FREE LOAN MODIFICATIONS

We offer Free Loan Modifications with our IN-House Legal Counsel. Here are some of the Frequently Answered Questions (FAQ's)


IS IT REALLY FREE?

YES, absolutely, positively, 100% FREE. You will not be required to pay any money at any time whatsoever.

HOW LONG WILL THE PROCESS TAKE?

The process really depends on the bank and how quickly the bank works and how quickly you respond to us when we need documentation. Typically expect it to take 60 to 90 days. Some may be qiucker, some may take several months, and others seem to take almost forever. Every situation is unique.

THERE ARE A LOT OF COMPANIES CHARGING $3000 OR MORE. HOW CAN YOU AFFORD TO DO THIS FOR FREE?

Silver Creek Realty has been part of the Santa Clarita Valley for nearly 10 years. We know people are hurting and charging them just doesn't seem right. By offering a valuable service for FREE Silver Creek Realty is showing its support for the Community. We feel we have a responsibilty to do what we can to help. Keeping families in their homes is good for the Community and good for the Real Estate Market. The more foreclosures our Community has the more the depressed prices become.
Please also keep in mind, not all loan modifications work out. Sometimes, try as we might, some banks are unwilling to offer terms that are helpful. If a loan modification does not work the property may need to be sold. In those cases clients can choose Silver Creek Realty to represent them. Clients who come to Silver Creek Realty under the loan modification program are under no obligation to use Silver Creek Realty for any other services. It is completely up to the client as to how to proceed.

ARE YOU ROLLING COSTS INTO A NEW MORTGAGE AND CHARGING ME ON THE BACK END?

No! FREE is FREE. We are not rolling costs into a new loan, just helping you modify your current one. We are not a mortgage lender.

ARE YOU CHARGING ME ONLY IF AND WHEN THE LOAN MODIFICATION IS A SUCCESS?

No! Although some companies do this, at Silver Creek Realty you will not be required to pay a fee relating to your loan modification.

WHAT DO I HAVE TO DO?

Come to our office for a 30-60-minute consultation where we will answer all your questions, provide you with our Loan Modification Package, and begin the process. Once you fill out the package you will need to supply other documentation the bank may require and be available to answer any follow up questions.

WHAT DOCUMENTATION WILL I HAVE TO PROVIDE?

Third Party Authorization Form, Financial Worksheet, Hardship Letter (Letter of Explanation), Proof of Income, Recent Property Tax Bill, Recent Hazard Insurance Bill, Mortgage Statements, Last 2 Years Tax Returns, Copies of Bank Statements, Correspondence from Mortgage Companies, any court paperwork or notices sent regarding the property, and any other paperwork the bank or banks may require.

WHY CAN'T I JUST DO IT MYSELF?

There is nothing stopping you from trying the process yourself. Most people do not have the time. We also feel we have a certain amount of expertise that moves the process along quicker and yields better results.

WHAT IS YOUR SUCCESS RATE?

The national average for loan modification success is about 30%. So, about 70% of people who apply for loan modifications on their own do not get a modification offered to them. We've been doing this since early 2008 and we find that approximately 70% of our clients get a loan modification offer from their lender or lenders.

CAN YOU GUARANTEE IT?

We are not able to guarantee that you will be offered a loan modification. If you are offered a loan modification it may not be enough to get you out of financial trouble. We are able to guarantee we will work as hard as we can and never give up. We are able to guarantee we will not charge you anything for the service. We are able to guarantee we will be YOUR advocate.

IS SILVER CREEK REALTY A LENDER OR MORTGAGE BROKER?

No, Silver Creek Realty is not a bank or a mortgage broker. We are a Real Estate Company who has a lot of experience working with mortgage banks. We know how they work and what they want. This enables us to enjoy a much better than average success rate for loan modifications. We are advocates for our clients.

DO I HAVE TO PAY TAXES ON THE MODIFIED AMOUNT?

In most cases the answer is No. However, you should check with your accountant or other qualified tax specialist. You can also check with www.IRS.gov under the heading "The Mortgage Debt Relief Act and Debt Cancellation". You can also check IRS publication 4681 or IRS news release IR-2008-17. Silver Creek Realty can not and does not give tax advice.