Q: What is a mortgage modification?
A: It’s a process whereby a homeowner's mortgage is changed through negotiation, and both the lender and the homeowner are bound by the new terms. These modifications include lowering the interest rate, converting adjustable rate mortgages to fixed rates, increasing the term of the mortgage, forgiveness of payment defaults and bank fees, reducing the principal balance, or any combination of these.

Q: Should I refinance or modify my existing mortgage?
A: If you are locked into a burdensome mortgage, refinancing is certainly an alternative. However, with the sharp decline in real estate values, it will probably be very difficult to obtain the proper amount of financing to pay off your existing mortgage. Additionally, there are many thousands in closing costs. A mortgage modification avoids these problems. We work with your existing lender to modify the mortgage you already have and negotiate to reduce your interest rate and/or term. Best of all, the cost is surprisingly small.

Q: How can Onyx Financial Solutions help me?
A: In these troubled economic times, homeowners are carrying the heaviest burden. With the huge increases in energy prices, it costs homeowners more than ever before to maintain their homes. Coupled with the nationwide banking crisis, and the steep decline in the value of real estate, the Onyx Financial Mortgage Modification Program will reduce your monthly mortgage payment, thereby freeing up more of your hard earned money to pay your other bills. We make your home affordable again!

Q: Who handles the negotiations with my lender?
A: Onyx Financial Solutions has a team of experienced negotiators, and financial experts who will fight for you. Our team is highly skilled at handling negotiations with even the most difficult lenders.

Q: How do I start the mortgage modification process?
A: We will send, or have already sent, our Client Package to you via email, fax or regular mail. (or if you wish you can download our Client Package ).All you need to do is complete, sign and date the following documents contained in our Client Package and either fax them to 215-953-1065, or mail them to us:

1.    Mortgage Modification Services Agreement
2.    Authorization(s) (please complete one for each mortgage)
3.    Authorization to Release Information

Credit Card Authorization (if you wish to charge the mortgage modification processing fee. If you wish to pay by check, please mail it with the above documents)

Q: Why do you charge a mortgage modification processing fee?
A: We spend, on average, 15-20 hours preparing your file so that we can negotiate the best possible modification for you. This is not a simple process. There are many factors to consider when presenting your situation to the lender. These factors are all carefully weighed so that we can present your file in the best possible light. The fee covers only a fraction of our actual costs.

Q: What information do I need to send Onyx Financial Solutions to get my mortgage modified?
A: Our Client Package contains a Mortgage Modification Document Checklist and a Financial Worksheet. We need all the documents listed, and a completed Financial Worksheet (to the best of your ability) in order to present your case properly to your lender. We will review all of the above and be in touch with you promptly to go over all of your documents

Q: How long does it take to get my mortgage modified?
A: A modification usually takes between 30 and 90 days depending on your lender and complexity of your case.