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

Out of options and facing foreclosure?  Considering bankrupcty or just walking away from your family home?  There is HOPE-you need to find out if you can qualify for a do it yourself loan modification.  A loan modification is a change to your current loan terms that results in a lower, more affordable payment.  You may be given new loan terms with your existing lender that include a lower interest rate, longer term or principle reduction.  You can stop the foreclosure process and get a fresh start with your lender. 

Keep in mind that your lender or servicing company is obligated to find the most cost effective way to cure your payment default.  This means they will compare the cost of foreclosing and selling your home to the cost of doing a loan modification.  If you have enough equity in your home to cover the deferred interest and foreclosure costs, then they may decide to proceed with the foreclosure.  If, however, you are like most homeowners across the country today, you may owe more than your home is currently worth.  In that case, a loan modification will be a win-win-you keep your home and the lender saves money too.

Talk to your lender about a loan modification as soon as possible.  Take the time to gather all the

You Can Do It Yourself!

information ahead of time so you can present your loan modification application correctly and with a very good chance of approval.  Here are some of the basic items you will need to present:

1.  Hardship Letter- a brief description of your circumstances,

2.  Proof of your income: copies of pay checks, W2′s, benefit statements

3.  Bank statements

4.  Evidence of the current market value of your home

5.  Loan Modification Forms – you can obtain the required forms and get detailed directions on how to complete them properly in The Complete Loan Modification Guide.

Persistence is one of the most important factors when it comes to getting your loan modification approved.  Your lender has been flooded with loan modification requests.  Don’t give up easily-your family’s home and your credit are on the line!

You should check out The Complete Loan Modification Guide handbook.  This is a thorough and comprehensive handbook that guides you step by step thru the loan modification process.  It is a low cost, easy to ready and easy to follow Guide tht gives you the necessary forms, as well as detailed instructions on how to complete them properly.  You will learn about invaluable negotiating tips to help you when speaking with your bank, as well as much more information necessary to give you the knowledge you need to get your loan modification approved.  DO NOT contact your lender or a loan modification company until you read The Complete Loan Modification Guide handbook.  Get educated, be persistent and you could have a fighting chance to fix your oan and save your home.  So get informed and get going!

Home Edition Loan Modification Kit

Watch the short video to learn more!  Go to:

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

If you would like more information about how to do a loan modification, please visit us at:

http://www.myloanmodificationcenter.com

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

  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

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

Stressed out trying to figure out how you can qualify for a loan modification program with your lender?  If you are stuck in an unaffordable mortgage and need to apply for a loan workout with your bank, make sure you understand how you can improve your chances for approval.  Why are some homeowners approved while others are denied?  Read these 4 main qualifications for loan modification approval that your lender will be looking for.

Qualification #1:  Financial Hardship-you must be able to prove to your lender that you have suffered a financial hardship out of your control that has made the current mortgage payment unaffordable and therefore you need to apply for a loan modification program.  The best way to explain your current situation to your bank is to provide them with a convincing Hardship Letter.  This is your chance to give your lender a snapshot of what has happened in your life that has caused you to become delinquent.  Your Hardship Letter must be descriptive and convincing so that the counselor who is reading it will be touched by your circumstances and be able to relate to what you have gone through.  You can get help to write your own letter by following the Hardship Letter outline and letter template provided in The Complete Loan Modification Guide.

Qualification #2:  Be able to back up your hardship story by providing your lender with documentation that supports your story.  Let’s say you had a medical issue that caused you to fall behind, then provide copies of the medical bills.  If you were laid off work, give them a copy of the notice from your employer.  When you provide hard evidence of your hardship, you are giving your lender a valid reason for approving your application for help with a loan modification program.

Qualification #3:  Prove to your bank in black and white that while the current mortgage payment is not affordable, the new lower modified payment will be manageable now and in the future.  Lenders are concerned that borrowers will redefault even after having received a loan modification.  You need to prove to them that you have implemented a new family budget that is centered around the new modified payment and that you have a strong commitment to continued home ownership.  This can be tricky, but The Complete Loan Modification Guide makes it easy to do by providing you with a Current and a Proposed Financial Statement and gives you step by step instructions so you can complete these forms properly so that your bank will be able to verify your ability to pay the new payment.

Qualification #4:  Provide your bank with a complete and accurate loan modification program application that will meet your lender’s guidelines for approval and includes everything they need to see from you.  Missing or incomplete documents will cause your application to be set aside and you will not get the results you need.  How can you be sure that you have completed all of the forms properly and provided your bank with everything they need to approve your application?  It’s easy when you follow the detailed directions and simple Document checklist provided to you in The Complete Loan Modification Guide.

