There is a lot of confusion about just who qualifies for a loan workout and how to get a home loan modification.  Since each lender, bank and servicer handles a homeowners request for assistance a little differently, it is difficult to really know exactly how the best way to apply and qualify will be.  However, with President Obama’s federal home rescue plan, the playing field has become just a bit more level.  At least now lenders are required to adhere to certain guidelines put in place by the Treasury Department.

The government has allocated $75 billion of stimulus funds to go towards a very aggressive loan modification program.  The idea is to get as many loans modified as possible so that the tide of foreclosures can be stopped and the housing market given a chance to recover.  Since many banks have been hesitant to really reach out to struggling borrowers, the feds have stepped in and agreed to actually pay the banks for each  loan workout they complete using the government program.

Federal Plan

This new program is called Home Affordable Modification, and even if you might have been turned down before or you are in the process, you can request consideration under this government program.  During the review process, lenders have agreed to halt any foreclosure processes until a determination is made on whether a borrower qualifies.

The best part of this government program is that you don’t have to guess about how to get a loan modification anymore.  The guidelines for qualifying are the same for everyone.  The methods of modifying the loans are the same for everyone.  The idea is to offer a streamlined, standardized program that every lender will use and reach as many homeowners as possible.

So, since the guidelines are standard, it just makes sense for any interested homeowner to spend a little time learning just what those guidelines are.  This is critical if you wish to increase your chances of approval-why just slap something together when you can fine tune your application so that you know it meets the approval criteria?  You can learn the basic 4 step formula your bank will use in the #1 resource for homeowners, The Complete Loan Modification Guide.  Apply this formula to your own application, and then make any necessary adjustments to your paperwork before your lender reviews it.

Don’t take chances-learn how to get a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

Home Edition Loan Modification Kit with Customer Assist

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Now that Obama’s stimulus money has found it’s way to mortgage lenders, over 150,000 homeowners have already gotten lower payments with a loan modification in the last few months.  It looks like there is light at the end of the tunnel for borrowers who can meet the approval requirements.  Wondering how you can apply and qualify for loan modification help?

$75 billion in stimulus money is allocated to help lenders and homeowners with loan modifications that feature low, affordable monthly payments.  The trick is knowing what the approval requirements are and then completing your loan modification forms so that your bank sees that you meet those requirements.  A little upfront preparation will make a big difference in getting approved-now is not the time to slap something together and hope for the best.  Your home is on the line, take a little time to learn what you need to do to prepare and submit and acceptable loan workout application.

You can learn about lender guidelines and who qualifies for which programs in Chapter 3 of The Complete Loan Modification Guide kit.  Do you know which program you might qualify for?  How do you adjust your budget and financial statement so that you meet that approval criteria.  It’s easy when you follow the step by step directions and use the forms provided in Chapter 10.

Work on your budget now

Do you know how to calculate your debt ratio and determine your target payment?  This is critical if you want to have a shot at getting the lowest mortgage payment on your modification.  Each lender has it’s own acceptable debt ratio requirements-when you have this information ahead of time you are able to make the necessary adjustments and fine tune your figures before your bank reviews them.  Remember, even a small adjustment to your budget can make the difference-you need to know this before submitting your application. 

You need a lower mortgage payment, your lender has programs and funding available to modify loans-all you have to do is to learn a few basic steps so that you can get the help you need and deserve.  The truth is that even the most deserving homeowner can be declined if they do not take the time to prepare their application correctly.  It’s not rocket science-all that is required is a couple hours of your time and you can greatly increase your chances of success.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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.

Home Edition Loan Modification Kit with Customer Assist

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. Learn how to qualify for the Obama Federal loan modification plan.

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Millions of struggling homeowners are facing unaffordable mortgage payments and need to get answers to their loan modification questions.  Who qualifies for these programs?  How do you begin the application process?  How long does it take?  Here is some information that could help you as you explore your home retention options.

