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Take matters into your own hands! But, how do you show the bank you need a loan modification?

On December 13, 2009, In Do it yourself, Loan Modification Guidelines, By admin

The secret to a loan modification is how you present the modification package to your bank.

If you are considering hiring a firm to help you with a loan modification or you are planning on calling your bank to begin the loan modification process, you need to read this first!

You may need to take matters into your own hands. But, not without much needed information and consultaion. It’s important to know that providing your bank with too much or too little information will surely have a negative effect on the outcome of the loan modification.

LoanMod-Approval will explain the loan modification process with you and show you exactly how you need to put a modification application together that will give you the best chance of getting an approval for an affordable loan modification

Here is a list of just a few offers banks are approving based on the carefully packaged application.

If you need payment relief as quickly as possible or, you need to get out of foreclosure, then you need to take matters into your own hands and start the process as soon as possible. Don’t wait until it’s too late. Otherwise, you will get to the point of no return and your lender will have the authority to foreclose on your home.If you decide to hire a company to help you, read this first and do your research. Many firms will charge you in excess of $2000 to just start the process. You should at least start the process with your bank first.

  1. What if you were provided with all of the required loan modification form and given step by step instructions to complete them properly, could you prepare those forms (more…)
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Steps to a Home Loan Modification with Bank of America

On November 26, 2009, In Countrywide Modification Approval, By admin

bank-of-americaLoan Modifications seem to be the last hope for a number of homeowners across America who are struggling with their mortgage payments. This is ever more clear with the rising foreclosures that is expected to reach record numbers in 2010.  Lenders such as Bank of America are offering mortgage loan modification for those in danger of falling behind or in danger of being foreclosed upon.

The entire loan modification process is very time consuming and tedious. Especially, if you have a loan with a bank like Bank of America. They are so inundated with loan modification requests that your particular request could easily be overlooked if not prepared properly. That is why it is imperative that you follow these very simple steps in order to ensure that you qualify for a loan modification:

1. Call your bank’s Loss Mitigation Department and inquire about the documents necessary to start the loan modification process. The representative that takes your call may immediately want to go right into discussing your hardship and your finances. Try to avoid discussing this with them as they may want to prequalify you on the spot. Bank of America or some of the other large national banks may simply direct you to their company web site where you may be able to download a loan modification application package.
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Loan Modification – Hire a firm or do it yourself?

On November 30, 2009, In Do it yourself, By admin

Should I hire a loan modification company or do the loan modification myself? The answer is, YES!

Let me explain…

First, lets quickly go over what you can expect when hiring a loan modification company or a loan modification law firm:

1. They will collect $2000 to $5000+ from you upfront before beginning the process

2. They will ask for all of your personal information

3. They will fill out the modification application form provided by the lender

4. They will put the modification package together and forward the package over to your bank

5. They will call your bank periodically to check status until the modification has been completed

6. They will close your file once the bank approves or denies the modification

Sounds simple, doesn’t it? Keep in mind, the most important part of the process is how to fill out the application and how to put the package together. But, you are probably asking yourself “I don’t know anything about loan modifications, how can I do it on my own”?

Aurora Loan Modification

Aurora Loan Modification

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Mortgage rates vs modification rates

On February 24, 2010, In Loan Modification Guidelines, Loan Modification News, By admin

mortgage ratesWhat interest rate are you qualified for? Well, that depends on whether you are trying to refinance or get a loan modification. I’ve spoken to many borrowers that are pursuing a loan modification because they feel their interest rates are high. They also feel they should be approved for the best rates offered under refinancing guidelines. That’s not how it works. In fact, if you are pursuing a loan modification, you could very well be approved for an interest rate well below the current market rate.
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Obama Plan – More help for California!

On February 21, 2010, In Loan Modification News, By admin

Homeowners in California and in a handful of other states could be injected with some much needed help from the Obama Administration. Recently President Obama announced a $1.5B program to help stop the foreclosure bleeding in some of the hardest hit states in the nation. My initial thought when I first saw the headline for this article was…more money for the banks! On the contrary, this looks more like a bailout for the borrowers. Read more…
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Loan Modification firms don’t modify loans, BANKS DO!