When your home is on the line, you cannot afford to take any chances or leave it to someone else.  Help is available for homeowners who know how to get it.  You must make the decision to become informed and be prepared so that you can fight for your family’s home.  Billions of dollars of your tax money has been allocated for loan modification programs to help homeowners just like you-do not wait-you need and deserve this help.

Fortunately, you do not have to figure this out by yourself-you can get the help you need to understand and apply for a loan modification program 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

Homeowners seeking help with unaffordable mortgages may be getting some much needed good news with a new Citigroup loan modification announcement.  Over $2 trillion dollars have been lost in home equity - resulting in many borrowers owing more on their mortgage than their home is worth.  This makes refinancing almost impossible and selling a challenge as too.  Well, for the first time since the housing crisis began, a major lender has agreed that courts should be allowed to order reductions in principal for troubled homeowners who owe more than their home is worth during a bankrupcty proceeding.

Citigroup loan modification programs have up until now not offered any reduction in principal balance and the lender represented the strong resistance by all lenders to voluntarily reduce the amount a homeowner owes on their loan, regardless of the loss of equity.  Although many lenders announced they would offer some principal reductions, the reality has been that borrowers have not been offered that option on a loan modification.  Now that Citigroup has indicated acceptance of this option, other major lenders are expected to follow suit.

This new option for a Citigroup loan modification is deemed necessary to stem the rapid rise in foreclosures, which has quadrupled since the fall of 2007, potentially affecting 8 million homeowners across the country.  Lenders have been offering loan modification programs based on other means of reducing the monthly payments, including extending the loan term and lowering the interest rate.  However, indications are that many borrowers run into trouble again, because their payments remained too high after the loan modification or because the homes had lost so much value that it was not realistic to continue making payments on an inflated value.

Citigroup stated that it would support legislation giving Bankrupcty courts the power to reduce loan balances provided it applied to mortgages in effect only prior to passage of the act.  To be eligible, borrowers would have to contact their lenders to try to work things out before filing bankruptcy.

If you need help with a Citigroup loan modification, now is the time to get informed and be prepared to submit your application to begin the loan modification process.  Citigroup is now willing to offer much more aggressive loan modification programs to qualified borrowers because they acknowledge that previous efforts have failed to stop the rise in foreclosures.  The bank also has received an influx of capital as part of the government’s economic rescue plan and may be in a better position to start offering meaningful help to desperate homeowners.  Interested borrowers should act now to get their loan modification application into the lender, as their is expected to be a huge demand for this assistance.

Get started today and get the help you need to understand the Citigroup 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 reading this information, you are probably among the millions of homeowners across the nation desperating seeking a way to stay in their home and avoid foreclosure.  A loan modification is one of the few options left for borrowers stuck with adjustable rate loans and declining home values.  Help is available for homeowners who know how to get it-you must be able to show your bank that you are a good candidate for loan modification help. 

Here are some important tips that you should know to apply for loan modification help:

Tip 1:  Billions of dollars in Federal funding has been allocated for loan modification programs.  These are your tax dollars-you deserve to get the benefit of these federally subsidized programs.  Don’t be intimidated or hesitate to apply now.

Tip 2:  Learn your lenders guidelines for loan modification approval.  Not all borrowers will qualify-but you can increase your chances by knowing ahead of time exactly what your lender is looking for and then prepare your paperwork accordingly.  The Complete Loan Modification Guide will teach about lender guidelines and help you complete your application paperwork properly.

Tip 3:  Prove to your bank that you have a financial hardship and cannot afford the current mortgage payment.  A well written hardship letter will help convince your bank to approve your loan modification application.  You can follow the easy to use hardship letter outline and template provided in The Complete Loan Modification Guide to compose your own letter.

Tip 4:  Submit a complete, accurate and acceptable loan modification application that will meet your lenders guidelines for approval.  Unfortunately, even the most deserving homeowner can be declined if their paperwork is not completed properly.  The Complete Loan Modification Guide will give you detailed instructions and step by step directions to complete and submit your own application so that you have the very best chance for approval.

You probably never expected to find yourself in this situation-it can be extremely confusing, frustrating and even embarrassing.  However, you can be one of the thousands of borrowers who have found a way out of this toxic mortgage mess-you simply must make the decision to become informed, prepared and committed to taking control of your financial future.  It’s not easy but it’s worth it!  Help is available for those who are willing to fight and not give up until they receive the loan modification help they need and deserve.

Time is not on your side-don’t wait-you can learn how to apply for a loan modification with your lender 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

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.

