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

    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

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

34 Responses

  1. Loan Modification Help-#1 Reason You Can be Denied ! | Loan Modification Central Said,

    [...] to take any chances-invest your time and effort so you will be able to prepare an acceptable loan modification application for your lender.  Thousands of borrowers have already gotten help-and with the new Homeowners [...]

    Posted on February 27th, 2009 at 1:43 pm

  2. Obama's New Loan Modification Plan-How to Qualify for Help | Loan Modification Central Said,

    [...] the program guidelines, how to pre-qualify themselves, and then be prepared to submit an acceptable loan modification application to their [...]

    Posted on March 7th, 2009 at 1:49 pm

  3. Bank of America Loan Modification-Get Approved with Obama's Plan | Loan Modification Central Said,

    [...] If is really important to be able to complete your Bank of America loan modification forms properly so that they will meet the Obama plan guidelines for approval.  Once you know how to calculate your debt ratio and fill out your financial statements, you will be able to pre-qualify yourself and have a very good chance of success.  Do you know how to compute your own debt ratio?  If not, you need to learn this important step-The Complete Loan Modification Guide was written as an affordable way for homeowners to get the information and help they need-without paying thousands of dollars to a company or attorney.  This home edition handbook gives you easy to understand directions and step by step instructions so you can prepare your own loan modification application. [...]

    Posted on March 9th, 2009 at 5:52 pm

  4. Obama Federal loan Modification Program and Wachovia Bank-How to Qualify | Loan Modification Central Said,

    [...] debt ratio, several options will be employed by Wachovia.  Homeowners who cannot prove on their loan modification application that they can meet the 31% ratio requirement will not be approved for this [...]

    Posted on March 13th, 2009 at 1:36 pm

  5. Free Loan Modification Help-3 Secrets to Qualify | Loan Modification Central Said,

    [...] and not be caught off guard.  Once you know what your lender needs to see in order to approve your loan modification application you will be able to prepare your paperwork properly. It’s common sense, how can you qualify [...]

    Posted on March 13th, 2009 at 1:37 pm

  6. Loan Modification Information-Learn the Basics Now | Loan Modification Central Said,

    [...] Struggling with unaffordable mortgage payments?  Running out of options but trying desperately to find a way to stay in your home?  Heard about loan modifications but not sure if you qualify or how to apply?  Here is some good, general information to teach you about how the loan modification process works and what you can do to get started on your own loan modification application. [...]

    Posted on March 13th, 2009 at 1:39 pm

  7. Loan Modification Help-Learn about Produce the Note strategy | Loan Modification Central Said,

    [...] 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 [...]

    Posted on March 13th, 2009 at 1:44 pm

  8. Loan Modification Application help | Loan Modification Central Said,

    [...] may all be Greek to you, but you can get the loan modification application help you need without paying thousands of dollars.  A loan modification may offer the relief you need [...]

    Posted on March 13th, 2009 at 2:19 pm

  9. Do It Yourself Loan Modification | Loan Modification Central Said,

    [...] There are four basic qualifications that you must demonstrate to the lender on your do it yourself loan modification.  Do you know what these are?  Missing any one of these could mean denial of your application and there goes your chance for help.  Here is a basic outline of what your lender will need to see in order to approve your loan modification application: [...]

    Posted on March 17th, 2009 at 12:05 am

  10. Obama's New Loan Modification Program-Guidelines for Qualifying | Loan Modification Central Said,

    [...] at qualified homeowners who meet certain approval requirements.  Borrowers will have to complete loan modification application forms and prove that they meet these [...]

    Posted on March 31st, 2009 at 12:53 am

  11. President Obama's New Loan Modification Plan-Top 10 Questions & Answers | Loan Modification Central Said,

    [...] Stability Plan?  Interested borrowers need to learn more about the approval criteria, obtain the loan modification application forms and begin completing them properly, gather the other required documents so that they have a [...]

    Posted on March 31st, 2009 at 1:22 am

  12. Bank of America Loan Modification-5 Simple Steps to Approval | Loan Modification Central Said,

    [...] #3:  Gather all of the required documents that the bank will need to review in order to grant your loan modification application.  If you do not provide everything the bank needs to see, then your application will be delayed or [...]

    Posted on March 31st, 2009 at 1:30 am

  13. Obama’s New Loan Modification Program-Will You Qualify? | Loan Modification Central Said,

    [...] modified loan.  Not everyone will qualify and only those who can prepare an accurate and complete loan modification application will have the best chance of [...]

