Frequently Asked Questions

  What is a loan modification?

Loan Modification is an agreement that is negotiated between a borrower and their current lender to alter the terms of their current loan. The goal of loan modification is to convince the lender to offer new and better loan terms that will allow the borrower make future loan payments in a timely manner and avoid the necessity of a default or foreclosure.
 
Although lenders may enter into discussions regarding a possible loan modification directly with the homeowner, the process can be time consuming and difficult. A lender's loss mitigation department is staffed by experienced negotiators who know how to pressure consumers. Often times, the lender will refuse to do anything, or not provide the best of terms. Sometimes, it seems like the lender has all the leverage.

  Where can I check Central Loan Modification's credentials?

Check the Washington State Department of Financial Institutions and also another page on their site here about Loan Modification Services.

  How do I know if I will qualify?

Apply today...

  How long does the process take?

It depends on the situation and what policies the lender follows but you will quickly receive a call back from Central Loan Modification to start the process and get it completed as soon as possible. 

  Do I have to miss a payment to qualify for a loan modification?

No.

  Will my credit be damaged by doing a loan modification?

No.