Getting your loan modification help can be tricky-make sure you are armed and dangerous before you contact your lender or a loan modification company to start the loan modification process.  You have heard the saying “knowledge is power”-that is very true when it comes to a successful loan modification.  You need help to understand how the loan modification process works and what it takes to get your loan modification approved quickly.

There are basically 3 ways to get a loan modification:

1. 

   Pay a Company?

   1.  Pay a Loan Modification company:  you pay an upfront fee to a loan modification company who agrees to review your circumstances, put together your income documents and other forms and send them to your bank for review.  They also represent you in all negotiations with your bank regarding the terms of the loan modification-lower the rate, extend the term, or forgive principle.  Currently, there is no direct regulation of these companies, so buyer beware.  Most are legitimate and will work in your best interest, however there are some companies who just take the desperate homeowner’s money and do little or nothing of benefit. 

2. Retain a lawyer specializing in loan modifications:  Some of the new loan modifications work with an attorney who may have some experience with the loan modification process.  These companies usually charge a large upfront, non refundable fee for legal services.  Usually, there will be no guarantee or refund policy.  The idea is that an attorney can bring more pressure to bear on your lender to convince them to grant the loan modification.  If the loan modification company and attorney have specific experience and knowledge pertaining to real estate law, there are some measures that can be taken to help get your loan modification approved.  Again, buyer beware and be sure to do your research before retaining a law firm to represent you in the highly specialized loan modification field.
3. Do it your yourself loan modifications:  Thousands of homeowners have successfully modified their loans themselves.  If you wish to take the time and effort to educate yourself about how the process works, learn what your lender is looking to see in a loan modification application to approve it, and
   

   You Can Do It Yourself!

   what the various loan modification options are, you may want to consider contacting and working directly with your bank.  The key is to be prepared with all of the information, required forms and documents before you contact your bank.  The secret to a loan modification approval is preparation!

There is a tremendous amount of information online about loan modifications.  It can be confusing and time consuming to try to collect all the information you need to learn.  A good idea is to purchase The Complete Loan Modification Guide handbook instead.  This is a low cost, comprehensive guide that will give you the information you need, including the 7 Steps to a Successful Loan Modification.  You will also receive the required forms with detailed instructions on how to complete them properly.  Ideas for compelling hardship letters, along

Home Edition Loan Modification Kit

with actual samples, are included too.  You will be given invaluable negotiating tips to use when working with your lender or a loan modification company.  Learn how to calculate your debt ratio to pre-qualify yourself for the new Obama loan modification plan.  Make sure you get the best, most complete Guide to loan modifications available.

Watch the short video now!  Go to: 

http://www.youtube.com/watch?v=fV92aSTdB7E

Whether you decide to hire a company or Do It Yourself, your loan modification is too important to leave to chance.  The Complete Modification Guide handbook is a “must read” for everyone considering a loan modification to avoid foreclosure.  So get informed and get going to save your home!

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

http://www.myloanmodificationcenter.com

Save Your Home

Are one of the millions of American homeowners struggling to find an answer to unaffordable house payments?  Home values are continuing a steep decline making it impossible for many borrowers to refinance out their “bad” loan into an affordable, fixed rate loan program.  There is a way to convert your current loan into one that you can afford-for FREE!  That’s right, no escrow, no title or appraisal, no fees-just some of your time and effort to learn about how a loan modification works and how to submit a successful loan modification application to your lender.  Sounds like something you would be interested in learning about?  You can learn what you need in a Loan Modification Guide.

You may have read or heard about loan modifications but are not sure if you would qualify and even how to start the process.  Loan Modifications are a relatively new option for troubled homeowners, but one which President Obama and Congress is encouraging all lenders to offer their borrowers in unaffordable loans.  The financial crisis has made the situation even worse for many mortgage lenders-they are highly motivated now to fix your loan and help you stop foreclosure.  Loan Modification is a cost effective and beneficial method of turning bad debt into performing assets-the bank looks great on paper and the homeowner gets to keep their home-it’s a win-win for everyone.

