application: Loan Modification Programs Top 10 FAQS for Every Homeowner - 01/25/10 09:55 AM
LOAN MODIFICATION PROGRAMS – TOP 10 FAQS
Here are the most frequently asked questions about loan modification programs that I receive and the answers based on my 25 years of wholesale and retail lending experience:
1. What is a loan modification program? A loan modification program offers a change in the terms of your existing home loan resulting in an affordable and sustainable monthly loan payment. The loan modification program may include a reduction in the interest rate, a longer loan term, and sometimes a reduction in the principle balance.
2. Why would my bank be willing to do this for me? Your … (2 comments)
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application: Loan Modification Hardship Letter-The 4 Critical Items you Need to Explain - 10/26/09 01:08 PM
You don't have to be Hemingway to write an effective hardship letter for a loan workout. However, writing a hardship letter for a loan modification is a little tricky. You must be able to convince your lender that you are a good candidate for a loan workout because of your current dire financial situation. On the other hand, you also have to make them understand that if given the lower monthly payment, you will be able to afford to pay and maintain your home. Ideally, you want to convey your circumstances in a compelling story, but one that is brief as … (2 comments)
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application: Bank of America Loan Modification Approval Guidelines-Know before you Apply - 10/19/09 06:48 PM
Stop-before you contact the bank to apply for a loan workout take a minute to learn some very important information. What you don't know could hurt you when you apply for a Bank of America loan modification to lower your monthly payment. Many deserving homeowners are denied the help they need simply because they did not know how to prepare their loan modification paperwork properly so that they meet the lenders guidelines for approval. Ever heard the saying "You don't know what you don't know"? Well, make sure you learn more about what you need to know before you apply.
Do … (6 comments)
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application: Wells Fargo Loan Modification Q & A to Apply & Qualify - 10/19/09 05:30 PM
Frustrated trying to figure out if you qualify for a Wells Fargo loan modification? You need a lower your mortgage payment and you also need to learn about how to increase your chances for success. Applying for a Wells Fargo loan modification program will give you the chance to lower you monthly payment so you can afford to stay in your home and avoid foreclosure. Unfortunately, not all borrowers will qualify for this help-why do some homeowners get approved while others are denied? Here are 7 Tips that will help you get your loan modification application approved:
Tip #1: Learn the … (0 comments)
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application: Wachovia Mortgage Loan Modification Request-How to Get Started & Get Help - 10/04/09 03:20 PM
Struggling homeowners who are facing a financial hardship situation should contact Wachovia and submit a mortgage loan modification request. The federal government is offering help to borrowers who can no longer afford their home loan and are at risk of default. But, with close to 5 million homeowners seeking assistance, you need some basic knowledge about what it takes to apply and qualify if you hope to get results quickly. Here are the basics that will help you work directly with your bank to get the help you need and deserve.
The first step in a Wachovia mortgage loan modification request … (5 comments)
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application: Countrywide Loan Modification 2% Rate with Obama's Federal Plan - 09/26/09 10:10 AM
Countrywide is offering Obama's federal stimulus plan with a mortgage loan modification that features an interest rate as low as 2% and provides affordable payments for struggling borrowers. Tired of the lack of cooperation from banks, lenders and servicers, Obama has stated that he expects 500,000 completed loan modifications within the next 2 months. This is a window of opportunity for homeowners who need immediate relief from delinquent payments and help to avoid foreclosure. Are you one of the approximately 5 million borrowers who may qualify for this assistance?
A mortgage loan modification is a way to change the terms of … (4 comments)
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application: Hardship Letter for Loan Modification-Acceptable Format Design - 09/22/09 06:50 PM
Did you know that the very first thing your lender will ask you when you apply for a loan modification is "Are you facing a financial hardship situation? What has happened to make your current mortgage payment unaffordable?" How you present your case is critical to your successful outcome. This is your opportunity to explain just what has happened in your life to place you in the current circumstances. Make certain that you use the accepted hardship letter format so that your lender will be convinced to offer you the help you need.
