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Mortgage Loan Modification


Many people are suffering from financial distress and are in need of a loan modification. As a result, they may be finding themselves in a position where it is difficult to pay their DCFX broker.






• Are you currently dealing with a financial or personal hardship that is preventing you from remaining current on your mortgage payments?

• Has your home lost all of its equity?

• Have you signed on to an adjustable mortgage and your interest rates have increased while your income has declined?

• Are you locked into a poorly devised interest only mortgage?

• Have you received an ominous notice of default from your lender?

• Do you have bad credit or no credit at all and can’t refinance your mortgage?




If this is the case, there is no reason to panic as loan modification options are available to you. This is true even if:

• You have the Notice of default. We can stop your foreclosure.

• You have the date of the Trustee Sale. We can stop the sale.

• You have primary residence, second home, investment property, land or commercial property. ( Yes, you can modify your loan for these properties as well )

• You are NOT behind your current mortgage!



What is a loan modification?

Simply put, it involves altering the original terms of the loan to make repayment a more viable option.

This could include lowering monthly payments, interest rates, deferments of payments, or any other modification that may prove helpful to the borrower. In essence, a mortgage loan modification alters the original agreement to make the mortgage more affordable for the borrower.

This also helps the lender since it stops foreclosure proceedings which can be a significant detské a kojenecké oblečenie drain on the resources of the lender. Contrary to popular belief, lenders are not exactly enthusiastic about foreclosing since it could prove very costly nike air max for them. However, they were unable to engage in loan modification options in the past due to lack of liquidity as well as the absence of federal policy compelling them to do so.

Can you qualify for a mortgage loan modification?

You can qualify for a mortgage loan modification even if:

- Your income has been changed ( reduced or lost). For example: unemployment,loss of job, salary reduction, failed business, rug cleaning etc.

- Your household financial circumstances have changed: death of borrower or co-borrower, death in the family, major medical expenses, disability, military duty, job relocation, childcare expenses etc.

- Your monthly debt payments are excessive. You have chip tuning, home equity loans or you have other karpittisztitas.

- Your expenses have increased including your monthly mortgage payment, utility bills, increased taxes, hőszivattyú.

- Your cash reserves are not sufficient enough to pay your monthly mortgage payment and cover your hőszivattyú. Including cash, funds, stocks or bonds.

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The Obama Administration´s Plan

Today, lending institutions are more willing to employ mortgage modification tactics as a means of avoiding foreclosure thanks to the Obama Administration’s loan modification program.

This program opens the doors for those with financial hardships that make them unable to pay to seek a loan modification. The program is financially backed by the autófóliázás budapest federal TARP funds program so all lenders are able to participate in the venture. This presents an option to re-open the channels of proper payment.

This program is also multifaceted and can cover other hardship scenarios such as paying for a mortgage that is currently more than the value of a home. Again, in the past there were no options. Today, the options of modifying the loan exist. However, it is critical to appoint a lawyer to handle your modification plans. Some may balk at this notion, but they really should take hiring an attorney very seriously.

LOAN MODIFICATION PROGRAMS

More information on mortgage loan modification programs.

Financial hardships

People’s financial situations may have changed; they may be experiencing medical hardships; or they may be dealing with divorce or a death in the family among many other unforeseen circumstances.

As a result, they may be finding themselves in a position where it is difficult to pay their mortgage. While most lenders will be willing to work with a borrower on the short term, as missed payments grow in number and the loan heads towards default, the lender will usually respond with the last resort available to them. They will seek to foreclose on the property.

Yes, financial hardships do happen and they often happen unexpectedly. This places homeowner in the unenviable position of not being able to stay on top of their monthly mortgage obligation.

Again, such a scenario is a serious one since it raises the specter of imminent foreclosure. This is unfortunate because while someone may be unable to make a particular monthly mortgage payment, the ability to pay a lesser monthly amount may be feasible. This is usually where refinancing comes into play.

