Trying to get a loan modification can be frustrating and confusing for most distressed homeowners.  If you are wondering if a loan modification might be a solution to help you avoid foreclosure, you need loan modification FAQ’s information now.  To help you understand how the loan modification process works and what you can expect, here are the Top 10 Questions about Loan Modifications:

1. Just what is a loan modification?  A loan modification is a permanent change in one or more terms of a home loan.  It allows the loan to be reinstated, can include an interest rate reduction, a change in term, or principle reduction which results in a payment the homeowner can afford.
2. Can the lender include late charges in the Loan Modification?  Per HUD, the accrued late charges should be waived by the lender at the time of the loan modification-this varies depending on the type of loan-but always request a complete breakdown and description of all fees and penalties from your lender.
3. Can the bank require an interior inspection of the property if they have concerns about the property condition?  Yes, the lender may conduct a review if it deems it necessary
4. How do I know if I qualify for a loan modification?  The #1 criteria our lender is looking for is proof of your ability to make the modified payment now and in the future.  You will need to provide your bank with proof of your income, along with a detailed financial statement showing your income, assets and expenses that will show the bank if you are granted the loan modification you will be able to afford the new lower payment.
5. Do I have to be delinquent on my payments to get a loan modification?  Most lenders are now accepting applications from homeowners who are not currently behind on the payments, but who are facing interest rate resets in the near future which will make their monthly mortgage payment unaffordable. It is highly advisable to contact your lender as soon as possible to begin the loan modification process.
6. What is an acceptable Hardship?  Every homeowner has a unique set of circumstances, however lenders generally consider the following to be acceptable hardships:  divorce/separation, loss of job/income, death of family member, illness/medical bills, military service, job relocation.  A compelling hardship letter describing your particular circumstances is a very important part of a successful loan modification application.
7. Will a loan modification help me stop foreclosure?  Yes, that is the goal of a loan modification.  By working with your current lender to find a loan workout solution, your loan loan will be brought current and the foreclosure process halted.
8. Can my missed payments be aded back into my new modified loan?  Yes the arrears can be added to the new loan balance and spread out over the term to allow the loan to be brought current with an affordable payment.
9. Can I do my own loan modification or should I pay a company to represent me?  That is your decision-based on your comfort level & knowledge you can do it yourself.  If you hire a company be prepared to pay an upfront fee, with no guaranty of the outcome.  Regardless of how you decide to proceed, you need to first learn all you can about the loan modification process-your legal rights, what to expect thru the process and how to get a loan modification approved.
10. So how do I get started?  Before contacting your bank’s loss mitigation department or a loan modification company, do your homework-learn as much as you can about the loan modification process so you can make informed decisions which will affect your home and family.

While there is alot of information online about loan modifications, it can be very difficult to get all the information you need in one easy to follow format.  An excellent source of information is The Complete Loan Modification Guide handbook.  This is a low cost, easy to ready and easy to follow guide that will give you the 7 Steps to a Successful Loan Modification, as well as provide you the necessary forms along with detailed instructions on how to complete them properly.  You also receive directions on how to write a concise and compelling Hardship letter, with samples of hardship letters for reference.  The Complete Loan Modification Guide handbook will save you hours of frustration by guiding you step by step thru the loan modification process.  This is a must read before you contact your lender or loan modification company.  So get informed and get going to save your home!

Home Edition Loan Modification Kit with Customer Assist

If you would like more information about loan modifications, please visit us at:

http://www.myloanmodificationcenter.com

You Can Do It Yourself!

When you are facing the very real prospect of losing your home, consider a do it yourself loan modification as a good option.  How can you learn about loan modifications without paying a fortune?  One option is to purchase a low cost loan modification Guide handbook.  You will then have all the information, procedures and required forms in one easy to read and easy to follow format.  While there is alot of “free” information on the internet about loan modifications, it is difficult to piece together all the information you need into a complete and comprehensive source of information.