There is a lot of information online about loan modifications.  Many companies have popped up offering to represent homeowners for a fee to apply for a loan modification.  You may wonder if you should pay the

Pay a Company?

thousands of dollars these companies want as an upfront fee or work directly with your lender and do it yourself.  IMPORTANT-before you make any decision affecting your home and family, take the time to get educated and informed about the entire loan modification process-learn what your lender will need to see to approve your loan modification application, what questions to ask, if you will qualify and how to prepare a successful loan modification application.  It’s not rocket science, but you do need to know the basics if you want to have your loan modification approved-whether you do it yourself or decide to hire a company.

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

An excellent source of information and detailed instructions is The Complete Loan Modification Guide handbook.  This is a low cost, easy to read and easy to follow home edition handbook that you can purchase and download right online.  You can get started right a way learning about the required forms, how to complete them properly, hardship letter advice, and get invaluable negotiating tips to use when working with your lender.  We have covered all aspects of the loan modification procedure so you can easily follow the step by step instructions.  Everything you need to know is included in this one Guide.  You can save hours of frustration by ordering The Complete Loan Modification Guide handbook and you will feel confident when you contact your bank or a loan modification company.  Don’t just hand over your hard earned money or give up without a fight-knowledge is power-give yourself the fighting chance you deserve to save your home and credit.

Home Edition Loan Modification Kit

Order the most complete and up to date Loan Modification Guide available and get started today.

http://www.myloanmodificationcenter.com

After hearing countless stories of struggling homeowners who have paid thousands of dollars to loan modification companies promising to get these vulnerable borrowers a loan workout so they can afford to stay in their home-and seeing no results-we decided to go undercover to find out first hand just what homeowners are up against.  There are hundreds of loan modification companies offering their services, but how do you know which one is going to really work in your best interest?  Well, read about our experience so you will learn what to watch out for!

We posed as homeowners with a financial hardship and unable to afford out current mortgage payment, and an appointment was set to meet in person at a local loan modification company.  The only thing we brought with us was a copy of our current mortgage statement and a checkbook.  The idea was to find out what a borrower might encounter when seeking assistance from one of these companies.

We were met in the lobby by an employee of the loan modification company, and were shown to an office.  There, we spoke briefly about our situation, described how the current payment was not affordable and expressed out need for a fast solution.  We were never asked to show our mortgage statement, pay check stubs, bank statements, or any other type of documentation.  Soon, another man entered the room and was introduced as the manager.  He told us he knew we need help and felt certain they could get us a loan modification.

I asked him if he wanted to look over our mortgage statement to see what needed to be modified, he grabbed it out of my hand, briefly looked it over, then threw it down on his desk.  He then looked us both in the eye and said, “How does $1500 a month sound?  Could you afford that?”  I said, “That sounds great, but how can you get the lender to agree to that?”  He replied, “Simple, we’ll just modify your loan to a 3% interest only for 10 years!”  My partner questioned him, “Are you sure you can do that?” and he said, “We do it all the time.”  My next question was, “How much is this going to cost us?”  He quickly replied, “Just write us a check for $3495 and we’ll get started on it right away.”

Well, I did some quick math and calculated that with the current loan balance on our statement, a 3% interest only payment was over $2200 per month, so I questioned him a little further.  I asked him if he was planning on getting a principal reduction on our loan, but he said, “No, we are not really getting any principal reductions now.”  So, I brought it to his attention that his math was off and a $1500 payment would not be possible with the loan modification he quoted.  He became agitated, did not respond to my questions, and left the room.  The other employee said he had another appointment, but truthfully I think my questions were becoming suspicious.  We were asked again for the $3495, but we declined stating we wanted to think it over some more.

We left the loan modification company in shock at the blatant attempt to coerce payment from us without even the slightest effort to find out if we even qualified for a loan modification!  The fact that we were quoted an actual modified payment, and then assured that they would get that payment for us, was a red flag.  Each lender makes their own determination on how a borrowers loan may be modified, and homeowners need to understand that not everyone will qualify for a loan workout.  A legitimate, ethical loan modification company will review a borrowers income and assets, verify their hardship, and determine if the homeowner is a viable candidate before ever taking any fee for services.

