Wow, what a week! Wall Street is reeling from the two most recent bank takeovers-giant Washington Mutual and Wachovia bite the dust-largely due to billions of dollars of bad mortgage loans. The Bailout plan is stumbling towards approval with a $700 Billion burden to taxpayers. All of these banking storm clouds may have a silver lining for homeowners facing foreclosure due to bad home loans-the banks are under more pressure from the government and the firms that bought them to fix their toxic loan portfolios ASAP. Your chance for a loan modification approval may have just improved greatly!
If you are delinquent or facing foreclosure because you can no longer afford your mortgage and can’t refinance due to declining market values, now is the time to contact your bank about applying for a loan modification. There are billions of dollars of bad mortgage debt that needs to be re-structured into performing assets for these banks. The fastest and easiest way for the bank to accomplish this is to offer a loan modification with an affordable payment for their current mortgage customers. You can take advantage of this window of opportunity by presenting a loan modification application to your lender that will prove to them that you can afford to keep your home when the current loan payment is modified to a new,lower affordable payment.
The lender may agree to lower your interest rate, lengthen the loan term, include missed payments and even forgive or reduce your principle balance to arrive at a low payment and stop the foreclosure process. This is a win-win, the bank looks good on paper and you stay in the family home and get a fresh start with your lender.
Don’t miss this chance to apply for a loan modification while your lender is highly motivated to straighten out the mess they have gotten themselves into. Start first by learning all you can about how a loan modification works and what it takes to get a loan modification application approved. There is alot of information on the internet about loan modifications that you can refer to. In fact , there is so much information online it may be hard to wade through it all to find the most important and accurate information.
One good source of information all in one place is The Complete Loan Modification Guide handbook. This is a low cost guide that will take you step by step through the loan modification process. You will learn exactly what the lender is looking for to approve your application, as well as be provided the necessary loan modification forms with detailed instructions on how to complete them properly. You also get invaluable negotiating tips to help you when dealing with your lender. So get informed and get going to save your home!
If you would like more information about loan modifications, visit us at:
3 Responses
There are two people on my mortgage. Myself and an exboyfriend who moved out and has not paid in two years. My mortgage payment is 2040.00 per month. I can’t do it anymore. Called GMAC TO EXPLAIN. Asked THEM IF I COULD APPLY FOR A MODIFICATION WITH ONLY ONE SIGNATURE. THEY SAID YES, SENT ME THE PACKAGE, I FILLED IT IN, FAXED IT BACK AND WAS TOLD TO CALL BACK AT LEAST TEN TIMES that is was being reviewed.. THE LAST TIME i CALLED MY HOUSE WAS IN FORECLOSURE beacuse they NOW said two signatures were needed.. Up until March, I was current and they advised me to let my mortgage fall behind. I did it out of desperation and did not think about the ramifications. Now my credit is in the toilet, I am losing my home and I am desperate. Please help me.
Posted on July 15th, 2009 at 3:17 am
My house is up for auction July 27th!!!! I have written to every representative I can think of . How can GMAC mortgage get away with this. Their employees are obviously not informed and because of their misinformation I am losing my home and my dogs will probably end up at a shelter!
Posted on July 15th, 2009 at 3:20 am
I know the feeling. My mother applied for loan modification in 2-,09 and couldn’t make another payment but promised forebear. in 12-09 my dear mother died. she left me title and i forwarded my package to Regions. It was lost and was sent months later.strange because it was sent with their own sase package. after 6 months of request for more docs and complied! I’m now in foreclosure and 16 payments is due since my decease mother last paid in 2-09 i asked my mother application was active and she qualified forebear and since i had title and her excuctor and file my pack in janurary, i or my mothers estate should qualify for the same forebear of payments. It seemed like i was lead and strung out until time must’ve ran out. I guess they exspect you to fin for yourself and should know what the hell to do. LOOK this program when started even the big boys that were sweatin their that ass after they made a mess of things. Awakened one morning and prayed. Their really is a GOD thank you for giving us our dailey bread. I think they smurk among themselves and tip their hats when dining in a fasncy exspenive resturant. the next day they my hear off a case like Jackie’s or my case where i lived with my mother, wife and 5 children could be homeless says, foreclose, that house has equity. Jackie call your partner and ask for his signiture. he liable anyway and if you stay and pay it builds his credit and equity as well. hope its not to late. In 2006 Regions buried my mother in deeper debt with a $1500. mortgage. Her ss was only $1057.mo now they say theirs guidelines. Where were the guidelines when we needed’m in 2006. President Obama what about me? If you don’t help me in time i’ll be the guy who will fill lawsuites in every court and represent my self and i’ll have the media in even if i make a fool of myself. their are people who need to be heard and i beleive i have a cause of action that has to be heard. Maybe i can get some support to carryout a mission and get heard. I’m going drag more lawyers, trustees, banks, service company. Hell i’m getting mad and hope the list of names of all the people i spoke to who were rude and especially Recardo who hung up on me today at 5pm because it was closing time will see in person in Hattisburg, Ms soon. Excuse the langage i do not proof read. Sam Joseph
Posted on September 4th, 2010 at 12:36 am
Add A Comment