Staying awake nights worrying about how you can save your home and wondering if a loan modification might be the answer? Every day we are hearing more and more about the loan modification option for homeowners stuck in high interest rate, unaffordable home loans. President Bush and Secretary Paulson have been strongly encouraging lenders to reach out to troubled homeowners and offer a loan modification instead of foreclosure. Several new programs have recently been launched with government funding and backing to help stop the tidal wave of foreclosures threatening our economy.
You may qualify for one of these loan modification programs. You don’t want to miss out on the billions of dollars earmarked for homeowner assistance programs. Now is the time to stop worrying and start learning about how you can qualify for a loan modification. Are you one of the millions who:
- Have a sub prime or adjustable rate loan? If you cannot afford to make the payments due to a high interest rate or a rate that is due to reset, you are a perfect candidate for a loan modification. Many borrowers were placed in loans they did not understand and could not afford. There are several programs in place to help borrowers in this situation.
- Suffered a hardship that caused you to fall behind? Lenders are willing to work with borrowers who have suffered either a permanent or temporary hardship situation. Life happens, but with a compelling hardship letter, your lender may agree to a loan modification to help you get back on track.
- Unable to refinance or sell because you owe more than your home is now worth? Many areas have seen a 50% drop in home values making it impossible to refinance or even sell your home for what you owe the bank. While loss of value alone is not an acceptable reason for a loan modification, most lenders would rather fix your loan than take the home because they will lose too much money.
- Predatory lending victim? There are laws in place to protect borrowers from unfair lending practices. You may have legal recourse if you were not provided certain properly executed disclosures or if your final loan payment differed significantly from your original paperwork. Lenders can suffer severe consequences and the mention of this violation will often compel your lender to offer a loan modification.
You deserve some of the funding and assistance that is now available to troubled homeowners. Don’t wait-find out how you can qualify for one of the new loan modification programs. More and more lenders are reaching out to homeowners in trouble. Don’t be taken advantage of again-now is the time to take control of your financial future. Take the time to learn about your options and put a plan of action in place to save your home. An informed homeowner is hard to take advantage of-and after all, no one is going to fight harder than you will to save your home.
You can learn everything you need to know in one low cost, easy to read handbook-The Complete Loan Modification Guide is the most up to date and complete source of home retention information available today. The Complete Loan Modification Guide will provide you with everything you need to prepare a professional and acceptable loan modification application. You will receive all of the required loan modification forms and detailed directions on how to complete them, along with hardship letter help, negotiating tips, and informtion about your legal rights. Thousands of homeowners have gotten the help they needed-you can too! Stop worrying and get going-order and download The Complete Loan Modification Guide now.
If you would like more information about loan modification options, please visit us at: http://www.myloanmodificationcenter.com
7 Responses
We have had no response from Wells Fargo yet about our loan modification.
Our loan number is 0202415659.
We faxed over all the information you requested, and we have not heard any response yet.
What’s going on? Please be prompt in responding to this request. We are loyal clients. We have had three mortgage loans with you already.
Do we have a loan officer assigned to us yet? Please respond.
Posted on April 19th, 2009 at 2:07 pm
We just recieved a response from American servicing Company a sister company of Wells Fargo. And now they want us to do a forbearence and pay for 3 months straight without a break in payment but we told them that my husband wages were cut by 30% . We sent in all the requred paper work as they asked and this was back in January when this problem accured. As of 6/24/2009 we get a response as to sign the forbearence agreetment and then we may qualify for a Loan modification. We need our mortgage rate dropped or or extended our loan out for another 10 years. We are 7 months behind in our mortgage, We are filing for bankruptcy or try and get the lawyer to negotiate our loan modifiaction. What do we do now we are being told if we do not sign or follow this agreement they will start the forclosure process. Please help!
Posted on July 18th, 2009 at 3:33 pm
We have requested our mortgage to be modified in February and it took OCWEN 6 months to finally letting us know that they declined our application. The only explanation I got is that our income is not quallified for the program guidlines. We are now 10 months behind on payments, the forclosure process has started. Do I have the otion to appeal against the decesion or reapply for the Home Affordable program is I have my financials approved a little?