1. 1.  What is a loan modification?  It is a change in the terms of your existing home loan.  This could be a reduction in the interest rate or loan term that ideally results in a lower payment.  These changes could be temporary or permanent, but the goal is to help you avoid foreclosure and stay in your home.  Unlike a mortgage refinance, there is no appraisal, credit score requirements or escrow.  You work with your current lender to revise your mortgage to more affordable terms.
2. Does my lender have to offer me a loan modification?  No, banks are not required to modify anyone’s loan.  Remember, banks are all about making money.  They will analyze your homes value, your ability to pay a mortgage payment and determine the least expensive solution.  If you can convince your lender that it is in their best interest to modify your loan, then you have a good chance of success.
3. How can I benefit from the Stimulus Plan?  This federally subsidized program is aimed at helping 4-5 million homeowners find a solution to unaffordable mortgages.  Lenders are actually paid to modify loans for qualified borrowers when they use this program.  You can apply for a loan workout under the federal plan if you meet the basic requirements.
4. What are the requirements under the federal loan modification plan?  You must live in the home as your primary residence, your loan must be less than $729,750 and have been originated prior to January 1, 2009.  Your current payment must equal more than 31% of your gross monthly income-including your taxes, insurance and homeowners dues.  You must be in a financial hardship situation or facing an imminent hardship.
5. 5.  How do apply for a loan modification with my lender?  You will be asked to complete some forms, including a financial statement or budget that details your income and expenses.  You will also have to give them proof of your income and assets.  A short written explanation of your financial hardship will also be required.
6. 6.  Can I call my lender and just give them my information to find out if I qualify?  You can-but you’re are taking a big chance.  A much better option is to take time to learn how to complete your loan modification application correctly so that you have the best chance of qualifying.  This means that your work on your budget ahead of time, make any adjustments and fine tune it so that it proves you are eligible.
7. How can I learn about the approval guidelines and how to complete my loan modification forms correctly?  There is a very useful handbook for homeowners, the best selling guide-The Complete Loan Modification Guide that takes you step by step to prepare an acceptable loan modification application.  Learn about approval guidelines, how to complete your budget and tips to make necessary adjustments.

Over 150,000 homeowners have already been helped with a loan modification using the federal program, all it takes is some preparation to make sure you have the best chance of approval.  Learn, prepare your application correctly, then contact your bank to apply. 

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

You may be struggling with high mortgage payments and desperate to get relief.  The good news is that their is help-more now than ever-if you know how to get it.  This means that successful homeowners will know and understand how to complete their application so that they have the best chance of meeting the loan modification criteria and getting approved by their lenders.  The bad news is that many deserving borrowers will be turned down because they were not prepared.  How can you learn what the requirements for approval is?  Here are some basics to get you started.

Every lender has it’s own loan modification criteria, but the truth is that most of the guidelines are basically the same.  The new federal loan modification plan, Obama’s Home Affordable offers standardized requirements and modification terms-easy-no negotiating, either you qualify or you don’t.  But you can certainly increase your chance of approval by knowing those guidelines and then completing your application accordingly.

Here are the basic guidelines for most loan modification programs:

1. 1. You must have or be experiencing a financial hardship that is out of your control.  Job loss, reduced income, divorce, illness, death, military service, interest rate reset are some of the reasons your lender will consider.  You must be able to write a convincing hardship letter that tells your story and gains your banks empathy.  There are 3 critical elements to a compelling letter, do you know what they are?
2. You must be able to document your income.  Part of the approval process will be to provide your pay checks, tax returns, award letters, etc.  If you can’t prove your income, you will probably have a very difficult time getting approved.  This is a full disclosure process.
3. Another loan modification criteria is proving to your bank in black and white that you have implemented a new budget and that if given the modification, you will be able to afford to pay and maintain the new lower payment.  The last thing the lender wants is to modify your loan only to have you fall behind again.
4. You must be able to meet the required debt ratio criteria-under Obama’s plan that is 31% of your gross monthly income. Other programs range from 38-45%.  This means that the new payment, including taxes, insurance and homeowners dues falls within those guidelines.  Several methods may be used to reach that goal-lower the interest rate, lengthen the term or defer some principal.

