A Countrywide loan modification featuring a reduction in the principal balance is available to certain borrowers who meet the lenders requirements for this loan modification option.  Although not every homeowner will be offered principal reduction as part of their loan workout, some homeowners will qualify for this very helpful option.  Here is some information to help determine if you might be eligible:

Eleven states were involved in the predatory lending suit in which Countrywide settled claims worth approximately $8.6 billion dollars to homeowners holding risky loans.  Since the original settlement, two additional states have been awarded settlements to help borrowers as well.  For borrowers in these states, a principal reduction is a viable option that homeowners can apply for.  Here are the eleven states as well as the three additional states included in this special Countrywide loan modification program:

Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington-as well as Tennessee, Mississippi and Pennsylvania.  If you live in one of these states and your home loan was originated between January 1, 2004 and December 31, 2007 you may be eligible to participate in the Countrywide loan modification program offered as part of the predatory lending lawsuit.  If you do not, you can still apply for help to lower your payment and avoid foreclosure.

Homeowners who are stuck in Pay option Arm loans where the loan balance actually increases with each minimum payment made are good candidates for a principal reduction.  In areas where the home values have declined significantly, many borrowers find themselves underwater-owing much more on their mortgage than their home is worth.  Most borrowers did not understand the risks involved with these loans, and now find themselves with few options except to apply for a loan modification program.  The Federal government is now encouraging all lenders to consider principal reduction for borrowers who meet certain requirements.

Each Countrywide loan modification is reviewed on a case by case basis, but borrowers can increase their chance for approval by knowing the lender’s guidelines for acceptance and how to complete the application properly so it meets the approval criteria.  Homeowners are encourage to apply for a Countrywide loan modification as the lender has set aside billions of dollars to assist borrowers stay in their home.  Help is available for those who know how to get it, so make sure you take the time to research, learn and prepare as you search for ways to stay in your home.

You can get the help you need to understand how to qualify for a Countrywide  loan modification program by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

A loan modification program that offers a reduction in the principal balance is kind of like Big Foot – we hear about it but no one has actually been able to prove it’s existence.  Well, now the Feds are intervening to encourage loan modification programs that will offer principal reductions for borrowers who meet certain qualifications. Here is some important information for homeowners who now owe more than their home is worth and need help with a loan modification program.

The Fed has said that it will give priority to reducing the outstanding loan balance on any loan where the home’s value has decreased by 25% or more.  That is reasonable, as many areas across the country have seen home values plummet 30% or more in the last year alone.  To be eligible for this loan modification program featuring principal reduction, a homeowner must:

1. Live in the home as their primary residence
2. Be able to verify their income and meet approval guidelines
3. Either be delinquent on their mortgage or prove that a trigger event, such as a rate reset or job loss, will cause a payment hardship.

President Obama’s new treasury secretary, Timothy Geithner said that the administration is working on a sweeping program to stablize the banking sector and to address the continuing flood of foreclosures.  This loan modification program offering principal reductions to possibly hundreds of thousands of homeowners is one measure aimed at keeping borrowers in their homes by reducing the loan balance so that it more accurately reflects the homes true market value.  Underwater homeowners need this type of loan modification option to entice them to stay in their home and keep making mortgage payments.

Principal reduction is just one loan modification option, others include a lower interest rate, longer loan term or a combination of all of these to arrive at an affordable and sustainable mortgage payment.  Not all homeowners will qualify for this loan workout, however help is available for those borrowers who know how to get it.  Homeowners who submit an accurate and acceptable loan modification application will be able to increase their chances of success with their lender and receive this type of a loan workout.

Get the help you need to understand how to apply and qualify for a loan modification program by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Wondering if you might qualify for a loan modification program with your lender to lower your monthly mortgage payment?  Statistics show that 60% of homeowners who apply will qualify for a loan modification program-but what about the other 40%?  Why are some borrowers approved but others are declined?  Learn how to pre-qualify yourself so you have a better chance of success with your lender.

While each bank has their own criteria for approval, there are certain requirements that all banks are looking for.  Here is what a qualified loan modification candidate must do:

1. 1.  Provide evidence of a financial hardship making the current mortgage payment unaffordable-this means you write a convincing and compelling letter describing your circumstances so your lender will get a good idea of your situation.  However, you must also show them that you have taken steps to remedy the situation and have made a commitment to sustained home ownership.  You can get help to write your own acceptable letter when you follow the Hardship Letter Outline and template provided in The Complete Loan Modification Guide.
2. Prove to your lender in black and white that while you cannot afford the current mortgage payment, you will be able to pay the new lower modified mortgage payment if approved for a loan modification program.  You will need to complete financial statements detailing your income and assets and demonstrate your revised budget to convince the bank that you will not be at risk for re-default.  The Complete Loan Modification Guide makes this easy to do by providing you with a Current and a Proposed Financial statement along with detailed instructions on how to complete them properly.
3. Submit a complete, accurate and acceptable loan modification application that includes everything the lender will need to see in order to consider approving your proposal.  Incomplete, missing or inaccurate packages will be set aside and the response will be delayed or can result in a denial.  How can you make sure that you have submitted everything necessary and that you have completed it all properly?  Simple, follow the handy Document Checklist and stacking order you get when you order and download The Complete Loan Modification Guide.