Please let me know,
Posted on August 12th, 2009 at 11:11 pm
I am with citigroup and they will not modify me. At first it was because I was delinguent, after getting caught up on payments they tell me since I was able to catch up I do not need a modification…This is complete bull shit..
Posted on October 21st, 2009 at 4:28 am
There is no reason to deny a loan modification to anyone if the end result is a loss of thousands of dollars to the lender YET THEY DO IT BECAUSE THEY DON’T HAVE ANY FINANCIAL KNOWLEDGE. Any bank that does not make EVERY EFFORT TO KEEP EVERY LOAN ON THE BOOKS ACTIVE SHOULD TAKEN OVER BECAUSE THE MORONS RUNNING IT DON’T KNOW GOOD BUSINESS FROM STUPIDITY. FOR INSTANCE
Why would a bank NOT give an apartment owner a loan modification???? I know of a 4 plex that is in the rears and the bank will not give the owners a modification. The fact is the APARTMENT carried itself for many years and recently the market changed and the owner had physical problems. They owe over $350000 on the apartment. Presently the property is generating $1800 a month and the payment is $2400. The brilliant individuals at the BofA say no loan modification, The loan is an adjustable and that is even worse as nest year when it cast the rates will change. Just stupid. They could modify the loans interest rate to todays rates, put it on a 30 year term and bring the property to a once again postivie cash flow. They would keep the $350000 on the books and the property owners could keep the proeprty sounds simple to me. NOPE says the DOPE. So the property will be foreclosed upon and sold as a distressed property for $100000 or less, I have an appraisal back ground and the bank has done it’s job!!!!! Please send theses idiots to school. Why do they want to throw away $250,000? These idiots at BofA are not doing their jobs and have no logic or are just a joke. There are many people out there that would save their properties if they delt with real bankers and not just robots.
Posted on January 7th, 2010 at 10:38 pm
Citimorgage is a complete get over, I have been working with them for 12 months on my second loan, they pre-approved me to reduce my mortgage down to 50%, each time they assign me to a different payment, I am behind in payments, however, they kept asking to at least have one payment made, if I kept it out of under 180 days they could continue with the modification, I struggled to make that payment, I missed December and now they turned it over to legal, the legal folks are trying to have me to do a settlement and I would have to be taxed on the excess amount of the settlement as income. This is crazy, obvious if I could make the payments I would, so how do I not have the option to continue the modification process with CitiMortgage and now I have to speak to a lawyer who I never received documents from CitiMortgage that the account has been turned over. I think the banks are taking advantage of the customer and it’s not right.
Posted on January 15th, 2010 at 1:06 pm
If you need help with loan modifications go to the HUD website. Loan modification services are free. You should not have to pay for them. On the HUD website you can look up HUD approved centers. HUD approved centers are backed by the Housing Urban and Development Department. It means they’re legit and wont scam you. Plus if you do go to a HUD approved center, it is 50% more likely that you will get some kind of help. And remember, modifications are NOT guaranteed. Most loans are investor held so you cannot go asking for principle reduction, interest rate reduction, etc. What the investor decides is what you get. Another important thing is that once you get an offer and you reject it, you may not get another offer or you’ll get a worse one. Avoid scams. Lawyers have no power over getting you a loan modification. IT IS NOT A LAW FOR FINANCIAL INSTITUTIONS TO GIVE YOU A LOAN MODIFICATION. Also, it is you who have negated the loan agreement. One final thing, YOU DO NOT HAVE TO BE LATE TO GET HELP. DO NOT PURPOSELY FALL BACK ON PAYMENTS AS IT IS AGAINST THE LAW. NOT EVERYONE WILL QUALIFY FOR THE MHA (event though it is a joke). Any questions go to HUD.gov
Posted on January 25th, 2010 at 1:53 pm
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