Hardship Letter

When we submit your file for a loan modification approval, the lender wants to know what happened to cause your hardship. This letter needs to be strong, heart-felt and convincing.

If you have any documentation to support your hardship, please include with your hardship letter.

Completed budget worksheet:

Household budget: The lender wants to ensure that if they were to modify your loan, you will be able to afford the loan based on the new terms.

Our loan modification lawyer will provide you with a budget worksheet that will need to be completed in full detail.

- Most recent two (2) months pay stabs for each client

- Most recent W2's for each client

- Last two (2) years tax returns ( Must have all schedules itself-employed or have rental income )

- Most recent two (2) months bank statements (with all pages)

- Mortgage coupon and correspondence ( taxes and Ins., HOA fee )

But, what happens if the lender is unwilling (or unable) to approve a refinancing request?

In the past, there were no options available. If you were unable to refinance your original loan, you were bound to the terms and conditions of the mortgage contract. That means if you fell into default, your property would be foreclosed upon.

There was no way around this because even the lender had limited options. Banks cannot stay in business if they cannot recoup what they initially lent to borrowers.

As a result, they would initiate foreclosures to regain revenues that they were not receiving due to defaults. The borrower had few options other than to go along with the foreclosure or engage in a short sale.

A short sale refers to selling a home for less than what is owed on the mortgage. While the homeowner could reduce the amount of money owed, a large debt would still remain. This is often not the most enviable option to take part in. Today, there are more options available and many are looking towards mortgage modification strategies as a way out of their current situation.

Do you need a lawyer to modify your loan?

Now, some may say you do not need a lawyer to modify a loan. While it is true anyone can legally negotiate to modify a loan, a lawyer is much more experienced at handling the job. Additionally, a lawyer is a legitimate professional and not someone prone to misrepresenting himself to a troubled borrower like so many of the “consultants” gaming people on the home mortgage scene.

As much as we wish everyone in the world were honest, the fact remains this is not the case. There are those that prey upon others. And, sadly, this becomes most evident when a person is in need of help due to financial distress.

Sadly, there are many mortgage modification program scams that have come into being with the sole purpose of appropriating other people’s money. While this is repellant on the surface, it is often propagated by the fact that there are no restrictions on who can represent you in the modification process. These individuals take advantage of this loophole and set up websites that make bold proclamations.

But, can they deliver what they promise or, for that matter, do they really even intend on delivering? Rather than deal with such questions, would it not be better to work with a legitimate loan modification attorney that can help you achieve your actual goals?

Why would you hire an attorney?

A loan modification attorney can eliminate all the ambiguous issues surrounding loan modifications. An experienced attorney knows exactly how to handle such a case including who to negotiate with and how to approach the negotiations. In short, they have the experience to properly handle your case. This takes the burden off of you and eliminates the need to be reliant on a less than capable representative.

And this is a critical area of contention. To say that it would be disastrous to hire an unqualified representative would be a major understatement. Poor representation could completely undermine the entire loan modification request.

Options

When you consider modifying a property owner’s loan, you have several available options which include:

• Refinancing the current mortgage and/or changing one or more of the original loan terms.

FHA Streamline Refinance

Are you paying too much for your FHA mortgage? We can help you save, using your original loan documents! It's fast, easy and hassle free. That means: no income verification; no bank account verification; no minimum credit score; and, in most cases, with no appraisal. You can qualify even if you have no equity in your house.






• Allowing the borrower to skip mortgage payments in order to allow them to become current on their loan. This sometimes involves adding the skipped payments to the back end of the current loan.

• Reducing the total principal amount owed. This process centers on forgiving a portion of the original amount borrowed, thereby reducing the monthly mortgage obligation

• Reducing the current interest rate being charged on the loan which will reduce the overall monthly financial obligation.

• Lengthening the term of the loan. An example of this would be extending from a 15 year mortgage to a 30 year mortgage.


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