Alot of the information online is geared towards “selling” the services of a loan modification company.  All the information on these sites is directed to the distressed homeowner to convince them to use that particular company.  Wouldn’t it make more sense to get an unbiased source of information to learn all you can before hiring anyone to represent you in the loan modification process?  Once you learn how the process works and what to expect, you will be able to better judge if you want to deal with your lender directly or hire a loan modification company.  You will also know the right questions to ask the companies you are considering working with to make sure they know their stuff.

A loan modification guide handbook will benefit you whether you want to do it yourself or retain a loan modification company.  It is definitely money well spent and could in fact save you many hours of frustration and thousands of wasted dollars.

Home Edition Loan Modification Kit with Customer Assist

A very good source of loan modification information is The Complete Loan Modification Guide handbook.  This is a step by step guide to the loan modification process.  You will learn the 7 Steps to a Successful Loan Modification, as well as invaluable negotiating tips you can use with your lender.  The Complete Loan Modification Guide handbook also provides you with the necessary forms, along with detailed instructions on how to complete them properly.

Thousands of homeowners have had their home loans modified successfully, YOU CAN TOO!  So get informed and get going!

If you would like more information about loan modification guides and handbooks, please visit us at:

http://www.myloanmodificationcenter.com

Be prepared and knowledgeable before you contact your lender if you want your loan modification application to be approved quickly.  Your lender needs to see certain, key elements in your loan modification package before they will consider a loan modification approval.  Including the required loan modification forms, filled out completely and correctly, will help to get you a quick loan modification approval.

Your lender will need to verify your current financial situation.  They will review your income documentation, like your paycheck stubs, W2′s, tax returns and your bank statements.  One required loan modification form is a Financial Statement.  This loan modification form is where you show the lender how much you earn, what your monthly debts are, and how much you can actually afford to pay on your home loan each month.  If this is not completed properly, your loan modification application will be denied.

A compelling and concise Loan Modification Hardship Letter is a key part of the lender’s decision to approve your loan modification application.  This letter needs to explain to your lender what the circumstances were that got you into the current situation, what your plans are to fix it, and assure the lender that you will be able to afford the new, lower payment now and in the future.  The lender wants to know that you are a responsible homeowner who is taking steps to correct the delinquency and will stay current if the loan modification application is approved.  Keep it short but convincing.

Another important consideration for the lender is the property’s current market value.  If your loan balance is substantially higher than the current value, the lender will be more motivated to negotiate new loan terms to avoid taking the home back thru foreclosure.  Banks do not really want your house-foreclosure is an expensive process.  Present your lender with a Comprehensive Market Analysis to prove to them that it is cheaper for them to keep you in the house and making payments and your loan modification application has a good chance of success.  Your local realtor can help you with a CMA.

There are thousands of homeowners just like you who have successfully worked with their lender to get a loan modification.  You can too-just be prepared with some upfront knowledge, the right paperwork and some invaluable negotiating secrets.  An excellent source to get the help you need is The Complete Loan .  This is a low cost, easy to read and easy to follow Guide that will give you the information you need.  Inside, you will learn the 7 Steps to a Successful Loan Modification.  The Complete Loan Modification Guide will provide the necessary forms, and give you detailed instructions on how to complete them.  You will have the knowledge you need to have a fighting chance with your lender to get your loan modification approved quickly.  Get informed and get going to save your home!

Home Edition Loan Modification Kit with Customer Assist

Modification Guide

If you would like more information about loan modifications, please visit us at:

http://www.myloanmodificationcenter.com

You may have some little known legal recourse to help persuade your lender to negotiate a beneficial loan modification.  If you are frustrated with the lack of cooperation and response from your lender regarding your loan modification application, it may be time to pull out the big guns to get their attention.  Here are two insider secrets that might help you to get your lender’s attention. First legal right to help your get your do it yourself loan modification:

1.  If your loan was originated in the last 3 years, and is on your principle residence, you may have grounds to rescind the loan for violations of the Truth in Lending Act.  That’s right-the entire loan would have to be cancelled out-and you could get back the interest you have paid!  It’s estimated that nearly half of all loans have Truth in Lending violations.  The aggreived borrower does not even have to prove they were defrauded or misled, or even that they suffered actual damages.  The simple fact that the disclosure was defective gives the borrower the right to rescind the loan and deprives the lender of the right to interest on the loan!  This law must be followed and failure to do so can result in significant damages to the lender.  Second legal right to help you get your loan modification:

2.  The Real Estate Settlement & Procedures Act (RESPA) is another powerful law that you can use with your lender to gain leverage and get their attention.  This law says that you should receive certain disclosures at various times during the loan process.  These disclosures spell out the costs of the loan and to whom they are paid.  Many loans have one or more RESPA violations that are discovered when they are closely examined.  This is a big headache for the lender and can carry hefty fines.

Often, once the Loss Mitigation department realizes you are willing to pursue these other options, they will be willing to work harder at finding a way to help you modify your loan into an affordable payment.

If you would like more information about these laws and how to make them work for you, The Complete will provide you with the knowledge you need to negotiate with your lender like a pro.  You will learn the 7 Steps to a Successful Loan Modification, as well as insider tips like the ones listed above.  The Complete Loan Modification Guide provides you with all the necessary loan modification forms along with detailed instructions on how to complete them properly.  This easy to read and easy to follow guide will give you the fighting chance you need when presenting a Loan Modification to your lender.  Give yourself the knowledge you need to win!  Get informed and get going!

Home Edition Loan Modification Kit with Customer Assist

Loan Modification Guide

If you would like more information about Loan Modifications, please visit us at:

http://www.myloanmodificationcenter.com

Save Your Home

If you are facing foreclosure, there are some methods you can use to stop the foreclosure process.  Some of these methods will enable you to keep your home, like a loan workout, while other will provide an exit strategy.

Forbearance:  This is commonly used once a Notice Of Default has been filed.  The lender will allow you to delay or reduce your monthly payments for a pre-determined length of time, with the understanding that you will bring your account current within the pre-determined time frame.

Special Forbearance:  An option when you have an FHA loan and you have suffered a short term financial hardship and your loan is 90 days delinquent.  This offers a longer repayment plan-up to 24 months.

Partial Claim: FHA mortgages only, this is a one time payment from the FHA Insurance Fund in the form of a promissory note with HUD for the delinquent amount.  A lien for that amount will be placed on the property, and the loan will be brought current immediately.  The note will be interest fee and no payments will be due until the home is sold or refinanced.

Loan Modification:  The lender agrees to re-negotiate the terms of the original note to a more affordable plan so you can stay in the home and continue making payments.  This may include a reduction in interest rate, term modification or reduction in principle, or a combination.

Deed in lieu:  This is also known as a voluntary reconveyance, where you sign a deed conveying all interest in the real property to the lender.  You lose your home, but are able to avoid all the stress and expense of foreclosure proceedings.

Bail out loan:  A new loan whereby the defaulted mortgage is paid off.  Ususally a high interest, high cost temporary solution to avoid foreclosure.

Chapter 13 Bankruptcy:  A legal process that allows a debtor to enter into a court approved repayment plan

Before you make a decision affecting your home, family and financial future be sure to weigh all of your options carefully.  Take time to become an educated and informed homeowner.  There are many resources available for distressed homeowners, a very good source of information is The Complete Loan Modification Guide.  This Guide will provide you with the information you need to learn about the various options available to homeowners facing default and foreclosure.

In addition to giving general information about retention options and exit strategies, you will learn about

Home Edition Loan Modification Kit with Customer Assist

the Loan Modification process and if you may qualify with your lender for a Loan Modification.  You will learn the 7 Steps to a Successful Loan Modification, as well as insider tips and negotiating secrets.  The Complete Loan Modification Guide also provides all the necessary loan modification forms, along with detailed instructions on how to complete them.  This easy to read and easy to follow Guide will give you the information you need to decide how best to help your family and save your home.