A convincing and effective hardship letter for loan … (3 comments)
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application: Wells Fargo Mortgage Loan Modification Approval - 09/22/09 06:11 PM
Facing a mounting pile of unpaid bills and wondering how you can possibly afford to pay your mortgage this month? Homeowners who are in a financial hardship situation may be eligible for a Wells Fargo mortgage loan modification under a government sponsored plan. President Obama has implemented a far reaching home saver effort called Home Affordable Modification. Wells Fargo is participating in the federally subsidized program, and the bank is currently offering homeowners the opportunity to apply for assistance.
What are the details of this plan and how can you apply? The first step is to contact Wells Fargo and let … (0 comments)
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application: Obama's 2% Federal Loan Modification Home Saver Plan-Program Details - 09/17/09 01:21 PM
Are you one of the 5 million homeowners who may be qualified for Obama's federal loan modification plan? Featuring a new mortgage rate as low as 2%, this home save program is designed to keep borrowers in their homes and stop foreclosure and defaults. Now is the time to learn if you could benefit from this government outreach. Don't hesitate to apply for assistance-after all this program is paid for with your tax dollars and you deserve this help.
Banks, lenders and servicers have agreed to follow standard guidelines for qualifying and modifying home loans using this federal plan, called Home … (0 comments)
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application: The Obama Federal Loan Modification 4 Step Formula Used to Qualify by your Lender - 09/17/09 01:06 PM
You can use the very same formula your bank will use to determine if you qualify for the government home rescue plan. Obama's federal loan modification plan uses a standard 4 step formula to determine which homeowners qualify for a loan workout. You can learn this basic formula and have a lot more control over whether you are approved for this government plan. All lenders who participate in the federal Home Affordable Plan have been mandated to use the same guidelines-so it just makes sense to learn what these steps are and use them to prepare your own application correctly.
Did … (1 comments)
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application: Wachovia Loan Modification-What's the Real Deal & How to Get Help Fast - 09/12/09 04:11 PM
Frustrated by the process and confused about trying to get a Wachovia loan modification? Unfortunately, you are not alone-this lender has been very hesitant to offer any type of meaningful, far reaching loan modification to its borrowers. The good news is that the bank is offering the federal loan workout program, called Home affordable Modification and is finally actively modifying loans for those borrowers who can meet the guidelines.
The federal plan, Home Affordable Modification, and is paid for by the stimulus funds with $75 billion set aside to help homeowners stay in their home. Wachovia is approved by the Treasury … (0 comments)
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application: Chase Loan Modification Programs & How they Work - 09/12/09 03:33 PM
Borrowers who are at risk of losing their homes or unable to afford their current loan may be eligible for a Chase Loan Modification. the bank has several options available for homeowners, including the federal program, Home Affordable Modification Plan. Borrowers who are facing financial hardship need to find out about the alternatives available to them to avoid foreclosure. Here are some of your options:
Repayment Plan: If you have a temporary reduction in your income or a temporary financial hardship, Chase may offer you a repayment plan to bring your loan current. This plan will allow you to make up … (0 comments)
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application: Formula for Getting Approved on a Wells Fargo Loan Modification - 09/10/09 05:12 PM
Trying to figure out if you qualify for a Wells Fargo loan modification and then preparing your application can seem overwhelming. But you don't have to take chances with your loan modification proposal-learn the guidelines for debt ratio and target payment under the government's workout plan. The bank is offering this very aggressive program to homeowners who are either in default or at risk of default-so you may be able to qualify for a very low payment-the trick is to be able to complete your application forms so that the bank can verify that you meet the standard approval guidelines.
This … (0 comments)
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application: Countrywide Loan Modification Approval Formula-Learn how the Bank Decides - 09/10/09 04:59 PM
Tired of sleepless nights and stress filled days worrying about losing your family's home? There is a way to take much of the anxiety out of applying for a Countrywide loan workout. Obama's loan modification plan has standard guidelines for approval and a pre-determined formula that the bank will use to qualify you. If you use these same steps and formula to prepare your application, you will have a very good chance of getting the loan work out you need.