So, before you decide to fork over thousands of dollars to a loan modification company, be smart, take the time to research, learn and be informed about how the loan modification process works.  Once you have a good understanding of your lenders guidelines, how to complete the paperwork properly and know what to expect, you will have the knowledge you need to make wise decisions.  Whether you decide to work directly with your lender, or hire a loan modification company, be informed-an informed homeowner is hard to take advantage of and will have a better chance of success.

You can get the help you need to understand the  loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read 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 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. This handbook is worth every penny and could save you thousands of dollars.  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

Homeowners can be successful with a do it yourself loan modification-but how do you get started to get the help you need?  The secret to getting your loan modification application approved is presenting your situation in a manner that is going to meet your lenders guidelines and fit within their loan modification programs.  Loan modification companies will tell a borrower that they will have better results if they pay a company to represent them, (of course-they are trying to get your business) but that is not always the case.  To be successful, the first step is to learn what it takes to qualify-it is pretty hard to qualify for something if you don’t even know the requirements!

Here is a brief outline of some of the most important aspects of an acceptable loan modification application:

Debt Ratio:  lenders will determine a new “target” payment that will represent an acceptable percentage of your gross monthly income.  For example, the new payment must be no more the say 38% of your gross monthly income.  So, if by a combination of interest rate reduction, longer loan term or principle forbearance you can reach that percentage, you are a good candidate for loan modification help.

Disposable income:  Your do it yourself loan modification application will include a financial statement.  This is a detailed breakdown of your income and expenses.  You must show that when you calculate your new lower loan payment, the rest of your bills and expenses against your monthly income, that you still have $200-300 left over.  That will assure the bank that your are not a risk for re-default if granted the loan modification.

Hardship Letter:  A convincing and compelling explanation of your circumstances and your plans for the future will help your lender understand how and why you are facing payment difficulties.  Not too wordy, but with documentation to back up what you say (medical bills for example), a good hardship letter is an important part of the do it yourself loan modification application.

A homeowner who takes the time to research, learn and prepare can be successful with a do it yourself loan modification.  Just like anything else, the more you know the better your chances are.  Many of the loan modification companies advertising that they can do it better are brand new at loss mitigation.  They don’t have the motivation to work as hard as you do-it is your home after all and you have the most to lose and the most to gain.  A loan modification company that gets paid up front puts your application in a big stack with all the others-while a homeowner who makes the commitment to fight for their home will not give up until they get the loan modification help they need and deserve.

Persistence is what is required-even if told no the first time-homeowners have been successful with do it yourself loan modifications by simply refusing to give up.  Lenders are debt collectors-they are putting their interest first-so borrowers have to learn to not take it personally and don’t give up until the goal is reached.  It might be a battle, but a knowledgeable and dedicated homeowner can win the good fight.

You can get the help you need to understand the do it yourself loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read 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 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.

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

If you are trying to find a way to save your home from foreclosure, you may be considering hiring one of the many loan modification companies that offer to negotiate for you with your lender.  The idea is that by paying a professional you will have a better chance of getting a loan modification that lowers your monthly payment so that you can afford to stay in your home.  But hold on-before you hand over thousands of dollars to a loan modification company make sure you are working with someone who is qualified, experienced and reputable.  Here are some things to look out for before deciding on one of the many loan modification companies seeking your business:

1. First, verify that the loan modification company is licensed and operating according to local laws and regulations.  Many states require that the company be licensed by the Department of Real Estate or other government entity.  Find out what you local regulations are, then make sure the company you are considering is compliant-many are not
2. Confirm the physical street address and check for any local business licenses
3. Contact the Better Business Bureau to verify any complaints
4. Upfront fees are regulated by many states, make sure that the upfront fee agreement is legal.  Again, verify your local regulations before paying anyone
5. How long has the loan modification company been in business?  What is the background and experience of the principals?  Find one that has staff with loss mitigation experience
6. Attorney led loan modification companies are subject to different requirements.  They are allowed to charge a retainer for their services.  Just make sure that the attorney you hire will actually be working on your file and not handing it over to an affiliated group of processors for a referral fee.  An attorney who specializes in loss mitigation can provide additional services to get the desired results from reluctant lenders

Sounds like pretty common sense stuff, but sadly many vulnerable homeowners have forked over their last few thousand dollars to loan modification companies that were not qualified or operating legally, losing both their money and a chance for help.  There has been very little regulation or oversight for this mortgage industry offshoot, but that is starting to change as Attorneys General in several states have already closed down some non-compliant companies.