If you would like more information about loan modifications, please visit us at:

http://www.myloanmodificationcenter.com

Most lenders are now offering loan modification programs to their borrowers in trouble with their current home loan.  Every lender has a loss mitigation department set up to handle the influx of distressed homeowners seeking information about loan modification programs. The government has actively gotten involved and is encouraging lenders to offer loan modification programs to their homeowners faced with the possibility of foreclosure by offering financial incentives on some types of loans.  When the lender modifies a troubled loan making it affordable for the owner to stay in the home, the bank usually saves money and foreclosure is avoided for the homeowner.

There are 4 basic options available with Loan Modifications programs.  These are:

• Interest Rate Modification:  the lender agrees to lower the interest rate to make the monthly payment affordable for the borrower.  They may also offer to acccept interest only payments for a pre-determined period of time to lower the payment to a sustainable amount.  The interest rate reduction may be temporary or permanent, depending on the final agreement.  The best option is to negotiate a low, fixed rate for the length of the loan.
• Term Modification:  most loans were written with a 30 year term.  Some loan modification programs offer the option of lengthening the term to 40 years to help lower the monthly payment.
• Principle Reduction:  this is the lenders last resort, as they can stand to lose tens of thousands of dollars.  Basically, the lender analyzes the homes current market value as opposed to the current loan balance.  Many regions have experienced severe property value decreases-leaving many homeowners owing far more on their loan than they could sell their home for.  The lender has a choice of reducing the principle for the homeowner to more closely match the true value, or foreclose and face much higher financial loss.

Most loan modification programs will be a combination of some or all of the above listed options.  Remember, the lender is a debt collector and their job is to lessen the banks losses.  The homeowner must be knowledgeable and informed about their options before contacting their bank about a loan modification program.

An excellent source of information is The Complete Loan Modification Guide.  This low cost Guide will give you the information you need to know to put together a winning loan modification application.  You will learn the 7 Steps to a Successful Loan Modification, as well as invaluable insider tips and negotiating secrets to prevail with your lender.  You will also receive all of the loan modification forms, along with detailed instructions on how to complete them properly.  Before you make a decision costing thousands of dollars and affecting your home and family, make sure you are well armed and prepared.  Give yourself the fighting chance you deserve to save your home.

If you would like more information, please visit us at:

http://www.myloanmodificationcenter.com

There are certain Loan Modification Forms that are required by every lender before they can consider your loan modification application.  All lenders ask for the same general information from borrowers, a few have their own forms, but most will accept generic loan modification forms as long as your information is complete.  Here is a list of the general Loan Modification Forms required:

• Cover Sheet: a short form showing your name, property address, lender loan # & request for loan modification
• Borrower Information Statement:  Gives the lender all of your pertinent information in concise format, name, birthdate, address, employment info, dependents, etc.
• Hardship Letter:  A compelling and brief description of your current financial hardship, what caused you to become delinquent, what you have done to remedy the situation, and how you plan to keep the payments current in the future if granted the loan modification
• Financial Statements:  A detailed breakdown of your current financial picture: wages, any other sources of income, all your monthly bills and expenses.

These Loan Modification Forms are part of the loan modification application package.  How you complete these forms will determine if your loan modification is approved or denied-so it is extremely important to take the time to learn everything you can before sending your loan modification package into your lender or loan modification company.

There is an excellent source of information for homeowners trying to save their home and avoid foreclosure.  The Complete Loan Modification Guide is a step by step, easy to follow guide that will give you the information you need to prepare a winning loan modification application.  You will learn the 7 Steps to a Successful Loan Modification  and be provided with all of the loan modification forms needed, as well as given detailed instructions on how to complete them properly.  You will also be given some invaluable negotiating tips and insider secrets to give you the fighting chance you need to save your home.

If you would like more information, please visit us at:

http://www.myloanmodificationcenter.com

Are you trying to get a Countrywide Loan Modification?  The first thing you should do before contacting Countrywide about a loan modification is to learn as much as you can about the loan modification process.  Countrywide is offering loan modification as an option to many of it’s distressed homeowners.  However, not every homeowner will qualify for a Countrywide Loan Modification.

