get the mortgage company to agree to a loan modification.

Many people though find they are unsure of terms like “partial claim” and “special forbearance” and find the whole experience of trying to find the right person to talk to, not getting phone calls returned, and never feeling sure that the representative they are talking to is looking out for their best interest -- frustrating and fruitless.

Gallagher & Lindsey’s loan modification program is DRE-certified and attorney backed and, as required by state law, our negotiator is bonded. All loan fees submitted by the applicant are held in a trust managed by DRE guidelines. We also offer a Money Back Guarantee.

No. The sooner you contact your real estate agent the better. A short sale may be the best solution for your situation. Currently, there are a number of government incentives in place to help facilitate short sales with banks. And while a short sale may lower your credit score some; a foreclosure will appear on your credit report for seven years and will significantly lower your credit score.