    Posted on March 31st, 2009 at 1:48 am

  14. Loan Modification Application-4 reasons you could be denied! | Loan Modification Central Said,

    [...] to begin your loan modification application in hopes of getting a loan workout so you can afford to stay in your home?  How confident are you [...]

    Posted on March 31st, 2009 at 1:56 am

  15. Loan Modification Program-Principal Forgiveness-Who Qualifies? | Loan Modification Central Said,

    [...] 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 [...]

    Posted on March 31st, 2009 at 2:30 am

  16. Mortgage Loan Modification-Modify your Loan | Loan Modification Central Said,

    [...] 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, [...]

    Posted on April 3rd, 2009 at 9:55 pm

  17. Loan Modification-Where to get the 7 Forms you need to Apply | Loan Modification Central Said,

    [...] 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 [...]

    Posted on April 3rd, 2009 at 10:13 pm

  18. Loan Modification Help-10 Facts you Need to Know | Loan Modification Central Said,

    [...] 9:  Your lender will review your loan modification application for accuracy and acceptability.  You must submit all of the required paperwork so that your [...]

    Posted on April 3rd, 2009 at 11:43 pm

  19. Loan Modification Programs-How to Qualify for the Federal Streamlined Modification Program | Loan Modification Central Said,

    [...] It is very important for interested homeowners to understand who qualifies, how to complete their loan modification application paperwork properly, and how to submit their proposal so they have the best chance for loan [...]

    Posted on April 4th, 2009 at 12:17 am

  20. Loan Modification Help-How to Submit your Application | Loan Modification Central Said,

    [...] Facing unaffordable mortgage payments and worried about losing your home?  Well, you are not alone-close to 2 million borrowers across the country are in the same boat.  Unfortunately, the worst is yet to come with another 8 million foreclosures predicted over the next 4 years!  Lenders are more and more willing to offer loan modification help to homeowners to help them avoid foreclosures.  If you are in this situation, time is not on your side.  You need to act now-doing nothing is not the answer!  Decide to take charge of your future and learn how to submit your loan modification application today. [...]

    Posted on April 4th, 2009 at 1:09 am

  21. Do it yourself loan modification, hire a company or pay an attorney? | Loan Modification Central Said,

    [...] will be able to learn the basics so they will be able to prepare a professional and acceptable loan modification application to their bank.  You simply need to understand who qualifies for loan modification help and why, [...]

    Posted on April 4th, 2009 at 2:00 am

  22. Do it yourself Loan Modification using a Simple, easy to follow Guide | Loan Modification Central Said,

    [...] what you can do is learn enough about what your lender expects to see in order to approve you loan modification application.  Once you have a good general understanding of your banks guideline for approval of a loan [...]

    Posted on April 4th, 2009 at 2:16 am

  23. How to Write a Hardship Letter for Loan Modification | Loan Modification Central Said,

    [...] 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 [...]

    Posted on April 7th, 2009 at 1:47 pm

  24. Loan Modification Help | Loan Modification Central Said,

    [...] 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 [...]

    Posted on April 7th, 2009 at 2:25 pm

  25. crystal Said,

    why would a lender want a 4506t when trying to do a loan modification?

    Posted on April 10th, 2009 at 11:47 am

  26. Wells Fargo Loan Modification-Beware-Don't apply until you read this! | Loan Modification Central Said,

    [...] bank the wrong information you may hurt your chance for approval.  Knowing how to complete your loan modification application correctly and being prepared ahead of time is the secret to getting [...]

    Posted on April 18th, 2009 at 1:15 pm

  27. Countrywide Loan Modification-Beware!Ready before you Apply! | Loan Modification Central Said,

    [...] have the best chance of approval, make sure you take one hour of your time before you send in your loan modification application to get prepared.  Once you give Countrywide your application and your financial information, it [...]

    Posted on April 18th, 2009 at 1:53 pm

  28. Wells Fargo Loan MOdification-3 Simple Steps to Succeed | Loan Modification Central Said,

    [...] 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 [...]