What does Countrywide need to see from you to approve you loan modification?  First, they will ask to see some paperwork from verifying your income, such as paycheck stubs, W2′s, and tax returns if you are self employed.  They will also want a loan modification hardship letter.  This is a brief description of the hardship that caused you to fall behind on your payments and how you intend to correct the situation if granted the loan modification.  They will also want to see copies of your most recent bank statements to verify your hardship situation.

How all of these documents are prepared and presented can make the difference between getting your loan modified to an affordable payment and being denied.  It is imperative that before you contact Countrywide about your Loan Modification, you get educated and prepare your loan modification package to present your case in the most beneficial way possible.

A very good source of information to assist you in this process is The Complete Loan Modification Guide. This guide will give you the 7 Steps to a Successful Loan Modification, as well as insider tips and negotiating secrets to give you a fighting chance with your Countrywide Loan Modification.  You will be provided with all of the necessary forms, and given detailed instructions on how to complete them properly. Make sure you have all the information before you contact your bank and give yourself the chance you deserve to save your home.

If you would like more information, please visit us at:

http://myloanmodificationcenter.com

Any hardship you are going thru that causes you to fall behind on your home loan payments may seem like an Acceptable Hardship for Loan Modification to you, but to your lender, only certain circumstances will qualify as an Acceptable Hardship for Loan Modification.

Here are the generally acceptable hardships for loan modification that your lender will consider:

• Adjustable rate Mortgage Reset-Payment Shock:  many homeowners unknowingly signed for loans that had “teaser” rates that initially were very low, making for an affordable payment.  However, when the interest rate adjusted up and the payment skyrocketed, borrowers could no longer afford their loan.  If you had one of these loans, your lender may consider lowering and fixing your interest rate
• Death of a spouse or co-borrower:  The death of a family member very often causes severe financial hardship.  The loss of a second income, final expenses and time lost at work can all create a hardship situation causing a borrower to fall behind on their payments.
• Divorce or separation:  The vast majority of borrowers rely on two incomes to meet their monthly obligations.  The loss of one source of income can be devastating and not easily replaced. 
• Failed Business:  Tough economic times are just a plain fact of life right now.  Many small businesses are failing and borrowers are scrambling to find employment in a tight market.  If you can show your lender that you have found new employment and have a source of income, they will consider lowering your payment to match your new circumstances.
• Injury/Illness/Medical Bills:  There are some things we just cannot be prepared for.  An unexpected illness, injury and the accompanying medical bills are all reasons to fall behind and are considered an acceptable hardship for loan modification.
• Job Relocation:  Due to the current housing crisis, selling your home on short notice may not be a viable option.  It may be better to wait out the market with a new lower monthly payment.
• Military Duty:  We are at war, and many families have had a family member deployed, resulting in a severe cut in pay or loss of income.  This is an acceptable hardship for Loan Modification.
• Loss Of Job:  Thousands of companies across the country have either closed or cut their staff drastically.  If you fell behind due to job loss, but are working again, the lender will consider that an acceptable hardship for loan modification.
• Reduced Income:  Whether your hours have been cut or you had to accept a lower paying position or job, you are just not bringing home enough money to meet your current monthly payments.  Your lender can negotiate with you to lower your monthly mortgage payment to avoid foreclosure.

The items shown above are the generally acceptable hardship for loan modification most lenders use.  However, each borrower has a unique set of circumstances.  A compelling and concise loan modification hardship letter can go a long way with your lender to convince them you deserve a second chance with a loan modification.

Before you contact your lender about a loan modification, take the time to get informed and educated about the process.  You have one shot to save your family home, so make sure you are knowledgeable and prepared.  The Complete Loan Modification Guide is a great , low cost source of information.  You will learn the 7 Steps to a Successful Loan Modification, as well as receive invaluable insider tips and negotiating secrets.   You are provided with all of the necessary forms, as well as detailed instuctions on how to complete them properly.  Give yourself a fighting chance to save your home!