Lesson 1:  The Federal government has allocated billions of dollars for loan modification programs.  This money is your tax dollars and you deserve to get the benefit of this assistance.

Lesson 2:  Your lender does not want to foreclose on your home.  Banks are not in the business of trying to sell homes-and with an already bulging inventory of foreclosed properties-your bank is very motivated to help you find a loan workout solution.

Lesson 3:  You must take the iniative and apply for a loan modification.  Do not be intimidated or frightened to contact your lender-what do you have to lose?  Time is not on your side-the sooner you begin the sooner you will get the help you need and deserve.

Lesson 4:  Not all homeowners will qualify-but you can substantially increase your chance for success by learning about the loan modification process before you contact your lender to apply for assistance.

Lesson 5:  Each lender has implemented guidelines to determine which borrowers will qualify for loan modification help.  Once you know these guidelines you will be able to adjust your budget and determine your new Target mortgage payment so that it meets your lenders guidelines.  The Complete Loan Modification Guide will teach about lender guidelines and help you calculate your budget and target payment.

Lesson 6:  You must submit a loan modification application to your lender that includes all of the required paperwork.  This paperwork must be accurate and completed properly so that you will receive a quick review and response.  How do you know what to send in and if your paperwork is completed correctly?  The Complete Loan Modification Guide will take you step by step through completing and submitting your own loan modification proposal application.

You are not alone-millions of homeowners are in the same situation.  But who will get loan modification help and who will unfortunately lose their home?  You can be one of the homeowners who are successful in obtaining a loan workout with their lender.  Help is available if you know how to get it.  Decide to take control of your financial future by getting informed and being prepared to fight for your home.  Be among the thousands of homeowners who have already gotten help with a new modified loan payment.

Time is not on your side- don’t wait any longer.  You can get the help you need to apply for a loan modification 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

Desperate homeowners who find themselves painted into a corner with unaffordable mortgage payments and unable to sell or refinance need to find out if a loan modification is the answer for them to be able to stay in their home.  A loan modification could provide the low, affordable payment you need to help you avoid foreclosure and give you a fresh start with your lender.  How does a loan modification work and how can you qualify for this type of program?  Here are 10 important facts you need to know to help you get a loan modification:

Fact 1:  Millions of homeowners across the nation are facing foreclosure.  The Federal Government is sponsoring far reaching loan modification programs to help borrowers just like you get loan modification help to stay in their homes.

Fact 2:  Billions of dollars in Federal funds have been allocated to implement loan modification programs for qualified homeowners.  You need to learn how to apply for this help and take advantage of some of your tax dollars being spent on these programs-you deserve and need this help!

Fact 3:  Not all homeowners qualify for a loan modification.  Find out if you might be a candidate by completing a simple, pre-qualification form found in The Complete Loan Modification Guide.

Fact 4:  Has your home decreased significantly in value?  This may actually work in your favor when applying for a loan modification.  Your lender will be motivated to help keep you in your home as the cost of foreclosure will be prohibitive and not a good option for your bank.

Fact 5:  Are you facing a financial hardship that is making your mortgage unaffordable?  Your lender will consider you a candidate for a loan modification to lower your mortgage payment if you can show them that your current situation is causing the delinquency, but that you could afford to pay and maintain a new, lower monthly payment.

Fact 6:  Can you document your hardship situation?  You can add credibility to your claim by providing proof of your hardship.  For example, copies of medical bills or a letter from you employer about reduced hours or lay off.

Fact 7:  Are you able to work out a new family budget that eliminates any unnecessary expenses and is centered around your new, modified mortgage payment?  You need to demonstrate to your bank that you are committed to home ownership and are willing to do whatever it takes to stay in your home.  The Complete Loan Modification Guide will help you complete the required financial statements so that you can show your lender in black and white that you will be able to pay and maintain the new payment.

Fact 8:  You must be able to meet your lenders guidelines for loan modification approval.  What are your lender guidelines and how can you be sure you will meet them?  The Complete Loan Modification Guide will explain the lender guidelines and then help you complete the required forms so that you will meet those requirements and increase your chance for loan modification approval.

Fact 9:  Your lender will review your loan modification application for accuracy and acceptability.  You must submit all of the required paperwork so that your application will receive a quick response.  How do you know what you need to send in to your bank?  The Complete Loan Modification Guide provides you with an easy Document Submission Checklist to follow.

Fact 10:  Time is not on your side!  You need to act now to research, learn and prepare.  You will not get the help you need by simply “hoping” – you need to take the first step and make the decision to fight for your families home.  Loan modification programs are available for qualified homeowners-make sure you get the help you need and deserve.

