Loan Modification Information

FTC and DOJ doens't care about you or your home

Chris Parker (Real Estate Consultants) — Tue, 22 Sep 2009 22:14:28 -0500

The Loan Modification news site has a great article about the FTC and DOJ and explores if they are helping or in fact hurting homeowners.

There are countless stories about Obama's plan failing, and in case you have been living under a rock then let me update you. Obama's plan has failed miserably. Recently second-most powerful Democrat in the Senate called the Obama administration's mortgage modification program a "waste of time". Others are voicing their opinion at the banks for their un-willingness to help, and last but not least the FTC is going after the "pieces of shit companies" that actually might be helping these borrowers?

With banks like Bank of America only modifying up-to 7% of the loans eligible for the government's Making Home Affordable Program, what makes the FTC and attorneys think that these loan modification companies are actually scams?

To read the article click here

Nations Housing Modification Center of San Diego closed being raided

Chris Parker (Real Estate Consultants) — Fri, 18 Sep 2009 17:29:01 -0500

abcnews.com is reporting that Nations Housing Modification Center (NHMC), is currently under investigation and has been closed since the FTC raided their offices following a report on Good Morning America and World News.

"In our case against the so-called Nation's Housing Modification Center, the malefactors guaranteed to modify mortgages," Liebowitz said. "They required a minimum upfront fee of $2500 or 3000 or more but they failed to deliver on those promises. And they made the situation worse by actually telling the people who signed up for them not to make any more mortgage payments - that resulted in some consumers losing their homes."

"Just as disturbing," he continued, "this outfit bombarded homeowners with direct mail, making their companies look like the federal government's Making Home Affordable program. That program really does help distressed families in need and...they do it for free, not for a fee."

FTC to ban charging monies for loan modification by years end

Chris Parker (Real Estate Consultants) — Fri, 18 Sep 2009 15:47:55 -0500

The move by the FTC comes as federal and state officials plan to expand a crackdown on loan modification scams to other schemes that prey on debt-ridden consumers.

From the article:

Working together, we can send a clear and straightforward message: If you perpetrate mortgage fraud . . . we will find you and we will charge you and we will put you in jail," U.S. Atty. Gen. Eric H. Holder Jr. said Thursday as top federal officials met with attorneys general from 12 states to coordinate those efforts.

Federal officials have been working with state attorneys general nationwide since April to ferret out fraudulent mortgage modification offers. In July, for example, California Atty. Gen. Jerry Brown filed suit against 21 people and 14 companies allegedly linked to loan modification and foreclosure-prevention scams, part of a nationwide sweep known as Operation Loan Lies.

At the end of July, the FBI had more than 2,600 pending mortgage fraud cases under investigation, many in conjunction with state officials after the creation of the multi-agency effort in the spring, Holder said. Now, federal officials want to expand that effort to other consumer debt scams, said Treasury Secretary Timothy F. Geithner.

FTC goes after two more companies, update on Lucus, and more.

Chris Parker (Real Estate Consultants) — Thu, 17 Sep 2009 18:19:45 -0500

A press release earlier today from the FTC shows that they are not in fact starting to sleep but still actively going after those who are accused of scamming home owners into illegally paying upfront fees for loan modification services which are never completed.

From the press release:

Infinity Group Services and its president are charged with violating the FTC Act by falsely representing that they would obtain a loan modification in all, or virtually all, instances; that they would give full refunds if they failed to do so; and that they would obtain loan refinancing for an up-front fee of $995.

According to the FTC's complaint, the defendants' radio ads and Web site urged consumers to call a toll-free number. Once consumers called, the defendants' sales personnel promised that, in return for the up-front fee, the company would help them modify their mortgage loans through the Department of Housing and Urban Development's Hope for Homeowners program. The defendants claimed a high success rate and offered a full refund if they failed. The FTC alleges that the company often failed to obtain loan modifications and either failed to answer or return consumers' telephone calls or update them about their status. When consumers were able to contact the defendants, they were falsely told that negotiations were proceeding smoothly or that lenders had caused a delay. In many instances, consumers received refunds only after repeatedly complaining to the FTC, the California Attorney General's Office, or the Better Business Bureau.