If you are not familiar with what loan modification criteria must be met or how to complete your application to prove that you can meet the requirements, do not talk to your lender until you are prepared.  Many homeowners have been declined just because they unknowingly told their bank the wrong thing.  When you are on the phone with your lender, you do not want to be stumbling around-you need to have your paperwork prepared and fine tuned. 

Need help to learn about loan modification criteria, calculate your debt ratio and prepare your application paperwork?  You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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. Learn how to qualify for the Obama Federal loan modification plan.

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. 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

Home Edition Loan Modification Kit with Customer Assist

Get the Right Person on the Phone!

One of the most frustrating parts of applying for a mortgage loan modification is dealing with your lenders phone system.  Trying to navigate the series of telephone numbers, transfers to different departments, endless hold times and speaking to 10 different people can get you nowhere.  What you need are some tips that will help get you to the right person-right away! 

Every lender has a department that is specifically for handling loss mitigation – loan modifications and loan workouts.  These employees are trained to help clients determine what options are available to them when they can no longer afford their home loan.  Now, within those departments are varying levels of ability and authority.  Your goal is to reach the decision maker-someone who can actually offer you a solution that works for your budget and for the lender.

First, locate the correct phone number for your lender in the list provided in The Complete Loan Modification Guide.  This will usually take you directly to the loss mitigation department, but not always.  You may have to ask to be connected to that department.  IF you have to be transferred, then the first job is getting a human being on the phone.  Many banks have automated systems that require you to push certain numbers.  Think creatively, what service requires you to speak with a live person?  Lenders always want new clients, so try something like new accounts where a customer service rep will be anxious to speak with you.  Then you can discreetly ask for the loss mitigation supervisor, you forgot the name, but you were disconnected and need to get them back on the phone for example.

Once you get through to the right department, you may have to work your way up to a supervisor.  Let’s face it, you may have to give your basic information to an employee of lower rank at first to get in the system.  That’s ok-but if you want to get results after your file is submitted, you need to be able to follow up directly with someone in authority.  Make sure you use the Contact Log provided in The Complete Loan Modification Guide kit-this will help you keep track of numbers, names and dates.

The first step is being prepared and to have your budget, financial statements, hardship letter and documents all ready to go.  When you call your bank, you will the be confident that the information you give them has the best chance of meeting the approval guidelines.  Do not provide your lender information until you know what you are talking about.  Now is not the time to take chances.  Get serious about saving your home and get back on track-your hard work and effort will be worth it.

Learn more helpful tips and get the information you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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. Learn how to qualify for the Obama Federal loan modification plan.

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

Home Edition Loan Modification Kit with Customer Assist

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly.

Struggling with high mortgage payments and need loan modification help to save your home?  Millions of borrowers are in the same boat-but there is hope in the form of a loan workout with your current lender.  You may be feeling overwhelmed, but don’t worry-here is some helpful information so you can get started.

The new Federal programs are designed to offer loan modification help to homeowners so that they can stay in their home and avoid foreclosure.  The Obama plan, Home Affordable, is one option that you may qualify for.  The loan modification features options that lower your monthly mortgage so that it equals 31% of your gross monthly income (including taxes, insurance and any homeowners dues).  If you qualify for this plan, you could have your interest rate reduced to as low as 2%, your term extended to 40 years, and some of your principal balance deferred.

The secret to getting loan modification help from your lender is to have some upfront knowledge about what is required to qualify.  If you know ahead of time how to prepare your loan modification application, you will be able to have a much better chance of approval.  Now, you do not have to be an expert or pay thousands of dollars to some questionable company.  The fact is that you can learn the basics of a do it yourself loan modification is just a couple of hours with the help of the best selling handbook, The Complete Loan Modification Guide.

You can get the help you need to understand, apply and qualify for the loan modification you need by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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. Learn how to qualify for the Obama Federal loan modification plan.