If you would like more information about loan modifications, please visit us at:

http://myloanmodificationcenter.com

Can you do a Home Loan Modification yourself?  Do you stand a better chance if you pay a Loan Modification Company to represent you?  These are questions facing frantic homeowners trying to avoid foreclosure with a loan modification.  One option costs you nothing up front, while the other can cost you thousands.  Let’s weigh the pros and cons of both options-then you make the decision.

A Loan Modification Company will agree to contact your lender on your behalf and handle the paperwork processing, submission and negotiating aspect of the process.  They should do all the calling, follow up and play hardball with your lender if necessary to get you the best loan modification.  The Loan Modification Company should be experienced in dealing with various lender’s loss mitigation departments and know how to get thru to the right person immediately.  Sounds great, sign me up-BUT-the Loan Modification Company also requires a large upfront fee from the homeowner to start the loan modification process.  That can be tough for an already financial strapped homeowner.  After you pay typically anywhere from $1000 to $5000, you will receive NO guarantee of a successful outcome.  They can’t give you a guarantee as it is your lender who decides to approve or deny your loan modification application.

What do you get for all that money?  Ideally you get a professional, experienced representative who knows what the lender needs to see from a borrower in order to approve the loan modification application.  This means that your income and asset documentation has been reviewed and itemized properly on the correct forms prior to submitting it to your lender.  They should also have performed a Comprehensive Market Analysis to determine the current, accurate market value of your home.  Your Loan Modification Hardship Letter has been critqued to assure that your circumstances are presented in a compelling and concise manner so your lender has a clear picture of why they should grant the loan modification.  The Loan Modification Company should have computed and presented a modification plan including interest rate reduction, term modification and principle reduction to present to the lender so your target payment can be reached.

Some Loan Modification Company’s work with an Attorney, more do not.  What is the benefit of having an Attorney involved?  Well, an Attorney can use some legal tactics to bring pressure to bear on reluctant lenders.  The threat of pursuing lending violations such as RESPA and TILA make a lender sit up and take notice.  Experienced Attorneys know the power of these laws and can use them to convince a lender to accept a loan modification on behalf of the homeowner.

Now, what about becoming your own Loan Modification expert?  It may sound daunting, but the truth is that with some basic knowledge and preparation, you can put together a succesful do it yourself loan modification package and work directly with your lender to modify your loan.  After all, no else is going to work as hard as you will to save your home.  Here are some of the basic steps. There are certain calculations that lenders use to determine if you qualify for a loan modification.  The most important is called debt ratio.  This is a simple calculation using your income divided by your monthly outgoing payments.  The tricky part is showing the lender that while you cannot afford the current payment, you can afford the new, lower, modified payment.  This is can easily be done by completing two financial statements-one with the current payment and one with the new proposed, lower payment.

You can find out the current value of your home using several easy and free methods.  You can use internet sites like Zillow, or you can contact a local realtor and ask them to run a Comprehensive Market Analysis for you.  Most realtors will happily help you as you could be a future client.  Once you know the current value of your home, you can use this as ammunition with your lender.  If the loan balance is higher than the current value, your lender will much prefer to modify your loan to keep you in the home rather than lose more money by taking the home back in foreclosure.  This strategy can even be used to negotiate to lower the principle balance on your home loan to closer reflect it’s current value.

Whether you decide to retain a Loan Modification Company or do your own loan modification, it is imperative to have a very clear understanding of how the process works, what your lender is looking for to approve your loan modification application and making sure your best interests are served by a Loan Modification Company and your lender.

The Complete Loan Modification Guide will give you the information you need to learn the 7 Steps to a Successful Loan Modification, as well as give you insider tips for negotiating with your lender like a professional.  The Complete Loan Modification Guide also provides all the necessary loan modificaton forms, along with detailed instructions on how to complete them properly.  This easy to read and easy to follow Guide will give you the fighting chance you need to fix your loan and save your home.  Do not contact your lender until you are fully informed and educated about your options.

If you would like more information about loan modifications, please visit us at:

http://www.myloanmodificationcenter.com