The FTC's complaint further alleged that the defendants also offered mortgage loan refinancing for a "flat fee" of $995 but then sought additional fees ranging from $2,000 to $15,000. In other instances, consumers were led to believe that they had closed on their loans but were later told by the defendants that the loan would not be funded. According to the complaint, the defendants' Web site stated that there were no hidden costs, but a fine-print footnote stated, "Rates, Fees and Terms are subject to change."

The press release also has an update on the Lucas Law Center Drama:

The FTC has obtained a stipulated federal court order barring Lucas Law Center and its principals from misrepresenting their services and charging up-front fees. The defendants allegedly used an attorney to circumvent California prohibitions against receiving a fee before providing any services. In addition to falsely representing that they would obtain mortgage loan modifications, the defendants allegedly told some homeowners to stop paying their mortgage in order to pay the defendants' fees of up to $3,995.

To read the full press release click here: http://www.ftc.gov/opa/2009/09/loanmods.shtm

Loan Modification Companies- 4 Tips To Help You Find A Legitimate One

Chris Parker (Real Estate Consultants) — Wed, 16 Sep 2009 21:38:56 -0500

The current mortgage and housing crisis has resulted in an increased demand for loan modifications. To meet this demand, new loan modification companies and services are cropping up everywhere. While some of these services and companies are legitimate and may be able to help you with your loan modification, others are not. There are scam artists out there looking to take advantage of struggling homeowners who are in fear of losing their homes. They offer big promises and guarantees but are only there to take your money. Other companies may not be out to scam you, but they really don't have the sufficient experience to effectively help you. So how do you tell if a loan modification company is legitimate or not? Here are 4 tips to help you.

First you should check to see if the loan modification company has any association with any lenders or banks who offer loan modifications. In particular, it will be helpful if the loan modification company has an association with your particular lender since they will be working on your behalf to help negotiate a loan modification for you. If a loan modification does not have relationships or experience working with lenders then you should not work with them.

Next you need to research the company's experience and qualifications. You will want to know if they have experience with loan modifications. Ask for references. Also find out what the employees educational and professional backgrounds are. If the company cannot provide references or point to their experience and background with loan modifications, you should avoid them at all costs.

Third, the company you are considering working with should have a physical address and you should check to see whether or not the company has the proper licenses required in your state for loan modifications.

Fourth, look out for any company who is offering guarantees or big promises. No legitimate loan modification service will offer you a guarantee that your loan modification request will be approved. A loan modification will depend on whether you meet the lender's eligibility requirements and the final decision rests with your lender. Also be very wary of companies who require large upfront payments.

There are some legitimate loan modification companies and services out there that may be able to help you, but you must do your upfront research to make sure they are legitimate. Another option available to you is to spend that time learning about the loan modification process and dealing with your lender directly to request a loan modification.

Loan Modification Kit Now On Sale

Chris Parker (Real Estate Consultants) — Sun, 23 Aug 2009 19:03:16 -0500

The loan modification kit over at www.selfloanmods.com has dropped in price for a limited time from $99 to $49. The reason for this drop is quite simple: People Need It. Too many people are still loosing their homes.
If you are still in your home, its not too late to get a loan modification!
Buy now and get instant delivery of the PDF ebook

Loan Modifications Not Happening

Chris Parker (Real Estate Consultants) — Tue, 11 Aug 2009 00:17:43 -0500

"I think the banks are looking at the market bottom and trying to hold on to som eof their loans and properties until things get better," said Bill Newton, executive director of the Florida Consumer Action Network. "But it sure doesn't help the rest of us, especially since they're working with government bailout money."

The numbers from the first monthly Servicer Performance Report through July: 400,000 offers have been extended to 2.7 million borrowers who are more than two months behind in their payments. Of those, only 235,000 have started on the three-month trial period to begin a loan modification.

http://www.hispanicbusiness.com/news/2009/8/10/loan_modifications_not_happening.htm

Making Home Affordable Program On Track To Help Millions

Chris Parker (Real Estate Consultants) — Tue, 04 Aug 2009 23:03:57 -0500

from loan-deals.com news:

WASHINGTON - Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance and expand transparency around the initiative.

On February 18, the Obama Administration announced its comprehensive plan to stabilize the U.S. housing market. Two weeks later on March 4, the Administration published detailed program guidelines and authorized servicers to begin modifications immediately. MHA provides $75 billion for sustainable mortgage modifications through the Home Affordable Modification Program (HAMP).

For more information please be sure to visit www.loan-deals.com.