Home Edition Loan Modification Kit with Customer Assist

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. 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

The takeover of Wachovia Bank by Wells Fargo may be good news for homeowners stuck in a bad Wachovia home loan.  Wells Fargo is anxious to quickly cure the billions of dollars in bad mortgage debt and clean up this mess as soon as possible.  A  Wachovia loan modification is a quick and cost effective way to turn those toxic and delinquent loans into performing assets, making the bank look better on paper and helping the homeowners avoid foreclosure.

Many borrowers are currently saddled with unaffordable “negative amortization” loans that were widely issued by Wachovia Bank.  These creative financing programs started off with low teaser payment rates, but now have adjusted to high rates and rising payments.  Many borrowers are actually adding to their principle balance each month when they make their loan payments.  These loans are ticking time bombs waiting to explode as property values continue to decline and equity erodes.

Good news for many Wachovia borrowers-NOW is the time to apply for a loan modification with Wachovia

Learn how to fill them out correctly

Bank.  The loss mitigation departments are set up and offering several loan modification options to their distressed borrowers.  Qualified home owners may have the opportunity to convert their current loan into a fixed rate as loan as 2%.  Wachovia is offering these programs on a graduated interest rate loan modification as a way to allow delinquent borrowers to get caught up and maintain the new lower, home loan payment.  More good news, some of these programs only require “stated income” applications, meaning you do not have to present pay check stubs, tax returns, etc to qualify.

So who will qualify for these low rate loan modifications?  Well, you must show the lender that this home is your principle residence, it must be a single family home (no 2-4 units), and your debt ratio must be 38% or

Learn how to figure your own debt ratio to qualify

less.  This means that your housing debt, including taxes, insurance and HOA dues cannot exceed 38% of your gross income as stated.  This is only a brief overview of some of the options available to Wachovia borrowers, and not everyone will qualify for these programs.

Start now to learn all you can about the loan modification process and you will improve your chances of a loan modification approval.  Once you understand how the process works and learn what the lender needs to see from you to approve your loan modification application, you will feel confident in working with the bank to fix your bad loan.  It is important to calculate your debt ratio and complete the required forms properly so they will meet the lenders loan modification guidelines and increase the chance for success.  Take the time to learn how to figure your income and expenses and present a family budget that will conform to the lenders requirements and meet the debt ratio percentage.  How you present your current situation is as important to better your chance for loan modification help.

There is a lot of information available on the internet about loan modifications-in fact, there is so much information it is very hard to figure out exactly what is accurate, up to date and most important to help you prepare your loan modification application.

Watch the short video to learn more now!  Go to:  http://www.youtube.com/watch?v=fV92aSTdB7E

A very complete, accurate source of information is The Complete Loan Modification Guide handbook.  This is a low cost, easy to follow guide that you can buy and download right online.  This Guide will provide you

Home Edition Loan Modification Kit

with step by step instructions on how to complete the provided loan modification forms, how to calculate your debt ratio, tips on writing a compelling hardship letter, direct contact phone numbers, and much more.  You will save yourself hours of frustration and stress by using The Complete Loan Modification Guide handbook and feel confident that you are presenting a successful loan modification application package to your lender.  Give yourself a fighting chance to save your home-an informed homeowner is a powerful homeowner.

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

http://www.myloanmodificationcenter.com

The secret to an acceptable loan modification application is presenting your information to the lender so that it is acceptable and fits within their loan modification guidelines.  Each lender varies slightly, but all of them follow the same general guidelines.  If you follow these guidelines when preparing your loan modification forms, your have an excellent chance of getting your loan modification approved.

There are some forms that your lender will ask you to complete that will paint a picture of your current financial situation.  Once your bank reviews these forms, they will make a decision to approve or deny or loan modification application.  You need to make sure that the loan modification forms have been completed properly so your lender will be willing to offer you the best loan modification.  Do not be intimidated or frightened to work on the loan modification application yourself, with just a little bit of knowledge and preparation you can complete the required forms so they will be acceptable to your home loan lender.