Keep in mind, that while there is no guarantee of success, homeowners can increase their chances by working with experienced, reputable and competent loan modification companies.  Take the time to research and learn about your options before hiring any company.  Most folks wouldn’t write a check to a company they got an email or flyer from without finding out more about them, would they?  Use the same precautions with loan modification companies.  There are some very competent, well meaning companies striving to offer assistance to homeowners in need, the trick is to find one that has the experience, staffing and commitment to achieve a loan workout solution to avoid foreclosure.

You can get the help you need to understand the  loan modification process, learn what to expect and be able to make an informed decision by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read 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 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. 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

Are you struggling to make your house payments or facing default and the very real possibility of losing your home?  Thousands of homeowners have already received help with a do it yourself loan modification-read on to find out if this might be an option for you too.

You have probably heard about do it yourself loan modification but wondered if you would have a better chance of success if you hired a loan modification company.  Well, there are plenty of companies out there willing to take your hard earned cash as an upfront fee to help you.  Here is the real question-can you work directly with your lender to get a loan modification or should you pay thousands of dollars to a loan modification company in hopes of getting a better result?

Every situation is unique and while some borrowers might feel comfortable working on a do it yourself loan modification, others will not and will consider hiring a loan modification company.  Just keep in mind that there is currently very little regulation or oversight in the loan modification industry, so buyer beware.  Before you hand over any money make sure you have verified a few facts:

• Do you know if you meet the lender’s general guidelines for loan modification approval?  Some companies will take your money only to be told later that you did not qualify
• Is the company duly licensed and doing business legally?  Each state has their own requirements, check with your Department of Real Estate to make sure any company you are considering is legitimate.
• If you retain a firm that states they have an attorney handling the files, make sure you verify the affiliation and that the attorney will in fact be working gn your case-not hand it over to a processor at an “affiliated” company.

If you decide that it will be more beneficial for you to work on a do it yourself loan modification, the first step is to take the time to research your lenders loan modification guidelines.  It is pretty hard to qualify for something that you do not even know the requirements for.  Call your bank and ask them for an application packet.  Find out what their debt ratio guideline is and how much disposable income they like to see after the loan has been modified.  These are the two most important qualifications for loan modification help.

Once you know this information, you can complete the financial statements properly and improve your chance for success.  You may have to adjust the family budget or eliminate any unnecessary items, so that when you complete the Proposed Financial Statement the lender will see that with the new, lower loan payment you have $250-$300 left over after paying your bills.  This will assure the bank that you are not a risk for re-default and prove that you have made sustained home ownership a priority.  Its not brain surgery, if you take the time to research, learn and prepare you will have good chance of getting the do it yourself loan modification help you need and deserve.

You can get the help you need to understand the loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read 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 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.

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

Troubled homeowners seeking loan modification help may be wondering if it is wise to pay an upfront fee to a loan modification company.  With over 2 million homeowners needing loan modification help, thousands of companies have begun offering to represent borrowers to negotiate a loan modification with their lender for an upfront fee.  Interested homeowners are told that they will have a much better chance of success if they retain a professional service instead of working directly with their lender to find a loan workout solution.  Whether that is true or not, before paying a large sum to anyone for a service, it is simply wise to do some research and know the facts.

Very few loan modification companies offer any type of guarantee that would provide for a refund of any money paid upfront by the borrower.  It is virtually impossible to guarantee results as each situation is unique and each lenders programs and guidelines are different.  The few that do offer a guarantee word it so that it is very vague and virtually unenforceable.  So, what precautions can a desperate homeowner take to ensure that their hard earned money is going to have the best result when attempting to get loan modification help?

Currently, there is very little oversight or regulation for loan modification companies.  However, some states do require that the company be licensed by the Department of Real Estate or some other agency.  Currently 17 states have some type of provision in place to govern the industry.  Before deciding to retain a company for loan modification help, a homeowner should check with local agencies about their state requirements to make sure the company they hire is in compliance.  There is free counseling and advice available through HUD.gov.

