Loan Modification FAQ's

One of the most frequently asked question is probably, "How do I know if I qualify for the loan modification process?" The answer is that you won't know unless you ask. That means contacting a professional company like ours or contacting your bank or mortgage company and unraveling the paper maze of information they give you. If you have missed one or more payments, are in the foreclosure process or are in danger of being unable to make future payments you may be a good candidate for loan modification.

Can I reduce my interest rate or lower my monthly payments?

The objective of the loan modification process is to allow the homeowner to keep their home and be able to repay their loan. If that means having lower monthly payment amounts, lowering the interest rate, changing from a variable to fixed rate or even extending the life of the loan, then that's what we'll work for.

Why would my lender be willing to modify my loan?

Lenders are in the business of making money, and if you can't make your payments it's in their best interest to renegotiate your terms so that you can repay the loan. Foreclosure is a time consuming and expensive process and usually a last ditch effort to recover losses. And even in a foreclosure sale the bank often will lose money. If they can restructure your loan so that you are able to make the monthly payments, even if it means lowering interest or extending payback time, it is still more cost effective for them.

How much time do I have if I've missed payments?

It depends on how many payments you have missed, but time is something you can't afford to waste when it comes to loan modification. After 3 to 6 missed payments you bank will probably file a default notice, but that time frame is subject to the individual terms of your loan and the laws of your state. That's why you can't delay if you even think you may need to modify your loan.

What is Loan Modification?

Loan modification is a process whereby a homeowner’s mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, ‘fixing’ adjustable interest rates, increasing the loan term, forgiveness of payment defaults & fees, or any combination of these.

How can Mortgage Mayday stop Foreclosure?

Mortgage Mayday specializes in finding loan modification resolutions on behalf of homeowners. We work closely with mortgage lenders and prevention service providers to hopefully modify the terms of your current mortgage so that you can afford them; preventing foreclosure which is bad for you and the lender. We can also go to court with foreclosure defenses and file bankruptcy should it fit your situation.

Why use Mortgage Mayday instead of other firms?

Mortgage Mayday is a local Waterbury, Connecticut company established to protect and help Connecticut homeowners from the horrors of home foreclosure. Unlike many other "foreclosure help specialists", Owner and Foreclosure and Bankruptcy consultant Attorney Raymond Antonacci is a 35 year Practicing Attorney in Connecticut, helping local Connecticut families maintain peace of mind for over three decades.

Attorney Antonacci has been licensed and practicing Attorney at Law. For over 30 years. With his highly trained staff of lawyers, paralegals, and professionals, Mortgage Mayday has the resources necessary to provide you the best service possible. Attorney Ray Antonacci will be there with you every step of the way.