President Obama and the Treasury Department is encouraging all at-risk homeowners to contact their lenders and ask to be considered for … (2 comments)
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application: Bank of America Loan Modification Formula Used for Debt Ratio & Target Payment - 09/08/09 06:16 PM
You don't have to take chances with your Bank of America loan modification proposal-learn the guidelines for debt ratio and target payment under the government's workout plan. Homeowners who are either in default or at risk of default may be able to qualify for a very aggressive loan modification-the trick is to be able to complete your application forms so that your lender can verify that you meet the standard approval guidelines.
This federal plan is called Home Affordable Modification Plan, and it has standard requirements that every borrower must be able to meet. These guidelines are the same for everyone, … (0 comments)
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application: Obama's Government Loan Modification Plan-HAMP Checklist to Apply - 09/03/09 06:13 PM
Here is a very important application tip that will help you get the loan workout you need. Learn what is required to apply and qualify for Obama's federal loan modification program, called Home Affordable Modification Plan, or HAMP. The program is paid for by $75 billion in stimulus money, and is designed to help at risk homeowners-both those who are in default and those who are at imminent risk of default. The goal is to provide the borrower with an affordable and sustainable monthly payment to help them avoid foreclosure.The federal government has mandated standard approval guidelines for everyone-this means that … (0 comments)
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application: Wachovia Loan Modification-Formula for Federal Plan Approval - 09/03/09 06:03 PM
There is a standard formula that Wachovia will use to determine your eligibility under the Government Home Affordable Modification Plan. The Treasury Department has mandated that this formula be used when reviewing a borrowers request for a loan workout. Learn this basic formula and then you will be able to pre-qualify yourself and have a much better chance of getting your proposal approved.The federal Home Affordable Modification Plan is designed to provide an affordable and sustainable mortgage payment for homeowners who are either delinquent or at imminent risk of becoming delinquent. The first criteria that must be met is an evidence … (2 comments)
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application: Do It Yourself Loan Modification-Obama's Federal Program Makes it Easy to Succeed - 08/31/09 07:09 PM
The Obama federal plan has made it easier than ever for struggling homeowners to work with their bank and save their home. The President and the Treasury Department is warning homeowners against paying anyone-company or attorney - for a loan workout. But, how can you improve your chances of success with a do it yourself loan modification? Unfortunately, not all borrowers will qualify for a loan workout, so you need to make sure that you have a good understanding of what your lender is looking for to approve your loan modification application. The key to success is knowledge and preparation-you can … (0 comments)
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application: Loan Modification Approval-Tips Your Lender Won't Tell-But you Need to Know! - 08/31/09 06:00 PM
Frustrated and confused homeowners need to get the real scoop about how to get a loan modification approval from their lender. Many times when a homeowner contacts their lender about how to apply for a loan workout to lower their monthly mortgage payment, they are not given much help or instruction on how to best apply for a loan modification. It can feel like you are beating your head against a wall! But, help is available for those borrowers who know how to get it, so make sure you are informed about how to increase your chances for approval before you contact your … (2 comments)
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application: Loan Modification Help-How Did These Homeowners Get a Loan Workout Fast? - 08/25/09 05:26 PM
If you are struggling with high mortgage payments and facing financial troubles, a loan modification may be the solution. But what is the best way to apply and qualify for a loan workout? Wondering if you qualify for a loan modification with your lender? Read about these homeowners who successfully modified their loan using the #1 resource for homeowners and were able to save tens of thousands of dollars...
The #1 Do It Yourself Resource Guide-A Complete Loan Modification System for Homeowners
This Proven System Provides Homeowners with Everything they need to Successfully Modify their Mortgage themselves-and save thousands of dollars … (1 comments)
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