Getting Straight Forward Loan Modification Help

November 2, 2009 · Posted in Bad Credit Loans · Comments Off 

With today’s current economic conditions, foreclosure has become a rampant result of so many house loans. Because of this, loan modification help might be the best way you can receive assistance if your home is on he brink of foreclosure. This help has been made possible by the current administration led by the President.. It has been able to give hope to a lot American families since it has easily modified their original loans. Even if the loan modification proves to hold a lot of benefits, unfortunately, not everyone can qualify for the help.

Under the Presidents new plan called the Tarp II, he intends to put $75 Billion in a fund dedicated in assisting homeowners. The very first set of people who the program will help is the ones who currently have a mortgage payment but have not managed to save a few of their property’s value because of the economy. This is called the Affordable Refinance program by the government, which will assist individuals who are unable to refinance their existing home due to their lack of equity. In order to qualify, there are some criteria which you must meet.

The requirements state that you must either have a loan under Freddie Mac or Fannie Mae, the home under discussion must be your primary residence, the money you owe on the mortgage must be lower or equal to the actual value of your home, lastly, you need to be updated on the payment of your mortgage. This means that you should not have had any late payment of a 30 days period in the previous 12 months.

Individuals who are have unfortunately been behind their payments or are struggling with their current loan can still qualify for the other program known as Homes Affordable Modification. This program will assist you in modifying the original loan to fit a more suitable and affordable monthly payment. In order to be eligible, your owed amount on the first mortgage should be lower or equal to $729,750, you must be facing problems with maintaining payments for your mortgage, the home should be your primary residence, and the mortgage should have been obtained on or before January 1, 2009.

These two programs are among the many which the government has provided for help. If you find that you are not eligible for federal aid, this does not mean that you cannot get help from somewhere else. There are still several different available loan modification help services. In addition, there is even a do it yourself process. The mortgage modification has been able to assist thousands of homeowners get out of their debt and have gotten them on track with their existing loan payments. Once you are in the same situation, the modification might be able to give you the same assistance.

For detailed facts and essential tips about how you can be approved for a home loan modification, visit this simple, easy to understand loan modification guide and resource: http://HomeLoanModifications101.com

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Loan Modification Program – What Does it Do and Why It’s Important Now

November 1, 2009 · Posted in Bad Credit Loans · Comments Off 

Nowadays, there are so many people who have heard of the loan modification program. But what is it really about? To begin with, this program might actually be the one that can save your house from getting foreclosed. During this hard economic crisis, a lot of people are having a hard time with their finances. And several families are facing the danger of having their home foreclosed simply because they are unable to pay their loan anymore.

This is where the program comes in. It can be compared to a mortgage loan refinancing structure since it targets to provide a more affordable payment scheme for your current financial condition. The only difference however, is that this new loan program will enable you to modify your own terms for your current mortgage loan.

Qualification for the program depends on who the loan is servicing, although several banks follow similar criteria. If you recently suffered a hardship such as a big change in your financial condition including losing a job, you can be eligible for the program. Also, if you have not been able to pay more than three payments of the loan of the house which you own and live in as well as not yet filing for bankruptcy. The other factors involved in eligibility require that you did not intend to get this loan program and you are also willing to cooperate with the terms of your lender.

The lender which holds your current mortgage is also the place where you can apply for the modification program. But each lender has variations of this program. It is always important to keep in mind that the main goal of the bank is to be able to give back income to their shareholders. In order to be granted the program, you have to convince your lenders that it is in their best concern to provide you the consolidation and you are not depending on the loan totally. If banks decide to foreclose your property, it is actually more expense and work for them.

In order to be granted the loan modification program, you need to supply supporting documents which states that you experienced a change in your financial conditions. This can either be a letter which says that you got laid off from your work or an unemployment insurance paperwork. Aside from this, the lenders want to see that you have made efforts to pay back your mortgage and your cooperation with them. This can be supplied by the canceled checks you have written for mortgage payment. Keep in mind that you must be honest, willing and ready to provide the necessary documents your lender asks from you.

For detailed facts and essential tips about how you can be accepted into a loan modification program, visit this simple, easy to understand loan modification guide and resource: http://HomeLoanModifications101.com

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Eligibility For the Home Affordable Modification Program

October 31, 2009 · Posted in Bad Credit Loans · Comments Off 

If you currently have a home loan which you can no longer pay, there is good news waiting for you. The current administration have recently launched the HAMP or the Home Affordable Modification Program. This is a bailout or modification plan which will help borrowers save their home from getting foreclosed. In order to get accepted for this program, you need to be eligible.