On February 21, 2010, In Do it yourself, By admin

When you do a search online or in the phone book for companies that offer loan modification service, you’ll find that there is no shortage of companies and law firms offering this service. Some of these firms will honestly try to help while others are just preying on those who are desperate. Of course, you’ll need to do your due diligence before hiring a company and there are a few things you’ll need to look out for when talking to a sale rep for any of these firm.  Remember, sales rep are simply trying to make a sale so they can make their commission or meet their quota. They are not the same individuals that are handling your file. Therefore, they will say everything you want hear to make the sell. If you are shopping to find the best firm to help your situation, WATCH OUT! You could be sold to the biggest liar…the one that promises you everything. You could be out $3000+ with little or no chance of getting a modification.
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MHA Trial Plan

On February 18, 2010, In Loan Modification Guidelines, By admin

MHA-trial-planMost banks are currently offering loan modifications in one form or another and many are participating in the Government’s MHA – Making Home Affordable modification program. Also known as the Obama Plan or the HAMP – Home Affordability Modification Program. As many of you already know under the MHA, banks are required to set borrowers up on a 3 month trial plan while they review the account for the MHA permanent modification. What’s should you expect during the trial plan period and why is the trial plan scheduled for 3 months?

The MHA Trial Plan is almost always scheduled for 3 months. All borrowers are set up on a trial plan based on preliminary financial review. The review process depends on the bank. Sometime the review is done in the form an interview, where the borrower calls the bank and provides the bank a breakdown of their income verses their expenses. The bank will then plug in the figures you provided verbally into their system and the system will recommend a trial plan payment for the next 3 months. Or, the system may decline the trial plan if the borrower’s financial do not fall within the MHA guidelines. Other banks will qualify you based on preliminary review of the financial documents they have asked you to fax over. The preliminary review is normally done very fast. Especially, if done verbally. It is possible that you can get set up on the MHA trial plan in the same day, or, within the hour.
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Hardship Letter

On February 18, 2010, In Loan Modification Guidelines, By admin

Hardship Letter Guidelines

I’ve read several blogs on the internet on what a hardship letter is and how you should write a hardship letter for a loan modification.

A hardship letter for a loan modification should be written carefully. It is designed to quickly tell the bank what you are going through, or what you have gone through that has made your ability to pay your mortgage very difficult. You don’t want to divulge too much information about your hardship situation or your financials. Again, too much or too little information will work against you, not for you.

I’m going to keep this very general and simple.
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Loan Modification Firms: Who can you trust?

On February 9, 2010, In Loan Modification Guidelines, Loan Modification News, By admin

Loan Modification: Who can you really trust?

Loan Modification SharksIn the sea of rising foreclosures, who really are the sharks? The banks or, the loan modification firms? Well, it seems every article you read or every time you watch the news, it’s about the housing market. And it’s never good news! Whether it’s the bank taking homes away from families or predatory modification firm taking thousands of dollars from desperate homeowners, it just seems as if everyone wants a piece of the action. The sad truth is, you can’t trust anyone but yourself. No one will work as hard as you because, no one has as much to lose as you do.
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Obama’s Program: Better or Worse?

On February 9, 2010, In Loan Modification News, By admin

The Obama Program or The Making Homes Affordable (MHA) was introduced by Obama in March 2009. Is this program making things worse?

Watch this clip.
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Loan Modification: Mortgage relief or grief?

On February 9, 2010, In Loan Modification News, By admin

What homeowners go through while waiting for their permanent modification…

This article tells it all: Chase Modification Process

Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America are going through as we speak. The sad thing about it is that Chase may not be the worst at delaying the process. This is happening to virtually every homeowner, regardless of who they pay their mortgage to. Bank of America may actually be among the worst banks in prolonging the modification review process under the Obama plan or for any modification program for that matter. Bank of America currently has the highest number of eligible borrowers  for the Obama Plan. Yet, as of early December of 2009, they’ve only modified 95 homeowners into a permanent modification. To put things into perspective, Chase has modified over 4,000 homeowners into permanent modifications under the Obama program during the same time period. So, what’s the problem with Bank of America???
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Loan Modification: Can an Ebook help?

On February 9, 2010, In Loan Modification Guidelines, By admin

Loan Modification ebooks: A waste of money?

Believe it or not, Loan Modifications may still be in it’s infant stage. Most banks have only just started doing loan modifications back in 2006 or 2007 and some as recent as 2008 or 2009. Since then, guidelines for loan modifications have morphed tremendously and almost on a monthly basis. Banks are now closely scrutinizing everything you send them; pay stubs, bank statements, rental agreements, award letters, credit report expenses,  savings, hardship letter and everything you decide to send them. The process isn’t as cut and dry as it was once was. So, will an ebook provide you with enough information to get your loan modified. It’s hard to say. So, I bought a few ebooks online and here is what I found:

I read the bio on the authors of these ebooks. These authors consists of mortgage brokers, homeowners who claim to have done the loan modification themselves, or individuals who worked for the bank. I have an issue with all of the above.
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  • blog traffic exchangeLoan Modification: Mortgage relief or grief? What homeowners go through while waiting for their permanent modification... This article tells it all: Chase Modification Process Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America...
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