Here is a partial list of forms that should be included in your loan modification package:

• Cover sheet/fax cover
• Borrower Information Sheet
• Hardship Letter
• Financial Statements

Along with the properly completed forms, you will also have to provide income documentation, bank statements, supporting documentation for your hardship and several other important items.  The most important factor is HOW you complete the forms and HOW you present your situation to your lender.  If this is not done properly, even the most deserving homeowner could be denied a loan modification.

Learn about lender loan modification guidelines and get the detailed information and step by step directions you need to present a professional and acceptable loan modification application package to your lender-The Complete Loan Modification Guide is a low cost, easy to follow handbook that you can order and download right online.  You will be provided with everything you need to prepare your loan modification application so that it will be acceptable to your bank.  The Complete Loan Modification Guide gives you all of the required forms, document checklist, insider tips and negotiating secrets, details your legal rights and much more.  You can get started right away to present your lender with acceptable loan modification forms they will review quickly and get you back on the road to home based financial security.

Meet the author and learn more now!  Go to:  http://www.youtube.com/watch?v=fV92aSTdB7E

Home Edition Loan Modification Kit

To learn more about loan modifications, please visit us at:http://www.myloanmodificationcenter.com

Ok, so you have submitted a loan modification application to your lender and now…you wait, and wait and wait.  Are you frustrated because nothing is happening no matter how many times you call in and each time you wind up speaking with five different people who tell you five different things?  There are some secrets to get your loan modification application reviewed quickly and to improve your chances of getting a loan modification approved.  Here are a few secrets and insider tips that can make a big difference when applying for a loan modification:

• Complete loan modification application package:  Complete means that you have included 30 days worth of pay stubs or other income verification, 2 most recent bank statements (all pages), hardship letter along with any documentation to support your story (notice of lay off, hospital bills, etc), current mortgage statement, cover sheet, borrower information sheet, financial statements, proof of taxes & insurance amounts (if not included in your payments)
• Loan Modification forms complete accurately:  Take the time to pull out all of your bills and other monthly obligations like day care, tuition, gas, groceries and use the correct amounts when you complete the financial statements.  Make a few practice copies of the financial statements so you can use them to make sure your numbers balance.  The final financial statements need to be error free.
• 

  Learn how to figure your own debt ratio to qualify

  Compute your debt ratio

   

  using the current payment and then using the new payment to make sure you will qualify:  The standard acceptable debt ratio is 45%.  You compute this by taking your housing expenses (house payment, taxes, insurance & HOA) and dividing it by your gross monthly income.  If it is off, you need to adjust your expenses on your proposed financial statement so that it falls around 45%.

• If your home value has declined significantly and you now owe more than your home could sell for, provide the lender with proof.  Your local real estate agent can do a Comprehensive Market Analysis for you that will use recent sales and listings to arrive at the current market value of your home.  Include this in your loan modification application to show the lender it makes more sense to offer a loan modification than to foreclose.
• Put all of the required forms and documentation in the correct stacking order and make sure you keep a copy of the entire loan modification application package for your records.

These are just a few tips that will help get your loan modification application reviewed quickly.  Lenders are swamped with calls and loan modification applications.  Think about it, an incomplete or incorrect loan modification application will just get shoved to the bottom of the pile.  A clean, complete and professional loan modification application will get thru the review process quickly and have the best chance of approval.

Make sure you have all the information you need and are prepared to give your lender a complete and accurate loan modification application package.  You can be sucessful with just a little bit of knowledge and preparation.  The Complete Loan Modification Guide handbook is a low cost, easy to follow guide that you purchase and download right online.  You can get started right a way by following the step by step directions-you get all of the required forms, detailed instructions on how to complete them, you learn how to figure your debt ratio and how to write an acceptable hardship letter.  Everything you need is included to

Home Edition Loan Modification Kit

make sure your loan modification application is reviewed quickly and has the best chance of approval. Learn all of the tips and information you need by ordering The Complete Loan Modification Guide today and get back on the path to financial security.

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

http://www.myloanmodificationcenter.com