Save Your Home

Millions of homeowners are desperately seeking help to get out of their bad, unaffordable home loan and into a home loan they can afford.  If you are one of these borrowers looking for answers, I have compiled some of the most commonly asked questions from homeowners wanting to find out if a mortgage loan modification is an option for them.  Perhaps this will help you as you start your own search for assistance.

1. Who qualifies for a loan modification-can I qualify?  If you can prove to your lender that you have suffered a hardship, have an adjustable rate or sub prime loan that you can’t afford, AND that you do have the means to pay a lower loan payment if given the mortgage loan modification, you are a good candidate for a loan modification.
2. What is an acceptable hardship situation?  While each situation is unique, the lenders will generally consider the following to be an acceptable hardship:  death in family, military service, loss of job or reduction in hours, job relocation, medical issues (bills,hospitalization), divorce, separation.  Part of the mortgage loan modification application is writing a hardship letter explaining your circumstances to the bank.
3. My house is not worth what I owe on it-can I still get a loan modification?  Actually, that might work in your favor, because a lower home value will make the lender think twice about foreclosing as they stand to lose even more money.  Foreclosure is expensive and keeping you in the home making payments may be the most cost effective option for everyone.
4. Does everyone on the original loan have to agree to the mortgage loan modification?  Yes, anyone who signed the original loan documents must agree to and sign the modified loan documents.  The only exception is if one borrower is deceased or you have a power of attorney.
5. I have tried to call my bank but they won’t talk to me until I am late on my payments-do I have to miss payments to get help?  Every lender has slightly different criteria, but my experience has been that bankd are prioritizing their loan modification applications so that homeowners facing imminent foreclosure are being helped first.  BUT, if you foresee a problem arising in the not too distant future you should start the mortgage loan modification process now.  Many lenders are reaching out to borrowers who are not yet delinquent but face adjustable rate increases soon.
6. 

   Pay a Company?

   6.  What about these mortgage loan modification companies saying they will represent me and give me a better chance to get a loan modification?  Most of the loan modification companies are new businesses that have set up shop to get in on the beginning of the loan modification boom.  Since some homeowners do not feel comfortable speaking directly with their lender, or do not feel they have enough knowledge to assure the right result, a loan modification company will represent you with your lender for an upfront fee.  Some of these companies are reputable and have every intention of helping you to the best of their ability, others however, have already been sanctioned by several District Attorneys for not providing any service at all after taking an upfront fee.  Basically, before you agree to anything make sure to do your homework by learning about the loan modification process so you know what questions to ask.

7. My loan is with one of the “failed” banks-now what?  Really, it’s business as usual for most of these banks, the new owners have taken over and in some cases are very motivated to clean all the delinquent loans up so they look better on paper to the FDIC.  This could really work in your favor as the lenders need to turn these banks around quickly.  That being said, there is some transition time involved and some homowners are experiencing delays while the new procedures are implemented.
8. I did not understand my loan when I got it and I feel like I was taken advantage of, payments and fees changed throughout the transaction-do I have any other options?  There are some lending laws that require certain disclosures and procedures be followed during the loan application process.  If violations occured, then you may be entitled to a full refund of all the interest you paid on your loan.  The TILA and RESPA statutes are taken very seriously and lenders will pay attention if you bring this to their attention when negotiating a mortgage loan modification.
9. There is alot of information on the internet about loan modifications-what should I trust?  The internet is a great source of information, unfortunately, there is no “truth filter” so you have to do your due diligence when researching any subject.  Check our several different sources of information, unbiased sites such as www.hud.gov or www.hopenow.com offer accurate detailed information.
10. 

    Knowledge is Power

    10.  OK, I want to find out a mortgage loan modification for my family, what should I do to get started?  First step: start researching and learning as much as you can about the loan modification process and what is involved.  Check out your lender’s website for their policy on loan modification-look under loss mitigation or homeowner assistance.  Sit down with your family and put together a workable, sustainable family budget so you know how much you can afford to pay each month for your home loan payment. Then put together a plan of action and get started-time is not on your side, act now to try to save your home.

An excellent source of mortgage loan modification information in one low cost, easy to read handbook is The Complete Loan Modification Guide.  You can purchase and download The Complete Loan Guide right online, and get started learning everything you need to know about your loan workout options.  You are given step by step directions on how to prepare a professional and successful mortgage loan modification application.  The Complete Loan Modification Guide will provide you with all of the required loan modification forms and detailed instructions on how to complete them properly.  You learn how to calculate debt ratio, write a compelling hardship letter, your legal rights and much more.  Give yourself a fighting chance to save your home, get informed and get going!

Home Edition Loan Modification Kit

Modification

If you would like more information about loan modification options, visit us at:

http://www.myloanmodificationcenter.com