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- Lender allows you to stay in your home for a period of time without making mortgage payments
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Processing Guidelines

In this video we’ll discuss the processing guidelines for Argus Capital loan modification.

It’s a two-step process which examines and analyzes your Personal Financial Information, and conducts and determines a professional Property Evaluation.

In Step One, Personal Financial Information, we address your monthly income and expense budget.

This will give your lender the best illustration of your financial hardship. It identifies how much you have to pay on your mortgage, after you pay all your other monthly living expenses. In many cases we can lower your mortgage payment and give you relief from high payments.

Visit the “Forms” section of our website. You may download all the forms we will need, including the Monthly Income and Expense form. If you need help preparing any of the forms, please give us a call and we’ll assist you over the phone.

Once we receive and review your income and expense information we determine whether we are able to assist you in a modification of your loan. If we can assist you, we’ll need to assemble the other financial items. This includes:

your last two years of income tax returns
two months’ of your most current bank statements, and
your last two paycheck stubs

Next, we will help you prepare your Personal Financial Statement. This requires a “hardship letter” and Third Party Authorization form.

The “hardship letter” is a written explanation of why you are seeking a loan modification. This may be as short as one paragraph, or take as much space as you think necessary to fully explain your hardship.

Signing and returning the Third Party Authorization form gives Argus permission to speak with your lender.

Once again, the necessary items include:

the Monthly Income and Expense form
your last two years of income tax returns
your last two months of bank statements
your last two paycheck stubs
the hardship letter, and
the signed Third Party Authorization form

All items may be mailed, faxed or emailed to our office.

Once you’ve compiled your information, we begin Step Two, the Property Evaluation.

Before we send your loan modification package to the lender, Argus Capital orders a professional appraisal of your property to establish its current market value. This includes a list of needed repairs and the estimated costs to complete them. Most lenders are unaware of a property’s true value – until we give them the appraisal and our expert analysis.

As an independent third party, Argus Capital can be objective and conduct an open, frank discussion with your lender concerning your property’s market value.

Understand that the property’s appraised value may be significantly different than the amount of the outstanding loan. However, our first priority is to keep you in your home. The lender can modify your loan regardless of your credit history, and they can modify your loan even if you have no equity in your home.

Once the new lower payments are established, if you feel there is still too much pressure to meet them, we will help you further explore solid long-term solutions.

Our goal is to inform you of all the options which are available to you, and help you choose the best solution for you and your family. Call Argus Capital today to get started!