Most homeowners never thought they would be in this position.  These are extraordinary times and extraordinary steps must be taken.  Help is available if you know how to get it.   Borrowers simply have to take control of their finances, get informed and be prepared to fight for their rights.  Toxic home loans and declining values have left few options-but a loan modification is a good, beneficial option for many borrowers.  Thousands of homeowners have already gotten loan modification help-you can too!

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

Finally, some good news that makes sense for borrowers needing loan modification help.  Fannie Mae, the mortgage giant and the driving force behind one of the largest streamlined loan modification programs, has announced that it will now allow borrowers who face financial difficulty to request early loan workouts, even if they have never been late on their payments.

This policy change has the potential to help thousands of people who are facing job lay offs as the recession continues.  In the past, most lenders required borrowers to miss mortgage payments and would not offer any loan modification help until the loan was 60 to 90 days delinquent.  This caused additional financial hardships for homeowners as late fees and penalties racked up resulting in a large past due balance that simply could not be paid by most borrowers.  Not to mention the damage done to the credit of previously good credit customers.

Now, borrowers who qualify will agree to a trial period of reduced payments for 3 to 4 months. If those payments are made on time, the modified loan terms could be made permanent.  If a homeowner knows that they have or will experience a change in their finances that will cause future payment problems, they can now contact their lender to apply for a loan modification that will accomodate that change.  Say for example that a borrowers income had declined $500 per month due to a lay off or reduced hours, the lender would reduce the monthly payment to cover that missing income for the trial period.

Keep in mind that the lenders and servicers will carefully review the loan modification application paperwork carefully to verify the facts of each case.  The borrower will have to submit the proper paperwork and income and asset documentation so the bank can make a determination.  A credit report will be run as well to verify the information submitted is accurate.

Several lenders have already begun offering early work out options-JPMorgan Chase loan modification programs as well as Citigroup loan modification programs allow for borrowers who are not yet delinquent to apply for assistance.  The Bank of America loan modification department has announced a similar program.

For homeowners who think they are facing future payment problems, now is the time to begin the loan modification process.  Borrowers need to understand the loan modification approval process so that they can prepare an acceptable application to their lender.  Taking the time now to research, learn and prepare will provide the opportunity to present the loan modification proposal to the lender so that it will be approved quickly and eliminate the possibility of delinquent payments and damage to credit scores.

Don’t wait-get started today-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

As millions of homeowners stuck with unaffordable mortgages and looming foreclosure struggle to get loan modification help from their reluctant lenders, a new and powerful strategy has emerged to add some firepower to their fight.  It’s called “produce the Note” and it works like this.

Produce the note is a defensive strategy that can be used to fight off foreclosure proceedings and give you more time to find a loan modification solution with your bank.  Simply put, you are demanding that your lender prove to the court that they in fact own your home by presenting the original Note at the foreclosure proceedings.  You are challenging your lender’s claim that you owe them money, that they in fact have the mortgage on your home and have the right to foreclose for payment default.

While it may seem a given that the lender is the owner of your mortgage, because of the banks bundling and reselling of mortgages, notes are often lost or destroyed.  Most mortgages have been split up and converted to Mortgage Backed Securities owned by groups of investors.  So, who really owns your loan now?  In some cases, the original lender has gone out of business.  The original Note is evidence of the debt, and in a court of law, the plaintiff in a case has the burden to prove that what they are telling the court is actually true.  How does the bank prove you owe them the money?  They must “produce the Note”.

This new foreclosure defense has been given some credence by a recent groundbreaking ruling by a judge in Ohio who dismissed 14 foreclosure filings brought by Deutsche Bank, citing that the bank could not prove it held the notes.   In another case, the judge berated a lender stating that banks must meet the same rules that govern all litigation and that is is the creditor’s responsibility to keep accurate records.  When a plaintiff in a case makes a claim that the defendant does not challenge, then the court usually accepts the plaintiff’s claims on face value, because you had the chance to contradict them but did not do so.

Using the Produce the Note strategy can certainly get your lenders attention and possibly induce them to cooperate with loan modification help.  That is really the whole purpose of using this technique-no one is implying that you should try to get something for nothing-but this is one more weapon in the arsenal you need to fight your lender and win.  In addition, if you don’t challenge your lender and the proceeding is allowed to contiue without proof, there is a possibility that another institution, which may have bought your loan somewhere along the line will also try to collect from you later.  Homeowners need to take any steps necessary to find a solution to stay in their home with affordable monthly mortgage payments.  An informed and persistent borrower will have a greater chance of success and be able to get back on the road to financial security by obtaining a loan modification featuring affordable payments.

You can get the help you need to understand the  loan modification process and negotiating strategies 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