B.F. Saul Mortgage loan modification

B.F. Saul Mortgage is owned by Chevy Chase Bank, the largest full-service mortgage lender in the Washington, D.C. area. B.F. Saul offers sub-prime loans for people who do not fit the borrower profile for regular Chevy Chase loans. Because of the difficult nature of sub-prime loans, B.F. Saul also offers mortgage assistance to borrowers who are at risk of foreclosure.

One of their more viable options is loan modification. B.F. Saul mortgage modification is designed for borrowers in serious financial stress and those already facing foreclosure. A loan modification stops the proceedings, giving homeowners time to recover and work things out with the bank.

To qualify for a B.F. Saul loan modification, one has to be in valid financial hardship. Acceptable situations include job loss, demotion, medical emergencies, and death in the family. A hardship letter explaining the situation must be presented to B.F. Saul’s Loss Mitigation Department along with standard financial documents.

B.F. Saul also participates in a Property Relief Program. Like loan modification, the program aims to lower monthly payments to help borrowers better manage their loans. It works by pooling the loans of several borrowers, categorized according to lender. Investors will then buy the collective notes, along with their servicing rights, at a discounted rate which can then be refinanced by the borrowers. Your agent can help you work out your options, whether you decide to go for pooling or apply for B.F. Saul loan modification.