There are millions of deserving homeowners who need help with one of the many loan modification programs available, but unfortunately not everyone will be approved.  Make sure you take the time to learn and prepare before you contact your lender to apply for loan modification help.  Remember, the paperwork and information you provide will in large part determine your eligibility-make sure you give yourself the best chance for success.  When you family’s home is on the line-your time and effort are worth it!

You can get the help you need get pre-qualified and to understand the loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Well, we kept saying it was coming soon, and today Wells Fargo announced that it will begin offering loan modification options to borrowers who need help with their Wachovia mortgage payments.  Up until now, getting a Wachovia loan modification has been difficult if not impossible for most struggling borrowers.  Since the merger was finalized on December 31, 2008, Wells Fargo is now able to include almost half a million Wachovia borrowers in an updated, streamlined loan modification approach to to help find solutions to prevent foreclosures.

Many borrowers hold the risky Pick A Payment loans and desperately need a Wachovia loan modification to convert those loans into affordable, low interest rate mortgages.  Wells Fargo is now the investor holding those loans, and faces the prospect of enormous losses from this $120 billion portfolio, due to the high default rate these programs experience.  Here is some basic information that homeowners needing Wachovia loan modification help should know:

• Loans in foreclosure or set to begin the proceeding will be given an extension until February 28, 2009 to allow time to contact the lender
• Offer reductions in interest rate, and fix the rate for pre determined length of time
• Longer loan terms up to 40 years
• Principal forbearance whereby a portion of the loan’s balance will be deferred with no interest charged
• In select geographic areas, principal reductions will be offered

The new modified payment will be arrived at by using a combination of the above options to arrive at a target monthly payment that equals 38% of the borrowers gross monthly income.  The goal is to arrive at an affordable and sustainable mortgage payment to allow homeowners to avoid foreclosure.  Wells Fargo has increased its full-time default/home retention staff 125% to almost 6,000 employess in the last 2 years.  Wachovia has almost 2,000 loss mitigation employees and plans on increasing their team in 2009.

Homeowners interested in applying for a Wachovia loan modification will have to meet certain approval guidelines and submit a loan modification application.  Unfortunately, not all homeowners will qualify for this program, but borrowers who understand what the approval requirements are before contacting the bank can greatly increase their chances of approval.  This is great news for frustrated Wachovia borrowers, so make sure you have the best chance of getting the help you need and deserve by learning and preparing so you will be able to submit an acceptable loan modification application.

You can get the help you need to understand the Wachovia loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Yes, it’s confusing trying to figure out the best way to get a loan modification so you can afford to stay in your home.  Now that there are literally thousands of loan modification companies advertising on the web, tv and radio, making all kinds of claims, how can you know if it is worth paying someone thousands of dollars to try to get a loan modification?  And could a do it yourself loan modification work just as well?  What’s the real chance of getting the help you need?  Here is some information that may help you decide for yourself.

A loan modification involves submitting certain paperwork to your lender that they review, make a determination on your eligibility and either you get a lower payment or you don’t.  Your bank’s decision will be made in large part based on the information you give them.  So, it’s important to make sure you give them the right information, in the right format and in a manner that makes it easy for your bank to qualify you.

When you hire a loan modification company, you are providing all of the same information that your lender will want to see to the company, who then transposes it onto forms and submits it to your bank for review.  But if you knew what those forms were and how to complete them properly, couldn’t you just submit it all to your bank yourself? Of course, you could.

But what about negotiating for the best loan modification terms?  Well, loan modification companies say they will work to get you the best modified loan-but if you know what the loan modification program options are and already know your new target payment that meets your lenders guidelines, couldn’t you negotiate to get that payment just as well?  Of course you could, in fact-probably better!  Your house is on the line, you have the most to lose and the most to gain-no one will work harder than you to save your home. 

Look, loan modification companies are selling a service-they don’t have any magic bullet or fairy dust that they sprinkle on your loan modification application.  Most homeowners are already struggling and coughing up thousands of dollars is an additional burden-make sure that you know what you are doing before you entrust your family’s home and your financial security to any company.  You may feel like you were taken advantage of when you got this loan, so don’t let that happen again.  Take the time to learn, prepare and then decide what is the best way to get the loan modification help you need and deserve is.  A do it yourself loan modification is one very good option to consider.

