What is the process of a loan modification.
Loan Modification Procedures
If you have visited any of the online forums giving rules on loan modifications procedures. Most people posting threads are about to be or have had adjustments on their subprime. Most of the threads consist of homeowners seeking foreclosure help because they have gotten behind and they have gotten behind on payments. There is no easy answer but your first step is to be sure if you have had a hardship it has been resolved and you are ready to resume payments. Most of the posters on the forum are homeowners in trouble that were uninformed on loan modification procedures. This is a really difficult time for the nation and getting information from an unreliable source can be the difference between keeping your home or having the sheriff drop by with an eviction notice.
The government and mortgage companies claim there is help available but their programs were not aimed at borrowers that are behind in payments and definitely not for homes that are worth less than what is owed. When homeowners are not informed about loan modification procedures and attempt to get a loan modification they are speaking with poorly informed loss mitigation departments. The reason they are so poorly informed is the fact that they had to grow their loss mitigation department at an extreme pace to handle the work flow. Every negotiator is faced with a pile of files that are unmanageable. The government plan that is in effect will help homeowners that are facing foreclosure but can not have late payments on their mortgage and not upside down in their homes. The plan will allow a refinance into FHA loans. The plan will help about 60,000 homeowners that have adjustable rate mortgages but does not touch the over 2,000,000 that will be facing foreclosure in the next year. There is no government plan for most but we can help stop foreclosure. We have developed a loss mitigation department with employees of the bank that have experience and they now work for us to help you. There is no better trained team to help you stop foreclosure and keep your home. Right now if you do not have well informed assistance on your side you may fall through the cracks and become a victim of the foreclosure crisis
If you are in foreclosure and facing a payment that you can no longer afford and you need a loan modification with a rate decrease to reduce your payment you have to know a few important facts.
1. There is a relationship agreement that the servicer (your mortgage company) and investor (the company that owns your mortgage) have and they have rules about their procedures. This agreement is the rules that your mortgage company has to work within.
2. Some investors do not allow loan modifications and lower payments. You are not offered a loan modification.
3. Servicers (your mortgage company) will in many instances put you on a plan you can not afford, that is where we come in to help stop foreclosure. We will in this instance get to the source and be sure that you are not set up for failure.
* Our guarantee, "We will get you a payment you can afford."
The reality of the economics and mindset mortgage companies and their investors are only concerned with profitability. The investors bought the payments that a mortgage company collects and base their decisions on monetary return, payments. We have to prove that modifying the loan will be a better result than foreclosing. In many instance a homeowner is set up on a forbearance plan to prove to the mortgage companies that you can make the modified mortgage payment.
Most homeowners facing payments they can not afford are victims of teaser rates that are set to adjust, the modified payment will be higher and in many instances become unaffordable. Most homeowners in America have their budgets set and a bump in their interest rate that increases the payment will make the payment unaffordable. This is where a tightening of the belt, cutting out some extras like the BMW and big cell phone bills. This will show an interest in saving the home and show the mortgage company your willingness to try. Getting professional help is the best option to stop foreclosure. We can show your interest and work with the lender they need to be willing to accept less than the full increase in payment. We help you understand the financials that the lenders are looking for increasing your chance for a loan modification.
Need help stopping foreclosure whether you are in foreclosure or can not afford the payment adjust coming up contact us today.
We have helped many homeowners with Loan Modification requests. Below are some of the contacts
City: Goodrich
State: Michigan
foreclosure process in Michigan
County: Genesee
Was placed in a forbearance agreement in 2004 because I was running 60 days late on my payment and when I called to pay they refused my payment.
My original payment was $800.00 and they raised in to $1200. Now my escrow is negative and they are raised it to $1900 and then reduced it to $1722. There is no way I can afford this payment at this time. I have requested a modification to my mortgage to add the escrow to the end of the note and I am waiting for a reply. Ocwen Mortgage loan modification
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