Eligibility for such program requires the loan to have been financed on or before January 1, 2009. Aside from this, the mortgaged home should be the principle address of the homeowner. This means that real estate inventors who only rent the property are not qualified.

Your debt to income ratio or DTI also plays a significant part in determining your eligibility. The factor to be qualified is 38%. This can be computed by taking all of your monthly loan debts which include the monthly property tax, mortgage payment, homeowner’s fees, and property tax and insurance fees. That number should then be divided with your monthly household gross income. Once your DTI equals 38% or even below that ratio, then you can qualify for the HAMP. To add, if your DTI is 31%, you can have an extension of up to 40 years in your loan term as well as a lowered interest rate. In some very unusual situations however, the principal balance can also be reduced.

Additionally, the first mortgage is only qualified for such program. If there are any other liens, they will not be eligible. You also must have some proof that you are currently undergoing some financial crisis. This can be supplied by your financial documents such as your statement balance, pay slip, or transaction statement. Another requirement is to submit a hardship letter which determines your current monetary status and the reasons behind it.

Lastly, the maximum principle balance should only be $729,750 so that the first lien will be eligible. Once the above stated criteria fit your current status, you should apply for the HAMP so that your home can be saved.

Even if the criteria for the Home Affordable Modification Program are easy to understand and meet, there are still a lot of banks which refuse the approval of the loan modification. Other banks sign up for another program known as the Obama bailout program while others will stall, lose your documents and even provide terrible customer service so that you will give up. When this happens, you need to be frank and maintain a log of every communication which takes place. This log can be directed to the concern of the manager and even send complaints that have been signed to the higher authorities.

For detailed facts and essential tips about how you can be approved for the Home Affordable Modification Program, visit this simple, easy to understand loan modification guide and resource:http://HomeLoanModifications101.com

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Foreclosure, Home Loan Modification, and What The Homeowner Needs To Know

October 25, 2009 · Posted in Bad Credit Loans · Comments Off 

The current real estate and foreclosure crisis began two or three years ago. Since then homeowners have been working towards getting home loan modifications from their banks. As a result, the banks are becoming more and more buried under requests; many of them unprepared for the number of requests received. All of this equals up to homeowners who qualify for home loan modifications being left in limbo while the banks struggle to keep up.

The government’s solution to the problem: President Obama’s Home Affordable Plan.  HAMP (Home Affordable Modification Program) is a $75 billion initiative designed to help people afford their mortgages and stay in their homes.  One program it funds is a home loan modification program.   Lenders are encouraged to assist borrowers who are having trouble keeping up with their monthly mortgage payments.  The banks are rewarded with $1000 for each home loan modification that they complete, so they are more than willing to help.  Also, they are more than likely to make ore from the renegotiated loan than they are from the foreclosure.

A Home loan modification is a renegotiation of your initial mortgage.  This modification can reduce your interest rate; change your rate from variable to fixed, or even both.  It can extend the duration of the loan (usually up to between 30 and 40 years).  It can even lower the principal for borrowers whose homes have lost their value.  Any one of these changes can mean the difference between the homeowner keeping their house or losing their house.

If the lender doesn’t renegotiate the borrower still has 90 days from the first notice of delinquent payment until the bank can step in and seize the house.  This will allow the borrower a little time to think of an alternative such as negotiating a short sale with the bank, or consulting a professional home loan modification specialist.

A short sale is when the homeowner sells the house for less than its value, and the bank accepts the money and erases the rest of the debt.  Banks will sometimes do this because it is preferable to them owning a house it may take months to sell under in the current housing market.

A home loan modification specialist is just what the name suggests.  It is a person who specializes in loan modifications, and the laws and regulations surrounding them who can help the homeowner navigate their way though a loan modification process.  These specialists work with banks on a daily basis so they know how to talk to them. Not just all the legal and technical language, but the proper channels of negotiation and communication to use when dealing with a bank.  They will also have a better understanding of whether the bank is offering is the best possible option and if it is fair. Also, because of their existing relationship with lenders, they’ve made the business contacts needed to get you the best possible deal.

The most important thing to remember is to take action the moment you miss your first payment, maybe even before you miss it if you know you are going to.  The sooner you start working either with a professional home loan modification specialist or the bank itself, the sooner you can get the problem taken care of.

To learn more about home loan modification visit Legal Loan Bailout.