You can get the do it yourself loan modification help you need by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

 For more information about do it yourself loan modification, please visit us at: http://www.myloanmodificationcenter.com

Frustrated trying to figure out how to get a mortgage loan modification to lower your monthly payment?  The process is not easy, but it can be done if you know some general information about how the loan modification process works.  Why are some borrowers approved for a mortgage loan modification while others are denied?  If you are interested in learning how to increase your chances of getting the help you need from your lender, here is some helpful information.

A mortgage loan modification can be the solution for homeowners stuck in an unaffordable home loan, but unable to refinance or sell their home.  The current economic crisis and housing meltdown has left many homeowners feeling like they have no options-but there is help available for those who know how to get it.  The Federal Government has allocated billions of dollars from the TARP legislation to help borrowers find a loan workout solution to stay in their homes.  This is your tax dollars, so how can you get some of this help?  Here are some tips to help get you started.

1. Know your lender’s guidelines for approval-it is pretty hard to qualify for something that you do not know the requirements for.  Imagine trying to bake a cake without even knowing the basic ingredients-it probably wouldn’t turn out the way you want, right?  Well, you need to take the time to learn your lenders guidelines for approval before you submit your application.  Every lender has aproval criteria that must be met, once you know what it is you will be able to complete the paperwork so that you have the best chance of success.
2. Understand the loan modification process and what to expect.  This is not a walk in the park-successful homeowners have the patience and persistence to make their way through a frustrating and complex process without giving up.  Many borrowers who were initially declined did not give up, and after many tries were able to get the help they needed to get a mortgage loan modification to save their home.  This is your family’s home-your time and effort will be worth it.
3. Make it easy for your lender to approve your mortgage loan modification application by providing them with everything they need to see in the proper order and format.  A complete, acceptable and professional mortgage loan modification application will move through the approval process faster and get the results you want.
4. Understand that this is a negotiation process-you are asking your lender to change the terms of the loan you originally agreed to.  The bank does not have to do this-you need to make them understand that it is mutually beneficial to grant you a mortgage loan modification-prove to them that you are committed to continued home ownership and have taken the necessary steps to adjust your budget and lifestyle so that you will not default in the future.  This can be a win-win situation.

A mortgage loan modification is one option for borrowers looking for a way to stay in their home, but unfortunately not everyone will qualify.  Who qualifies and why?  How can you increase your chances for success?  How do you get started?  These are all questions that are answered in a low cost, easy to use handbook that you can order and download right online.  The Complete Loan Modification Guide is the most comprehensive and helpful source of information for any homeowner wanting to make sure they have the best chance of getting the loan modification help they need and deserve.  Learn how you can get the mortgage loan modification you need and deserve.

You can get the help you need to understand the loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Stressed out trying to figure out how you can qualify for a loan modification program with your lender?  If you are stuck in an unaffordable mortgage and need to apply for a loan workout with your bank, make sure you understand how you can improve your chances for approval.  Why are some homeowners approved while others are denied?  Read these 4 main qualifications for loan modification approval that your lender will be looking for.

Qualification #1:  Financial Hardship-you must be able to prove to your lender that you have suffered a financial hardship out of your control that has made the current mortgage payment unaffordable and therefore you need to apply for a loan modification program.  The best way to explain your current situation to your bank is to provide them with a convincing Hardship Letter.  This is your chance to give your lender a snapshot of what has happened in your life that has caused you to become delinquent.  Your Hardship Letter must be descriptive and convincing so that the counselor who is reading it will be touched by your circumstances and be able to relate to what you have gone through.  You can get help to write your own letter by following the Hardship Letter outline and letter template provided in The Complete Loan Modification Guide.

Qualification #2:  Be able to back up your hardship story by providing your lender with documentation that supports your story.  Let’s say you had a medical issue that caused you to fall behind, then provide copies of the medical bills.  If you were laid off work, give them a copy of the notice from your employer.  When you provide hard evidence of your hardship, you are giving your lender a valid reason for approving your application for help with a loan modification program.

Qualification #3:  Prove to your bank in black and white that while the current mortgage payment is not affordable, the new lower modified payment will be manageable now and in the future.  Lenders are concerned that borrowers will redefault even after having received a loan modification.  You need to prove to them that you have implemented a new family budget that is centered around the new modified payment and that you have a strong commitment to continued home ownership.  This can be tricky, but The Complete Loan Modification Guide makes it easy to do by providing you with a Current and a Proposed Financial Statement and gives you step by step instructions so you can complete these forms properly so that your bank will be able to verify your ability to pay the new payment.