Regulations regarding charging upfront fees to borrowers seeking loan modification help vary from state to state as well.  Some states, like California, do not allow any fees to be charged to a homeowner once a Notice of Default has been filed.  Loan modification companies in California must also be licensed and have an approved upfront fee agreement before they can legally charge a homeowner fees for loan modification help.  Again, homeowners should be sure to inquire about any companies licensing and compliance with local regulations before agreeing to pay any money upfront.

Some loan modification companies are affiliated with an attorney and as such are subject to different regulations.  Attorneys who offer loan modification help to homeowners are allowed to take an upfront retainer fee, and this is almost always non refundable.  An attorney who is focusing his practice on loan modification and is not sharing his caseload with a loan modification company will probably offer the most effective and competent representation for a needy homeowner.  In most states, attorneys are prohibited from “fee splitting” whereby they pay part of the retainer fee to a loan modification company who actually processes the paperwork and deals with the lender.  Again, homeowners need to ask the right questions before committing their money and home security to a loan modification company.

Vulnerable homeowners need to take the time to research, learn and prepare before they decide how best to get loan modification help.  Whether you decide to hire a loan modification company or decide a do it yourself loan modification is best, once you know how the loan modification process works and what your lender needs to see in order to qualify for loan modification help, you will increase your chances for success.  A knowledgeable homeowner is a powerful homeowner-once you decide to take control of your financial future by investing your time to learn about all of your options, you will be on your way to secure home ownership.  Research, learn, prepare-thousands of borrowers have already gotten the loan modification help they needed-you can too!

You can get the loan modification help you need by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read 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 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. 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

Learn how!

It 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 from unaffordable home loan payments and offer a solution to help you stay in your home.  Even the Federal government is getting involved to offer inducements to lenders that agressively offer loan modification help to their struggling borrowers.  Slowly but surely the momentum to offer loan modification help is growing as lenders have finally realized it is in their best interest to offer a loan modification and help the homeowner avert foreclosure.

Still, not every homeowner will qualify for a loan modification.  Each lender has guidelines that must be met to qualify for loan modification help.  These guidelines include proving that the borrower has an acceptable debt ratio and hardship situation.  So how do you know if you would qualify for one of these loan modification programs?  What is the best way to get the loan modification application help you need?

Pay a Company?

You could hire a loan modification company to represent you with your lender.  Based on the information you provide, the company will complete the forms and submit the loan modification application to your lender for review.  Depending on how those forms were completed, your lender will decide if you qualify and if so, make a loan modification offer to you.  The offer may include a short term or permanent reduction in your interest rate, a longer loan term or an interest only option for a pre-determined period of time.  Sometimes, there is some negotiating on the final loan modification terms.  An experienced and capable loan modification company can help get you the best terms available in your particular circumstance.  The trick is finding a company that has experience and will work hard for you.  Literally thousands of loan modification companies have sprung up all over the country, with little or no regulation or oversite. 

Another option is to take the time to learn about the loan modification process, what it takes to qualify, then invest your time and energy into preparing your own loan modification application.  It may seem too daunting if you have little or no financial experience, but with some upfront knowledge and preparation you can accomplish the same results as many loan modification companies-one BIG difference-you saved yourself thousands of dollars in fees.  Remember, no one can guarantee you results-but also remember that no one will work as hard to save your home as you will.  After all, you have the most to gain and the most to lose.

So, whether you decide to work on your own or hire a loan modification company, it is imperative to get informed and learn as much as possible about the loan modification process so you will have a good general knowledge, know what to expect and what questions to ask.  Now is not the time to leave your financial future to chance, you can take control of your future with just some time, effort and determination.  Saving your home is worth it!

An excellent source of up to date and unbiased loan modification information, The Complete Loan Modification Guide is a low cost handbook you can order and download right online.  You will be provided with everything you need to prepare a professional and acceptable loan modification application.  You will get all of the required forms along with detailed directions on completing them, help to calculate your debt ratio, assistance to write an effective hardship letter, learn you legal rights, and much more.  Get the loan modification application help you need in one easy to follow, step by step guide. 

 Order and download The Complete Loan Modification Guide now and get started on the path to secure home ownership again.

