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FAQ
What is an auto loan modification?
It is the process of working out a permanent, equitable, and fair solution between you and your lender to restructure the terms and conditions of your current loan that reduces the current debt you have incurred from the loan and enable you the pay off the loan.
How much time do I have?
If you are 1-3 months behind in payments and owe more than $10,000, the sooner you act the better a solution we can achieve. We have encountered many car owners that didn't realize they could fix their current situation until it was too late and their vehicles were repossessed.
When does the auto loan modification process begin?
Once you have fully retained our services, your lender will be notified immediately and we will begin the modification process with the lender.
Can I just do this myself?
Yes, but the result may be different and not worth your time than letting a professional do it for you. If you are in trouble with your loan, you want the very best result and we can get that for you!
We have knowledgeable and experienced specialists whose only job is to work with lenders and modify loans, every day. We have long standing relationships with lenders and our negotiators understand the process to get things done! By letting Auto Mod Nation do what we do best, you will get better results with a fraction of the stress.
We know how to deal with lenders and have in-depth knowledge about how these institutions work. We can potentially save you thousands of dollars, reduce your monthly payment and free you from a considerable amount of stress.
How long does this take?
Once we get the paperwork, we begin right away. Currently, most lenders are very busy, so we are noticing about 4-5 weeks before a final settlement is reached
How much does this cost?
Our fees are based on your loan payment amount, and the complexity and urgency of your situation. Our professional counselors will evaluate your case and explain the best options available to you. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives and the saving you will get.
Will you stop late fees and interest from accruing on my account?
We cannot stop a lender from adding interest or late fees to a loan. However, your individual program will allow you to catch up on any late payments, and all interest and fees will be restructured into your new payment.
I filed for bankruptcy. Can you help me?
Yes. We can review your situation and let you know your options, but must wait until your loan has been discharged or dismissed from your bankruptcy to negotiate with your lender.
What if I can no longer afford my car payment? Can you help?
Yes. If you are certain that you cannot afford your car we have several options that will minimize your credit damage and forgive the debt. They equity recapture, trade up, sale or even vehicle refinancing.
How do I find out the progress of my Modification?
You can call us at 888-224-5608 Monday thru Friday from 9 a.m. - 6 p.m. to speak with a customer service representative and get an update on the progress of your program. We also provide you with an updated schedule of all coorspondence with your lender via e-mail as well as frequent updates from our counselors.
Will I owe money to the IRS for my reduced settlement?
Creditors are required to report canceled debts exceeding $600 to the IRS and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any “income” from canceled debts up to the amount by which you were “Insolvent” at the time. Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent, non-principal amounts such as fees accumulated on the account may be deducted from the amount reported. Consult a tax professional for your specific situation. Refer to: www.IRS.gov Publication 908. |
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