Also for a do it yourself loan modification

NC goes after california loan mod companies, Federal Loan Mod Law Center in trouble (again?)

Chris Parker (Real Estate Consultants) — Thu, 30 Jul 2009 03:01:13 -0500

Summary's of www.loan-deals.com

The Federal Loan Modification Law Center is the subject of a federal lawsuit in California filed by the Federal Trade Commission. In April, the FTC charged the firm with misrepresenting that, in exchange for an up-front fee, it would obtain a loan modification or stop foreclosure in virtually all cases. The FTC said the firm also misrepresented that it is affiliated with or endorsed by the U.S. government.

To read the full article click here

Green says 21st Century Legal Services contacted him, and offered a 30-year fixed rate loan at 4 percent. "My payment is $665, they said it would be $305, and I thought, ‘Yeah, that's what I need right now," Green told Newschannel 36.

To read the full article click here

Operation Loan Lies goes after 173 Loan Modification Scam companies nationwide

Chris Parker (Real Estate Consultants) — Wed, 15 Jul 2009 19:00:54 -0500

In what is being called "Operation Loan Lies", the FTC has gone after some 173 companies in twenty-three states nationwide for loan modification scam's and fraud.

California goes after 23 loan modification companies

Chris Parker (Real Estate Consultants) — Wed, 15 Jul 2009 17:33:46 -0500

Loan Modification News has a great article regarding some recent (today in fact) court cases of the AG going after loan modification companies in california (and other states)

"The loan modification industry is teeming with confidence men and charlatans, who rip off desperate homeowners facing foreclosure," Brown said in a release. "Despite firm promises and money-back guarantees, these scam artists pocketed thousands of dollars from each victim and didn't provide an ounce of relief."

you can read the full article here: California Goes After Loan Modification Scam Companies

loan modification scammers step in when loan servicers refuse to provide relief

Chris Parker (Real Estate Consultants) — Wed, 15 Jul 2009 02:16:21 -0500

From Loan Modification News

The National Consumer Law Center has just released a report "loan modification scammers step in when loan servicers refuse to provide relief". The report, available here via pdf states what we have been pointing out for a very long time. Loan Modification scams are here and very real. Please , if you are going to be doing a loan modification, DO IT YOURSELF!

To read the full article click here

Fake Loan Modification Company - What to look for and one example!

Chris Parker (Real Estate Consultants) — Wed, 15 Jul 2009 02:14:20 -0500

The Loan Modification news site has a great article outlining what to look for when it comes to online companies (and lists one example of what very much looks like a fraud company). check it out by clicking here

As always, if you are looking to do a loan modification on your own goto www.selfloanmods.com

Possible Fake Loan Modification Company, or even worse?

Chris Parker (Real Estate Consultants) — Fri, 26 Jun 2009 00:01:38 -0500

Our partner blog Loan Modificaiton News has a great article about what to look out for, and mainly, common sense when it comes to trusting things online. Such as - dont trust companies with free email addresses, no addresses, no bbb, websites with spam all over the place, etc.

From the article:

"I did a little research on this Art Franklin, who isn't a practicing lawyer here in California, and also checked with the department of corporation's website to verify that there is no such corporation "About California Loan Modifications" - but I didn't need to do all this before I started getting red flags."

Understanding Loan Modification Program Options

Chris Parker (Real Estate Consultants) — Mon, 15 Jun 2009 22:15:40 -0500

Most lenders offer loan modification programs to borrowers who are having a difficult time making their monthly mortgage payments. Lenders have set up Loss Mitigation Departments to handle this aspect of their business and have trained staff to help troubled homeowners with loan modifications to avoid foreclosure. The foreclosure process is very costly for lenders as well as the homeowner.

Your lender may offer you several different loan modification program options. Keep in mind that your lender is going to work in their best interest and not necessarily yours, so it is important for you to understand the differences between the various loan modification programs and be clear on which option will work best for you. You need to be prepared and be willing to negotiate with your lender on a loan modification program that will work best for you and your situation.

One thing the Loss Mitigation department may offer you is a forbearance agreement. If you have a temporary hardship and just need some time to catch up, a forbearance agreement will allow you to either reduce or temporarily suspend your monthly payments for a specific time period. This is only a short-term solution and will only help borrowers who are facing temporary difficulties.