For more information about loan modification application help, visit us at:

http://www.myloanmodificationcenter.com

Mortgage loan modification is all over the news lately as over a million homeowners facing default desperately seek a solution to save their home.  Confused borrowers are left wondering if a mortgage loan modification is an option they can do themselves or do they have to pay thousands of dollars to a loan modification company?  For many stuggling borrowers, the prospect of paying thousands of dollars with no guarantee of the outcome is not an appealing or even feasible option. 

So, if you are trying to figure out if you even qualify for a do it yourself mortgage loan modification and how best to proceed with the loan modification process, where do you start?  Obviously, if you are struggling with unaffordable home loan payments, forking out thousands of dollars to an unknown loan modification company is not something to rush into.  You can’t afford to waste your hard earned money on empty promises and inexperienced agents who are anxious to sign you up for their service.  Currently there is no license required or oversight in place for loan modification companies.  Before you make any decisions affecting your home and family, you need to take some time to get educated about the loan modification process and learn how it works.

Mortgage loan modifications have been around for a while, but until recently were very rarely considered as an option for homeowners.  Only the most dire circumstances would entice a bank to offer any type of loan modification and when given, was not a significant change to the original terms of the loan.  Now, however, with the widespread housing market and mortgage upheaval, even the Federal Government is urging lenders to contact defaulting borrowers with streamlined and meaningful loan modification programs to help them avert foreclosure.  Everyone agrees that until the national foreclosure rate decreases, the economy will not be able to recover.  Mortgage loan modifications are recognized as the most viable method to keep borrowers in their homes.

Many new mortgage loan modification programs are being launched that promise to make the process easier and quicker with standardized loan modification offers.  The only caveat is that you still have to meet certain qualifications to be given these modified loan terms.  Bank of America, owner of Countrywide and Indymac Federal Bank are two lenders who have implemented extremely aggressive and far reaching loan modification outreach efforts to their borrowers who have adjustable rate and Option Arm type loans.  Most other lenders are in the process of initiating their own streamlined mortgage loan modification offerings.

Mortgage loan modification is not rocket science-you can learn the basic qualifications and complete the required forms with some research and preparation.  Once you know what your lender needs to see on your application in order to approve it, you will have a good chance of completing the mortgage loan modification application properly to help ensure it’s approval.  Your lender will primarily be looking at your ability to repay the new, modified loan payment, not only now but in the future.  If you can show them that you will be able to sustain that new payment, they will in all likelihood offer you a modification to your current loan.  Your time and effort would be well worth it.  The banks do not want any more foreclosures on their books, so they are really motivated to find a loan workout solution for you.

If you decide that a mortgage loan modification is just too much work or too daunting for you to try on your own, you still need to learn about the loan modification process before deciding to hire a company to represent you.  Why?  Because you need to make sure that the company you pay thousands of dollars to has the experience and knowledge to actually obtain a loan modification on your behalf.  In most cases, they are filling out the forms with the information you provide and sending it in to your lender.  They will perform the follow up phone calls, and assist in the final negotiations with your lender for you and attempt to get the best mortgage loan modification available for you.  The best of these companies work directly with an attorney experienced with loan modification cases.

You might feel that you have already been taken advantage of when you got your home loan, perhaps did not understand the terms and so now you are facing default.  Don’t let that happen again-take the time to do your research, learn about the mortgage loan modification process, then decide how to best approach your lender.  Even if you decide to pay a company, at least you will know what questions to ask and know how the process should be handled.  There are always people out there willing to take your money, don’t be a victim again.  You can take control of your financial future, simply commit yourself to learning all you can so you will be able to make informed and wise decisions.

You can get all the mortgage loan modification information you need in one low cost, easy to read handbook.  The Complete Loan Modification Guide will take you step by step through the loan modification process.  You can order and download this handbook right online and start learning about how to qualify for a loan modification.  You learn about debt ratio, how to complete the required loan modification forms properly, help with your financial forms and budgeting, hardship letter assistance, your legal rights and much more.  Take the time to educate yourself-an informed homeowner is hard to take advantage of!  Get the help you need, order and download The Complete Loan Modification Guide today and get started on the path to secure home ownership.

If you would like more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

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