Recent Foreclosure Freezes by Major Banks Result in Window of Opportunity for Loan Modifications Benefiting Both Borrowers and Lenders

Recent Foreclosure Freezes by Major Banks Result in Window of Opportunity for Loan Modifications Benefiting Both Borrowers and LendersOCEANSIDE, Calif.  (  One by one, the major players in the mortgage industry have put a freeze on foreclosures in the past several weeks. Bank of America, CitiMortgage, Chase, GMAC and PNC all have halted foreclosures – for now. What this means to homeowners possibly facing foreclosure and/or bankruptcy is that previously unattainable loan modifications may now become a long-awaited reality.

“This is truly a win-win for everyone,” says Matthew Smith, founder of ModPilot consumer guides. “The homeowners get to stay in their homes, and the bank turns a bad loan into a performing asset.” When banks offer loan modification agreements, he explains, they are opening up a stream of revenue for loans that had previously not been generating any interest income.

Homeowners can use this situation to their advantage, says Smith. Even homeowners who already have been turned down for a loan modification agreement may now be considered good candidates. “In fact,” he says, “this is exactly what happened in most of the cases affected by the foreclosure freeze now in effect. Now that the foreclosure option has been taken off the table in many areas, the banks are much more willing to work with borrowers to find some type of loan workout solution. We’re talking thousands of stalled transactions they want to get off the books.”

He warns homeowners previously rejected to make sure their applications are prepared and submitted correctly. Consumers should learn how to fill out application forms to ensure they meet approval criteria, Smith advises.

ModPilot is a program designed specifically for this purpose. The program was created by a team with more than 50 years of combined experience in the real estate and financial services. With ModPilot, the homeowner inputs his or her monthly income and bills, and all the calculations are done immediately and accurately.  

ModPilot packages – available for mortgages, auto loans and consumer credit card debt can save consumers thousands of dollars. “All of our systems,” says Smith, “are built to give consumers an edge in the negotiation process by giving them written best practices with their specific lender in mind and direct phone or email support from professional negotiators.”

To learn more about ModPilot, visit

About the founder

Matthew Smith founded ModPilot to help his past mortgage clients quickly and efficiently modify their mortgages on their own terms according to their specific needs. Smith has been in the mortgage and homeowner advocate industries for more than a decade. His companies have funded more than $1 billion in loans and helped thousands of clients obtain and maintain the American dream of homeownership.

Matthew Smith
ModPilot(TM) Inc.