Dustin Rohde is an article contributor to Legal Loan Bailout. Legal Loan Bailout connects you with lenders that can help you avoid foreclosure using home loan modification. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a loan modification that will help you keep your home. Visit

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Mortgage Loan Modification – Must Read Information For Homeowners

October 12, 2009 · Posted in Bad Credit Loans · Comments Off 

If you are trying to get a mortgage loan modification, you are in for a fight.  It’s not as easy as one might think.  Here’s why…

Have you every wondered who to believe? Have you ever had the idea that the person you are talking to isn’t the right person who can help you, or even wants to try to help you?

When this is your house on the line, it cannot only be frustrating, aggravating and naseuous, but down right scary.

There is a og of bad information going on out there.  When you are talking about your family’s house and security, you want the right information and someone who is going to give you the straight scoop.

Instant loan modifications representatives will do just hat.  Coming from the mortgage background and working directly with the lenders and having the relationships with the mitigation department and the negotiators, they know what the bank needs to know and what the ratios and guidelines are with each lender.  It can become a game of poker.  Here is why:

Usually when you call the bank, if you are lucky enough to speak with someone who speaks English, without being re-routed somewhere else in the world, they are going to ask you a couple of questions.

First, they are going to as you if you are current with your payments or they will check your loan number to see if you are current or not.  Guess what, if you are current, you are probably not going to get any help.  I have talked to clients who thought they were doing the right thing by calling the bank first.  They tell me that they were told by the bank to call them back when they were 90 days late on the payments.  That is crazy!!

When you tell them you are current, you are then considered a performing asset.  In many cases, you must be late with your payments to trigger a series of new reports for the lenders and then your loan number will be considered a “non performing asset”.  This is sometimes needed to get co-operation, even though this is hard to believe for people who need assistance, but still have a high credit score and will do everything they can to be current with their mortgage payments.

Second question they will ask, again if you are lucky enough to get this far, is going to be about your financials.  I know it is hard to believe this, but the bank is not really your friend.  When you are asked about your financials, they want to know about your income and your monthly expenses, they already have your mortgage information.  This is a make or break point.  Most homeowners, if you pardon the expression, are “blah, blah, blah” to the lender concerning their financial information.  Then a typical response from the lender is, “Sorry, you don’t qualify because you don’t make enough, or you make too much”.

When in fact, you may qualify!

That is where we come in.  Coming from the mortgage background, we know what the guidelines are and what ratio’s the lender is looking for to move forward with the modification.  This is critical.  The is absolutely the reason, along with having the ability to speak with someone to get a file moving towards a modification, to use a professional in assisting you with getting a loan modification.

We can help determine what you may qualify for, with a phone call, get your financials over the phone and get back to you within 12 to 24 hours to discuss the best potential options with you.  Our underwriters will calculate and run the necessary calculations to determine your best options.  We are not the bank, or the tax man, but we do need to verify your finacials with copies of pay stubs, etc after an initial conversation.  We can get done what takes the bank 30 to 90 days or longer to do.  Once we have a couple of conversations and you are comfortable with our proposal you can decide on how you want to move forward. 

You may qualify for an instant type loan modification, or you may need to go with a conventional loan modification.  Either way, you will know and you will have the honest advice and you can decide what will be in the best interest for you and your family.

If you are behind in mortgage payments or not, we can help you.  We will let you know if you qualify for one or more of the rate reduction programs, some do not insist you are late on the payments.

Some have received letters stating they qualify for a loan modification, only to call the bank and then wonder why you got that letter in the first place…they are not very helpful!  Others may be insistent and persistent, calling the bank every day or every other week.  Some may have sent in all your financial information, months ago, and wonder why nothing has happend or gotten done.  The truth is everything will always need to be updated for the lender.

As I mentioned before the bank is not necessarily your friend.  When you talk to someone there, it may just be a hired helper working behind a keyboard.  Is that who you want to trust with your house?  Let’s be real here.  Some people have been successful and been able to get something done in regards to their loan modification.  More power to them.  With the rate of almost nine to ten thousand home a day going into foreclosure, do you think the banks are imploded?  Do you think they are going to be able to take care of everybody?  Do you think that having someone professionally deal with the benk on your behalf would be a smart decision?

Give us a call or contact us and get the straight scoop.  We will tell you the fastest and most productive way to get something done that will be beneficial to you and your family.  To get started with your mortgage loan modification, just visit the links below to Instant Loan Modification.

To visit Instant Loan Modifications website, just click these links: mortgage loan modification or Instant Loan Modification. They exist to get your mortgage loan modification approved.

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Mortgage Loan Modification Approval

October 7, 2009 · Posted in Bad Credit Loans · Comments Off 

Right now there are numerous options available to people who require aid in keeping their houses from being foreclosed upon. Many banks, including BOA, are now open to the idea of approving loan modifications.

