Many people have been inquiring about Las Vegas, Nevada Home Loan Modifications.  Basically, a Home Loan or Mortgage Loan Modification is the process of having your current Mortgage Loan's terms modified.  For instance, if you have an Las Vegas, NV Adjustable Rate Mortgage or ARM Loan you may be able to modify that loan into a Las Vegas Fixed Rate Mortgage or extend the term of the teaser rate.  This would then be classified as a Loan Modification.  This is not considered a Mortgage Refinance for the simple fact that this loan will not be paid off and a new home loan taken out. 

In order to do a Loan Modification for your Las Vegas property, you want to contact your current Loan Servicer, whoever you send the payment to, and request to speak with the Loan Modification Department.  Before you do this you will want to have the following information available:

• Number of Individuals that live in your home
• Current Monthly Income Verification (Most recent 30 days paystubs, Social Security, Child Support, etc.)
• Rental Property Income/Rent from roomate (if any)
• Verification of ALL current monthly expenses
• Verification of ALL Assets 
• Verification of all Phone Numbers, Mailing Address, Etc.
• Be able to describe in detail your reason for needing assistance

The most important piece of the information is to be honest and upfront about your scenario.  Most Mortgage Banks know full well that now is NOT the time to be in the Property Management Business.  Keep in mind, if your Mortgage Loan Servicer is unwilling to modify your home loan you may still be able to Refinance your existing Mortgage in order to help get rid of an adjusted payment.  Contact me and we can go over your scenario.

Your mortgage partner for life,