    Posted on September 17th, 2009 at 2:28 pm

  29. Greg Morton Said,

    I was hurt at work now on SSD and Disability Pension with roommate (rent).
    My total income is $4636.00. Total monthly expanses are $4459.00. (+$177.00). Aurora Loan Services is my servicer. I’ve lived in my home 36 years. Not Fannie or Freddie. Investor backed. Owe $280,000 on 1st ($74,000 on HELOC 2nd). Current value: $900,000. I need to stay in my home. Aurora said that I was approved for a mod (without impounds which I had requested and need) but Aurora never sent the paperwork. But then Auruoa sent me letter stating I may qualify for HAMP. So, suposedly I had a mod but was never sent anything then I was sent HAMP request.??? I have sent all current requested docs.(proof of income, expense sheet, Fed tax returns, Hardship letter, for the HAMP. Do have have a chance for the HAMP with my amount of equity and being non Fannie/Freddie and investor backed?
    Thank you, Greg Morton

    Posted on April 19th, 2010 at 8:58 am

  30. admin Said,

    Your loan does not have to be owned by Fannie Mae or Freddie Mac in order to qualify for HAMP- only for the refinance plan which is called HARP. It sounds like you do have a legitimate financial hardship situation and need a loan modification, my concern is that with the amount of home equity you state you have it will be difficult to qualify for a HAMP loan modification.
    One of the first criteria Aurora will look at is called Net Price Value-this means they determine which option will cost them less-modify or foreclose. If you have a lot of equity, then obviously they could foreclose and not lose money on the transaction. The Fed has mandated that lenders do which ever option costs less for the bank, so that makes it difficult for homeowners sitting on equity to get a HAMP option.
    Aurora my offer you some type of loan modification though-if you demonstrate to them that your situation is indeed a financial hardship-they have in house or proprietary loan workout plans that can be custom tailored for each situation-those are not subsidized by the government and so do not have the same criteria.
    You should definitely keep pursuing this-so keep calling them every few days and don’t give up until you get some kind of Aurora loan modification. Good luck to you!

    Posted on April 19th, 2010 at 10:36 am

  31. John Wright Said,

    WELL I HAVE HAD ENOUGH AND I AM FIGHTING BACK!

    John Wright Vs. Bank of America

    Please join my fight or show your support through your comments at http://www.unitedlawgroup.com

    Divided we might have fell America. UNITED WE MUST STAND!

    Sincerely,
    johns-wright@hotmail.com

    Posted on May 9th, 2010 at 12:28 am

  32. Natalie Said,

    Hello,
    We have applied the third time for a loan mod with Aurora ( the first time they denied and said we make more money than needed to qualify, the second time they approved us for trial period. On the fifth month they asked us to send them tax return and proof of rental income. We did fax it to them, they said they never got it and pushed as from loan mod. We applied the third time just recently. Our income( including rental properties) is around $15000 expences like $500 more. They approved us for another trial period for $2700.m. We used to have an ARM loan with min payment of $3300. Aurora rep told me that we might need to show more income at the end of trial period so they can modify us. Our loan amount is $960K, the property is worth around $800K. We have a private investor on the note. What are our options? Do you have any suggestions. We would like to have some guidelines/ help us to modify loan. We invested a lot of money into the property.
    Thank you

    Posted on May 31st, 2010 at 9:02 pm

  33. admin Said,

    Frustrated trying to get approved for an Aurora loan modification? It can be very confusing and frustrating trying to figure out just what the lender needs to see from you in order to give you the loan workout you need. Here’s what you need to know-there is a FORMULA that lenders use to determine which homeowners qualify and which ones don’t – it’s not a big secret or mystery.
    HAMP is the federal loan modification plan that Aurora uses to offer qualified borrowers rates as low as 2% and low, affordable mortgage payments. HAMP has standard guidelines for approval and uses a 4 step formula. You can learn and use this very same formula to help you prepare your loan modification application correctly.
    Think about it-what makes more sense-just throw your paperwork together and hope that it works or use the very same formula the bank will use to structure your financial statement correctly?
    If this information is available to you why not use it? There is actually a software program designed specifically to help homeowners prepare their own application correctly and make certain that they fit into the HAMP guidelines-that makes a whole lot more sense than just guessing.
    Before you submit your Aurora loan modification, visit http://www.myloanmodificationcenter.com to learn more and find out more about the software program to help you avoid mistakes and increase your chances of approval.

    Posted on June 2nd, 2010 at 5:28 pm

  34. Cal Said,

    Hi Natalie,

    I too have been working with Aurora and it has been most difficult process. I recently paid for this software and guide and it’s all starting to make sense now I should have used this before i ever applied in the first place. The representatives at Loan Modification Central are very knowledgeable and I would not consider doing a loan modification again without there help and information. I am getting ready to re-submit my modification and would be happy to share with you what I have learned in the process. I think the key is in the details and with Aurora once you have the details you can use the software and information provided by LMC to help you with getting your modification approved. Feel free to contact me if you have any questions I would be happy to share what I have learned about aurora and this process. Best of Luck. you can email me at dkvcl1@gmail.com :)

    Posted on March 27th, 2012 at 5:43 pm

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