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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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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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  • mortgage ratesMortgage rates vs modification rates What 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...
  • 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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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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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.
(more…)

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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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  • MHA-trial-planMHA Trial Plan Most 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...
  • blog traffic exchangeHardship Letter 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...
  • Foreclosure_vs_aidObama Plan - More help for California! 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...
  • mortgage ratesMortgage rates vs modification rates What 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...
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