Another option is a repayment plan. This covers the past due amount on a loan. So when a borrower is behind on their payments a repayment plan will allow the past due amount to be repaid over a certain period of time. This will be added to the regular payment, so it will make the monthly payment larger. If a borrower is already have a difficult time making monthly payments, adding the past due amount to the regular payments may not help the struggling borrower at all. The repayment plan option will only be beneficial to a homeowner who had a temporary setback but now has the financial means to catch up and get current on their payments.

Finally there is the loan modification program. A loan modification will modify the terms of the current loan so that the monthly payments are lower. The interest rate may be lowered, the payment term extended, there may be some principal forgiveness, or the loan may be changed from an adjustable rate mortgage to a fixed rate mortgage. A loan modification program is a long-term solution, whereas the other options really address temporary or short term hardship situations.

It is important to be aware of all the loan modification program options that are available to you. If you are facing a temporary hardship a forbearance or repayment plan might work for you. However, if you need a long-term solution you should negotiate for a loan modification. This will permanently change the terms of your loan and make your monthly payments more affordable for you.

York Attorney General Goes After 14 Companies

Chris Parker (Real Estate Consultants) — Wed, 10 Jun 2009 22:53:38 -0500

The new york attorney general Andrew Cumos has gone after 14 loan modification companies and plans to go after at least one more in the near future.

Earlier today Cumos said he filed an "Intent To Sue" to Amerimod, aka American Modification Agency, Inc for illegally charging up front fees and false advertising.

"Loan modification companies, which get lenders to change the terms of mortgages to help avoid foreclosure, are capitalizing on the housing crisis and preying on desperate homeowners" said Cumos. The investigations started after many complaints from homeowners who were scammed by these loan modification companies.

"Many of these companies charge upfront fees which are specifically prohibited by law," Cuomo said on a conference call. "Sometimes homeowners even end up paying a higher cost after one of these companies gets involved."

Other companies involved were Nationwide Modification Agency, Inc, Global Modifications, Inc, Federal Loan Modification, and Federal Loan Modification Center.

Loan Modification Costs

Chris Parker (Real Estate Consultants) — Wed, 10 Jun 2009 22:33:49 -0500

If you are considering applying for a loan modification you may be wondering how much it may cost you. Actually a loan modification can cost you thousands of dollars all the way down to absolutely nothing if you negotiate your own loan modification.

There are many loan modification companies who will offer to negotiate a loan modification for you. As loan modifications have become more prevalent, so have loan modification services. The companies offering these services range from experienced professionals all the way down to scam artists, so you will need to do some upfront research before hiring a company to represent you. Loan modification services are fairly new so many of these companies will not have a lot of experience. Many mortgage brokers and realtors are getting into the business of loan modifications, so you will need to check their credentials and their experience with loan modifications. Many of these services charge an upfront fee with no guarantee that your loan modification will be approved. A legitimate company will not guarantee a loan modification and will not charge the entire fee upfront. The fee is often several thousand dollars.

There are also attorneys who can represent you in a loan modification negotiation, but they tend to be even more expensive than the loan modification companies. The cost for these services could be $5000 or more Hiring an attorney is usually not necessary for most loan modifications. However, if you feel there was any fraudulent activity during your loan origination process an attorney may be able to help you.

For borrowers short on funds or who just want to save money, a do it yourself loan modification is very possible. Thousands of borrowers have successfully negotiated their own loan modifications by contacting their lenders directly. There are loan modification kits and manuals for sale that you can buy to help you become familiar with the loan modification process. The cost ranges from $50 to $200 dollars. Or borrowers can just learn everything they can on their own without the aid of a kit or manual.

No matter how you decide to approach a loan modification, you need to become familiar with how the loan modification process works and do research on any company or service that you are considering to represent you. You will also want to become familiar with your lender's eligibility requirements and what documentation you will need in order to submit an accurate and complete loan modification application. A loan modification can save your home from foreclosure and save you thousands of dollars on your mortgage, so it pays to look into all your options and choose the one that gives you the best chance of negotiating a successful loan modification.

Loan Modification Scam News Website !