There are things you must know to do to your request in order to have an improved chance of approval.

1. Contact the Loss Mitigation Department at your financial establishment and ask for information regarding the loan modification requirements. These necessities are not supplied online and so you need to contact B. O. A right to get this info. If you go thru the method of applying without having all of the needs, you haven’t any chance of being taken seriously and getting an approval.
two. In order to better represent your case, a loan alteration difficulty letter is required together with your claim. This is your formal, in writing request for the alteration. Don’t apply without this!

three. Before writing your loan difficulty letter, sit down with all of your finance records and work out a workable budget with the payments you are hoping to have ready. This could show you if the loan modification will help right your present position or not. This will also show your fiscal institution that you have done your homework and with the modified repayment plan in place you will be able to keep up with your payments.
four. When working out your new budget and difficulty letter, be very concise and honest. Make an outline of exactly how much you are able to afford to pay and at the rate you want get. This information will be very helpful when you write your hardship letter as it will help you to persuade them that you are needing to keep your place and trying to discover a solution. Please consider any likely earnings changes that will occur, such as a pay raise in the future.

five. You must be honest! Every bit of information that you put into these documents must be honest. B. O. A, nor any other lender will tolerate lies. If you are deceitful on your request or your difficulty letter you will be rejected! To be on the safe side, read over all of your info twice to make sure all is in order. Go line by line, number by number.
6. When applying for your loan modification, have all your info together at once. Send the application, letter and all relevant information in one envelope. This could help BOA in processing your application faster and easier and if you are approved, you will get your loan alteration that far faster.

Following these steps will make the entire application process a lot easier and help you in getting the loan modification you are after. A BOA loan alteration isn’t all that difficult to get if you put in a bit of effort.

Rick writes often on his blog about Average Mortgage Rates, Cheap Payday Loans and Snel Geld.

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Home Loan Modification In 2009

October 6, 2009 · Posted in Bad Credit Loans · Comments Off 

Within the last few years, millions of Americans have been forced to learn about home loan modification, whether they wanted to or not. The foreclosure crisis coupled with an unstable economy has made being an expert on the topic crucial for many to keep their homes.  There has been a crash in the real estate market, and it has been felt by everyone.  Now with nationwide unemployment being 9.8% as of the beginning of October, things are getting no better.  Real Estate values have dropped  by one third over the last three years, making a third of home owners upside down (owing more than the house is worth) in their mortgage.

Home owners who would normally be asking themselves what color to paint the house are now asking themselves how are they going to keep the house.  The answer varies from situation to situation, but one thing is certain in all cases, action is needed to prevent foreclosure.  One of the solutions is home loan modification.

A home loan modification is when the bank agrees to change the conditions of the mortgage, allowing the home owner to stay in their home.  There are several forms these changes can take. One is a lowering of the interest rate, or changing the rate from a varied to a fixes.  Another is a change to the length of the mortgage’s duration; and even a lowering of the initial principle of the loan.

There are two approaches you can take.  You can negotiate your new loan with the bank or you can use a professional loan modification specialist.  Either way you are going to have to have certain information ready for the bank to review.

First you’ll need to know your income/debt ratio.  This is exactly what it sounds like.  The bank will need to know how much you make and what ALL of your expenses are.  Not just mortgage payments, but car payments and insurance, credit card bills, cable bills, food costs.

To qualify for President Obama’s Home Affordable Plan:  HAMP (Home Affordable Modification Program– a $75 billion initiative intended to help people afford their mortgages and stay in their homes) you must have a mortgage payment that is 31% of the gross monthly income or more.  When figuring the mortgage payment, the property insurance, taxes on the property and any homeowner association dues you pay can be included in this figure.  Even if you don’t qualify for HAMP you still may qualify for a home loan modification.

You’re also going to need to explain to the bank exactly what has changed that you can no longer afford your mortgage.  Job loss, health issues, and family emergency are a few examples of more common reasons.  Along with that you’re going to need to provide the bank with your plan to afford your new mortgage payments.

The process to get a loan modification is not a simple one and requires careful preparation.  If you’re going to do it yourself, be sure to be prepared.  If you’ve any doubts, then it is a good idea to consult a professional who specializes in home loan modification.

To learn more about home loan modification visit Legal Loan Bailout.

Dustin Rohde is an article contributor to Legal Loan Bailout. Legal Loan Bailout connects you with lenders that can help you avoid foreclosure using home loan modification. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a loan modification that will help you keep your home. Visit

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