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Maine Loan Modifications: Searching for a solution to the foreclosure crisis, one loan mod at a time!

Maine Loan Modifications, LLC fights to keep Mainers in their homes!

by Martin Macisso Jr

The US is in an economic crisis and no one is arguing this fact. However, the blame game is not so clear cut, nor are the solutions to this crisis or if in fact a solution could possibly exist. Homeowners are experiencing an unprecedented decline in housing values which translates to a loss of family wealth and the potential loss of the American Dream – your home.

The foreclosure process has gone from very predictable, where the Bank is able to document why and how a borrower has failed to live up to its payment obligations, to where foreclosure cases have become much more complex and ambiguous where “Banks” and “Lenders” are having a hard time proving beyond reasonable doubt that they have a lawful claim to bringing a foreclosure case to Court.

The Loan Modification process is based on the assumption that it is in the Lender’s best interest to modify the payment of a mortgage loan to more affordable terms for the borrower to prevent an inevitable payment default and foreclosure. The Loan Modification expert is an expert in Loss Mitigation or the Negotiation with a Lender by showing the cost-to-benefit analysis in modifying a loan by lowering the interest rate or extending the term or even in some cases reducing the principal, compared to the legal costs and write-down expense of foreclosure. In judicial foreclosure states like Maine, the foreclosure process is a Civil lawsuit involving two parties and on average the legal costs can balloon to $20,000, this coupled with the loan losses of 40% on average of a foreclosed property value and one can quickly see why a Lender would modify a mortgage loan for a borrower who can demonstrate hardship.

Their are no guarantees and borrowers representing themselves must be careful not to agree to payment modifications that are not permanent and are not of a forbearance style(where the arrears are added to payment making it actually higher) and this is where the Loan Modification expert is helpful.

One thing is for sure, it is in the homeowner’s best interest to explore their options before deciding to walk away from their home. Although a job loss and loss of equity are not easy fixes there are simply other things to consider that will enable homeowners to prevent foreclosure. A foreclosure can follow a person around for a long time and is not easy to clean up on a credit file.

What is a Loan Modification?

  • A Loan Modification is where we negotiate with your lender or bank’s Loss Mitigation department to have your mortgage payment lowered.

How will they lower your payment?

  • Some lenders have lowered interest rates to 3%, extended the term to 40 years and in some cases have written down the principal of the loan.

What if you have bad credit and No Equity?

  • This actually enhances your chances of a loan modification as Lender’s would rather not foreclose on your property.

At Maine Loan Modifications, LLC we can provide you with a free consultation regarding your current situation. This is not a Foreclosure Rescue program, there are no guarantees but we encourage ALL STRUGGLING homeowners to call today to discuss their options. Everyone has options!

“Don’t Walk Away, Fight and Stay!”

Maine Loan Modifications, LLC


762 Main Street

South Portland, ME 04106