Chris Parker (Real Estate Consultants) — Sun, 05 Apr 2009 02:29:18 -0500

It's actually gotten that bad that the Loan Modification News site www.loan-deals.com has actually started a loan modification scam news section!! (I am not kidding)

For more information click here: Loan Modification News Scams

Three Articles About Loan Modification Fraud/Scam Companies on Loan-Deals.com

Chris Parker (Real Estate Consultants) — Thu, 26 Mar 2009 18:24:37 -0500

More Fraud From Loan Modification Companies: HOPE NOW:

" According to the Commission, the defendants advertised, marketed, and sold mortgage loan modification services to consumers nationwide using Web sites including newhopemodifications.com and hopenowmod.com. The FTC charged the defendants with violating federal law by misrepresenting that they could obtain mortgage loan modifications for consumers in all or virtually all cases and that they would refund consumers' money if they did not. "

Another Scam Company In Southern California:

" I don't know why common sense is lacked by most people these days. Guys, because Obama is on TV saying he will help doesn't mean the mom pop loan modification company will. In fact, I am willing to bet that less than 10% of the Loan Modification Companies in California are operating legally. Let's forget my opinion for a minute, I know 9 loan modification companies here in Orange County - and not one of them is operating legally. 100% of all the companies I know personally are operating illegally. Don't be surprised. "

Florida Takes 4 To Court For Charging Up Front Fees:

" The defendants are accused of charging homeowners in foreclosure as much as $2,995 for loan-modification services but not providing any services. The attorney general's office also accuses the defendants of offering legal services to customers, which it says constitutes the unauthorized practice of law. "

Be sure to visit Loan-Deals.com For Up to date Loan Modification News

Answers To Your Loan Modification Questions

Chris Parker (Real Estate Consultants) — Thu, 26 Mar 2009 01:37:59 -0500

If you are considering a loan modification you probably have several questions. It can be a confusing time, trying to get your bills under control and deal with an unfamiliar process such as a loan modification. To get your application for a loan modification approved you will need to become familiar with the process and do your research ahead of time. Here are answers to some of the top loan modification questions to help you understand the loan modification process.

Question 1 What is a loan modification?

A loan modification involves changing the terms on a mortgage to make the monthly payments more affordable. This may include lowering the interest rate on the loan, extending the length of the loan, or in some cases principle forgiveness. The goal is to help make the monthly mortgage payments more affordable for a homeowner facing financial hardship.

Question 2 How do I know if I am eligible for a loan modification?

The main thing you will need to demonstrate to your lender is that you have the ability to make the new modified payments according to the terms of a loan modification. You will need to provide proof of your income and a financial statement that outlines your income and expenses that shows that you will be able to meet the revised monthly mortgage payments.

Question 3 What qualifies as a hardship?

In your loan modification application you will need to demonstrate that a hardship makes it difficult for you to meet your current monthly mortgage payments. Everyone's individual situation is different and there are no set hardships, however divorce or separation, death of a spouse, loss or reduction of income, illness, military service, and job relocation are all generally considered to be acceptable hardship situations. You will need to write a persuasive hardship letter as part of your loan modification application.

Question 4 Will a loan modification help me avoid foreclosure?

Yes, a successful loan modification can help you avoid foreclosure. The goal of a loan modification is to change the terms of the loan and bring is current so that foreclosure is avoided.

Question 5 How do I get started with a loan modification?

Your first step should be to get a good understanding of the loan modification process. Once you have done your research, contact your lender's loss mitigation department and request a loan modification application.

If you are struggling to make your monthly mortgage payments you should definitely consider a loan modification. The federal government is encouraging and offering incentives to lenders to work with struggling homeowners, so there is help available. Start your loan modification process today.

For up to date Mortgage and Loan Modification News visit the Loan Modification News site

5 Tips For Fast Approval Loan Modifications

Chris Parker (Real Estate Consultants) — Sun, 22 Mar 2009 22:35:00 -0500

If you are facing a financial hardship and having trouble making your monthly mortgage payments, then a loan modification may really help your situation. A loan modification will lower the monthly payments on your mortgage by either lowering the interest rate, extending the length of the payment schedule, forgiving part of the principal or maybe a combination of the above. If you are already several months behind, I am sure you would like to get fast approval on your loan modification. Here are 5 tips for fast approval loan modifications.

Tip #1 Become familiar with your lender's loan modification criteria before applying for a loan modification

All lenders have certain criteria that must be met in order to be approved for a loan modification. Make sure you are familiar with these and follow your lender's guidelines for the loan modification application process before submitting your loan modification application.

