Delinquent and distressed homeowners are seeking help to expedite the loan modification agreement process with their home loan lenders. A loan workout offers the borrower a long term solution to avert foreclosure by changing their current unaffordable home loan into one featuring affordable and sustainable monthly payments. A loan workout agreement typically includes a reduction in the interest rate, an extension in the loan term, a principal reduction or a combination of all three. Here are the most commonly asked loan modification agreement questions:
- Who qualifies for a loan modification agreement? If you currently have an adjustable rate mortgage or a sub prime loan that you cannot afford, you may apply for a loan modification with your lender. If you are facing a financial hardship situation due to loss of income or increased expenses, you may be eligible. Delinquent homeowners facing default or those who anticipate problems due to an imminent hardship need to contact their banks loss mitigation department to ask about loan workout options.
- If I am in foreclosure, can I still apply for a loan modification? Yes, you can and should contact your lender as soon as possible. Many lenders will postpone the foreclosure process while a borrower is in the loan modification approval process until a decision is made. The Obama stimulus plan mandates that lenders halt the foreclosure process while a determination of eligibility is made.
- How do I apply for assistance? Contact your lender and ask for the loss mitigation department. They will either send you a loan modification agreement packet to be completed and returned or they will take your financial information over the phone. Once the application is reviewed, a decision will be made to present a loan workout proposal for final approval by all parties. CAUTION: do not disclose any of your information to your lender until you have prepared your financial statement and made any necessary adjustments-this way you have the best chance of meeting the approval guidelines.
- Can I work my lender directly or should I hire a modification company? If you take the time to learn about your lenders guidelines for loan modification approval, you can do it yourself. If you do not feel comfortable attempting to complete the loan modification agreement, there are companies who will represent you with your lender for a fee. It is important to do your research first before paying anyone so that you have a complete understanding of what to expect. The federal government, Attorney General and state authorities have closed down many unscrupulous companies who charged high fees but provided no service to vulnerable homeowners.
- Where can I learn more about loan modifications and if I might qualify? There is a lot of information online and your lender website will probably have some information as well. Many loan companies are advertising on the web, it is very important to get the most up to date and unbiased information you can so you will be able to make informed and wise decisions about your options.
The Federal government has launched a systematic and aggressive loan workout plan to homeowners facing mortgage difficulties to help avert foreclosure. The Treasury Department is also subsidizing lenders that offer long term sustainable modifications as part of the Making Home Affordable Plan. Do not miss out on your share of the $75 billion dollars set aside to help struggling homeowners. Over 250,000 borrowers have already gotten help-you can too!
You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit 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. Learn how to apply and qualify for the Obama federal stimulus program too. 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
Thanks To : best cabinet table saw best jobsite table saw bosch miter saw 10 acne
ไม่มีความคิดเห็น:
แสดงความคิดเห็น