| Genesis Property Solutions, LLC "Creating New Beginnings for Homeowners" Let GPS guide you to a fresh start in life, too! |
 |  |  |  |  |  |  |
| Copyright Genesis Property Solutions, LLC. All rights reserved. We specifically disclaim any errors, omissions, or any other inconsistency herein. We specifically disclaim any liability, risk or loss, personal or otherwise as incurred as a direct or indirect result of your reliance on this information. All GPS Fees are subject to change without notice, however any change will not affect deals currently in progress. |
| NEXT STEPS |
| EMAIL GPS gps@genesispropertysolutions. ORG |
| FAX GPS 813-200-3324 |
| Call GPS 888-GPS-LLC7 |
| Fearing Foreclosure? AVOID FORECLOSURE & SAVE YOUR HOME! |
LOAN MODIFICATION
A loan modification is a change in any of the terms of the original note. This may help you catch up by
reducing the monthly payments to a more affordable level. This could be a lower interest rate, longer
term, a different loan type, or any combination of these. Unpaid interest may be added to the loan
balance. You may qualify if you have recovered from a financial problem but your net income is less than
it was before the default (failure to pay). This can also stop foreclosure quick!
Loan modification might be acceptable to a lender if the borrower’s income has been reduced to the
point where the current payment is not affordable but a smaller payment is. A lender is likely to be
most receptive to a loan modification if convinced that the borrower’s inability to pay is
completely involuntary, and that modification would be less costly than foreclosure.
Note that there may be fees associated with a modification that you will be responsible for. In addition, all
property taxes must be current or you must be participating in an approved payment plan with your
taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be
subordinate to the first mortgage.
Let’s look at an example:
Say your home is worth $200,000 and you owe $185,000. Your monthly payment is $1500 and you
are 10 payments behind, so you are now $15000 in arrears. Let’s say you now also owe $2500 in
attorney fees. For a Loan Modification, usually a bank will take 70% of the back payments and then put
the other unpaid payments at the end of the loan – thus increasing your loan by a few months or else
adding a balloon payment at the end. So, in this example, if you are 10 payments behind, the bank will
usually require 7 payments + attorney fees = $10,500 (1500 x 7) + $2500 (attorney fees) = $13,000
due now. Also, if you have any late payment fees, back real estate taxes, property inspection charges, or
forced insurance, the bank will typically make you pay this at this time as well. Thus, if you have not save
any money, you MAY not be able to take advantage of this option.
Important notes:
You can usually only do one loan modification per year. You can usually do a total of four over the length
of the loan, but no more than one per calendar year. If you refinance with another mortgage company,
then the loan modifications you did with the current mortgage company won’t count and the new
mortgage company would give you a clean slate.
Can GPS help you with this option?
YES! GPS can assist you in working out a Loan Modification on your behalf. Our Professional
Fee to negotiate this option for a flat fee equal to ONE MONTH's Mortgage Payment.
CLICK HERE FOR MORE DETAILS. (FULL DISCLOSURE: You can work out a Loan Modification on your own if you have the time and ability
to negotiate with the banks directly).
If you would like to inquire further about how to SAVE YOUR HOME with a Loan Modification, please
CLICK HERE to APPLY TODAY.
If GPS agrees to accept your case, then you have multiple payment options: you can either pay GPS
directly by on our FORMS Page, or you can make a check out to "Genesis Property Solutions, LLC" and
arrange for mailing by calling 888-GPS-LLC7, or you can even have your money placed in escrow with
Elite Title of Tampa, FL (contact Lynn or Michelle at 813-948-6617) -- where it will be held by a third-
party company until such time as GPS is able to secure Approval for your requested workout option.
Remember, in all cases, you will receive a Receipt for Payment.
In addition, don't forget that for most SAVE MY HOME options, GPS offers a Money Back
Guarantee - click here for details!
Need a Payment Plan? GPS can help - click here for details.
A loan modification is a change in any of the terms of the original note. This may help you catch up by
reducing the monthly payments to a more affordable level. This could be a lower interest rate, longer
term, a different loan type, or any combination of these. Unpaid interest may be added to the loan
balance. You may qualify if you have recovered from a financial problem but your net income is less than
it was before the default (failure to pay). This can also stop foreclosure quick!
Loan modification might be acceptable to a lender if the borrower’s income has been reduced to the
point where the current payment is not affordable but a smaller payment is. A lender is likely to be
most receptive to a loan modification if convinced that the borrower’s inability to pay is
completely involuntary, and that modification would be less costly than foreclosure.
Note that there may be fees associated with a modification that you will be responsible for. In addition, all
property taxes must be current or you must be participating in an approved payment plan with your
taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be
subordinate to the first mortgage.
Let’s look at an example:
Say your home is worth $200,000 and you owe $185,000. Your monthly payment is $1500 and you
are 10 payments behind, so you are now $15000 in arrears. Let’s say you now also owe $2500 in
attorney fees. For a Loan Modification, usually a bank will take 70% of the back payments and then put
the other unpaid payments at the end of the loan – thus increasing your loan by a few months or else
adding a balloon payment at the end. So, in this example, if you are 10 payments behind, the bank will
usually require 7 payments + attorney fees = $10,500 (1500 x 7) + $2500 (attorney fees) = $13,000
due now. Also, if you have any late payment fees, back real estate taxes, property inspection charges, or
forced insurance, the bank will typically make you pay this at this time as well. Thus, if you have not save
any money, you MAY not be able to take advantage of this option.
Important notes:
You can usually only do one loan modification per year. You can usually do a total of four over the length
of the loan, but no more than one per calendar year. If you refinance with another mortgage company,
then the loan modifications you did with the current mortgage company won’t count and the new
mortgage company would give you a clean slate.
Can GPS help you with this option?
YES! GPS can assist you in working out a Loan Modification on your behalf. Our Professional
Fee to negotiate this option for a flat fee equal to ONE MONTH's Mortgage Payment.
CLICK HERE FOR MORE DETAILS. (FULL DISCLOSURE: You can work out a Loan Modification on your own if you have the time and ability
to negotiate with the banks directly).
If you would like to inquire further about how to SAVE YOUR HOME with a Loan Modification, please
CLICK HERE to APPLY TODAY.
If GPS agrees to accept your case, then you have multiple payment options: you can either pay GPS
directly by on our FORMS Page, or you can make a check out to "Genesis Property Solutions, LLC" and
arrange for mailing by calling 888-GPS-LLC7, or you can even have your money placed in escrow with
Elite Title of Tampa, FL (contact Lynn or Michelle at 813-948-6617) -- where it will be held by a third-
party company until such time as GPS is able to secure Approval for your requested workout option.
Remember, in all cases, you will receive a Receipt for Payment.
In addition, don't forget that for most SAVE MY HOME options, GPS offers a Money Back
Guarantee - click here for details!
Need a Payment Plan? GPS can help - click here for details.
| GPS Loan Modification |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |