PLFS, Inc. can help! 

Dear Homeowner(s):

Please, allow the following to describe the services associated with a loan modification.

Presently, and what appears to be the trend for the next several years, lenders are and will be faced with rising defaults and foreclosures.  Individuals such as you, as a result of the downturn in the economy, the sluggish real estate market, and paying on existing mortgages with excessive adjustable interest rates are all contributing factors to this mortgage crisis.

In an attempt to curtail this ever increasing problem, many lenders have initiaded programs designed to help homeowners keep their homes and create payments that fit in with your financial needs.  These programs may be available to you and we are here to help you find out.

It should be understood that as as homeowner, you have the right to contact your lender directly to discuss the alternatives that may be available to you.  The problem that many homeowners are experiencing is the lact of adequate response form their lenders.  Banks all around the country are being inundated with requests, and they simply do not have the time or manpower to assist their borroweres in a timely fashion - which often leads to increased missed mortgage payments, compounding interest, and improved chances of mortgage foreclosure.

Our job is to make sure that you do not slip through the cracks.  With your assistance, we will stay on top of your lender, supplying them all of the documentation they will need to determine their ability to assist you.  We remain in constant contact with loss mitigation teams and negociators to make sure your file is given the individual attention you deserve.

While we offer no guarantees, we do offer unrelenting persistence in dealing with your lenders.  We constantly monitor lender procedures, laws relating to homeowner's assistance, and your financial changes as well.

It is our job to make sure any available assistance is provided to you in a timely manner so that you can maintain enjoyment of your home.

Any matter concerning your financial well-being and maintaining your home should be considered carefully, and while we feel confident in our services, we will provide a (3) business day cancellation period from the time you enter into this program.  A full refund shall be awarded if within (3) days you no longer wish to proceed.  So that no time is wasted, we will commence work on your loan modification and if you decide to cancel we will gladly stop working.

The Loan Modification Consultant will process and prepare the Mortgage Modification Application that will be used during this process.  Aside to preparation and processing of your modification application, will work out with your lender new terms for your existing mortgage.  The staff of Paragon Lending & Financial Solutions, Inc. and the Loan Modification Consultant will monitor your status throughout the entire application process, providing you with constant updates.

The following is a breakdown of the fees you will be charged:

$790 Total for services included in Part I and Part II.

($295 extra for a 2nd mortgage with the same lender or $395 extra for a 2nd mortgage with different lender) 

Explanation of services and when fees are due:

PART I. - $395 due when services A - H are completed.

A. Credit check ($12 or $20 fee applies)

PART II. - $395 due when services A - E are completed.

A. Mailing of loan modification package to lender or servicer

B. Follow up and updates of Loan Modification

C. Working with lender and client to reach loan modification

D. Review of loan modification documents provided by lender to client

E. Acceptance of loan modification

Paragon Lending & Financial Solutions, Inc. will work with the client's mortgage lender / servicer to modify the client's current mortgage to a payment or solution that is more suitable for the client's current financial status using the Making Home Affordable guidelines.  All modifications options will be brought to the client's attention for review.  No final decisions on the modification will be made without proper approval from the client. 

It is very important for the client to continue to receive, accept, and respond to any and all of the lender's communication attempts during this process.  Client understands and agrees to share any and all communication from the lender with their Loan Modification Consultant.

The client understands that there may be additional expenses or third party fees relating to the modification process.  This may include appraisal fees, title charges, etc., which will be separately billed to the client.

The client understands that the lender may or may not require a payment to be made upon execution of their new loan.

Documentation Required for Mortgage Modification Process

Below you will find the list of documents that you will need to provide to your Loan Modification Representative to submit with your loan modification package:

1. Hardship Letter - letter explaining your current or past circumstances that impact your ability to pay your mortgage.
2. Two months Bank Statements - most recent statements (include business accounts).
3. Mortgage Statement - most recent statement.
4. Monthly Expense Letter / Monthly Budget - (we can provide if you don't have one).
5. Last two Pay Stubs - for everyone in the home, including teenage / adult children living at home.
6. W2 / 1099* for the last year filed. *1099 income must provide current Profit / Loss statement.
7. IRS 1040 for last year filed.
8. Current Property Tax Bill. (unless is escrowed)
9. Homeowner's Insurance Declarations Page. (unless is escrowed)

Please, keep in mind that your lender may request additional documents to be completed on their own form to comply with the process.  Remember to keep Loan Modification Consultant updated with any and all communications from the lender.

These documents can be faxed to 813-600-3802.

Questions and Answers:

Q.  Should I make my Mortgage Payment? 

A.  Here are some tips and considerations that may be helpful in making this difficult decision.  It has been proven through our experience in dealing with Loss Mitigation that borrowers who are in "default", thirty (30) days or more late on their mortgage payment, tend to receive more attention from their lenders in a effort to get their loan back on track.  This does not mean that people who are current will not receive assistance; however, lenders are more inclined to deal with defaulting mortgages for obvious reasons.  In fact, some lenders require loans to be in default before they will consider any Loss Mitigation.  Mortgage payment obligations do not cease unless otherwise indicated by your lender.  Late fees may apply.

Once a mortgage goes into default one must understand that their credit may be affected as a result.  Additionally, loans that go past ninety (90) days late may go into pre-foreclosure status, then into foreclosure status, where legal fees may be incurred.

Some suggestions:  If you cannot make your mortgage payments, then do not.  It does not serve your's or your family's interests to sacrifice on life's necesities or to drain savings accounts and / or investment accounts just to make a mortgage payment that you will not be able to pay in the future.  Chances are your lender will work something out so that these payments may be forgiven, reduced, or placed in the back of the loan.

If you decide to be late, try and stay no more than sixty (60) days behind.  After missing two (2) mortgage payments, make a payment if possible, in order to stay away from the ninety (90) day mark, at which some point certain lenders will begin default proceedings.  In this situation, you will have the lender's attention because of the missed payments, however, you will remain not too far from current where it can result in increased chances of ending up in foreclosure.

It should be noted that each lender deals with arrears (monies owed that are past due) differently.

Q.  What's the first step?  What do I do now?

A.  The first step is to see if you qualify for a Loan Modification.  We will not take your case unless we pre-qualify you for it. 

Please, go back to the TOP of this page and click on "Apply Now".

(Look for your consultant and click on their name.)