Qualification #4:  Provide your bank with a complete and accurate loan modification program application that will meet your lender’s guidelines for approval and includes everything they need to see from you.  Missing or incomplete documents will cause your application to be set aside and you will not get the results you need.  How can you be sure that you have completed all of the forms properly and provided your bank with everything they need to approve your application?  It’s easy when you follow the detailed directions and simple Document checklist provided to you in The Complete Loan Modification Guide.

When your home is on the line, you cannot afford to take any chances or leave it to someone else.  Help is available for homeowners who know how to get it.  You must make the decision to become informed and be prepared so that you can fight for your family’s home.  Billions of dollars of your tax money has been allocated for loan modification programs to help homeowners just like you-do not wait-you need and deserve this help.

Fortunately, you do not have to figure this out by yourself-you can get the help you need to understand and apply for a loan modification program by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Homeowners seeking help with unaffordable mortgages may be getting some much needed good news with a new Citigroup loan modification announcement.  Over $2 trillion dollars have been lost in home equity - resulting in many borrowers owing more on their mortgage than their home is worth.  This makes refinancing almost impossible and selling a challenge as too.  Well, for the first time since the housing crisis began, a major lender has agreed that courts should be allowed to order reductions in principal for troubled homeowners who owe more than their home is worth during a bankrupcty proceeding.

Citigroup loan modification programs have up until now not offered any reduction in principal balance and the lender represented the strong resistance by all lenders to voluntarily reduce the amount a homeowner owes on their loan, regardless of the loss of equity.  Although many lenders announced they would offer some principal reductions, the reality has been that borrowers have not been offered that option on a loan modification.  Now that Citigroup has indicated acceptance of this option, other major lenders are expected to follow suit.

This new option for a Citigroup loan modification is deemed necessary to stem the rapid rise in foreclosures, which has quadrupled since the fall of 2007, potentially affecting 8 million homeowners across the country.  Lenders have been offering loan modification programs based on other means of reducing the monthly payments, including extending the loan term and lowering the interest rate.  However, indications are that many borrowers run into trouble again, because their payments remained too high after the loan modification or because the homes had lost so much value that it was not realistic to continue making payments on an inflated value.

Citigroup stated that it would support legislation giving Bankrupcty courts the power to reduce loan balances provided it applied to mortgages in effect only prior to passage of the act.  To be eligible, borrowers would have to contact their lenders to try to work things out before filing bankruptcy.

If you need help with a Citigroup loan modification, now is the time to get informed and be prepared to submit your application to begin the loan modification process.  Citigroup is now willing to offer much more aggressive loan modification programs to qualified borrowers because they acknowledge that previous efforts have failed to stop the rise in foreclosures.  The bank also has received an influx of capital as part of the government’s economic rescue plan and may be in a better position to start offering meaningful help to desperate homeowners.  Interested borrowers should act now to get their loan modification application into the lender, as their is expected to be a huge demand for this assistance.

Get started today and get the help you need to understand the Citigroup loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

If you are reading this information, you are probably among the millions of homeowners across the nation desperating seeking a way to stay in their home and avoid foreclosure.  A loan modification is one of the few options left for borrowers stuck with adjustable rate loans and declining home values.  Help is available for homeowners who know how to get it-you must be able to show your bank that you are a good candidate for loan modification help. 

Here are some important tips that you should know to apply for loan modification help:

Tip 1:  Billions of dollars in Federal funding has been allocated for loan modification programs.  These are your tax dollars-you deserve to get the benefit of these federally subsidized programs.  Don’t be intimidated or hesitate to apply now.

Tip 2:  Learn your lenders guidelines for loan modification approval.  Not all borrowers will qualify-but you can increase your chances by knowing ahead of time exactly what your lender is looking for and then prepare your paperwork accordingly.  The Complete Loan Modification Guide will teach about lender guidelines and help you complete your application paperwork properly.

Tip 3:  Prove to your bank that you have a financial hardship and cannot afford the current mortgage payment.  A well written hardship letter will help convince your bank to approve your loan modification application.  You can follow the easy to use hardship letter outline and template provided in The Complete Loan Modification Guide to compose your own letter.

Tip 4:  Submit a complete, accurate and acceptable loan modification application that will meet your lenders guidelines for approval.  Unfortunately, even the most deserving homeowner can be declined if their paperwork is not completed properly.  The Complete Loan Modification Guide will give you detailed instructions and step by step directions to complete and submit your own application so that you have the very best chance for approval.

You probably never expected to find yourself in this situation-it can be extremely confusing, frustrating and even embarrassing.  However, you can be one of the thousands of borrowers who have found a way out of this toxic mortgage mess-you simply must make the decision to become informed, prepared and committed to taking control of your financial future.  It’s not easy but it’s worth it!  Help is available for those who are willing to fight and not give up until they receive the loan modification help they need and deserve.

Time is not on your side-don’t wait-you can learn how to apply for a loan modification with your lender by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com