Tip #2 Submit a compelling and convincing hardship letter

One of the major criteria for getting approved for a loan modification is that you must demonstrate that you are facing a financial hardship that makes it extremely difficult for you to meet your monthly mortgage payments. Examples of acceptable hardships include loss or reduction in income, divorce or death in the family, high medical costs, and forced job relocation. Whatever your particular financial hardship is you need to craft a compelling and convincing hardship letter outlining your hardship.

Tip #3 Provide documented proof for your hardship

If you can attach supporting documents to prove your hardship, this will also help speed up your loan modification approval process. If you are facing high medical costs you can attach copies of bills. If you are facing a divorce you can attach documentation for that. Documented proof will save the lender time and add a lot of credibility to your hardship case and should help you with your goal of a fast approval for your loan modification.

Tip #4 Do not omit or present inaccurate income, expense, debt or asset information

The lender will want proof of your income, expenses, debts and assets. The lender will be verifying all this information so be sure everything is accurate. Any omissions, errors, or attempts to misrepresent your financial position will delay your application and you could even be denied the loan modification.

Tip #5 Submit an accurate and complete loan modification application

It is absolutely critical that you submit an accurate and complete loan modification application. Follow the checklist that your lender provides with the loan modification application and make sure you submit all of the forms and additional information that is requested. Check for accuracy before you submit your final application.

Loan-Deals.COM: Should You Hire A Loan Modification Attorney?

Chris Parker (Real Estate Consultants) — Thu, 19 Mar 2009 20:55:53 -0500

www.loan-deals.com has a great article titled Should You Hire A Loan Modification Attorney?

From the article:

If you are considering a loan modification to help lower your monthly mortgage payments you may be confused by all the loan modification services that are available. New loan modification services and companies continue to crop up every day. It can be confusing for the financially strapped homeowner to make a decision on how to proceed with a loan modification. Many homeowners contact their lenders directly and complete the loan modification application on their own. Others hire a loan modification company and still others hire a loan modification attorney.

As always be sure to check out loan modification news

What You Need To Do To Get Yourself Qualified For A Loan Modification

Chris Parker (Real Estate Consultants) — Tue, 17 Mar 2009 03:25:21 -0500

What You Need To Do To Get Yourself Qualified For A Loan Modification

If you are a homeowner having a hard time making your monthly mortgage payments due to a financial hardship, then a loan modification might be just what you are looking for. A loan modification involves revising the loans terms to make your monthly mortgage payments more affordable for you. You may be wondering if you qualify for a loan modification. Here are three things you need to do to get yourself qualified for a loan modification.

The first thing you will need to be able to do is show that you are suffering from a financial hardship that makes your current monthly mortgages payments unaffordable for you. A financial hardship may include job loss, a reduction in income, divorce, a death in the family, high medical expenses or other similar hardships.

You will also need to provide proof that you will be able to afford reduced monthly payments under a loan agreement. The lender wants to know if they grant you a loan modification that you will be able to make the new monthly payments and not go into default. As part of your loan modification application you will need to provide financial statements that show your monthly income and expenses, both with your current mortgage payment and a proposed reduced mortgage payment. Under the loan modification column you need to show how you can meet all your expenses including the revised monthly mortgage payment.

Finally, in order to demonstrate your financial hardship and ability to meet the terms of a loan modification, you will need to fill out an accurate and convincing loan modification application. The loan modification application includes a borrowers statement, a cover sheet, a hardship letter and financial statements with supporting proof of income. Your application is where you build a convincing case for why you are eligible and how you can meet lower monthly payments under a proposed loan modification agreement.

The borrowers statement is where you provide your basic information such as your name, social security and address.

The hardship letter is where you demonstrate that you are facing a financial hardship that makes meeting your current mortgage payments difficult. You want to be compelling but brief in presenting your hardship.

The financial statement is where you need to back up your hardship and also provide proof of your income and expenses. You will need to show how you can meet revised monthly mortgage payments.

Finally the cover letter is where you propose specific changes to your current mortgage payment. This will be backed up by the information you provide in your financial statements to show why your loan modification proposal makes sense.

If you submit an accurate loan modification application and can demonstrate that you have a financial hardship as well as the ability to pay according to the terms of a loan modification agreement, then you have an excellent chance of being approved for a loan modification.

Be sure to check out loan modification news

I sold 5 homes in 15 days.. its all about the price?

Chris Parker (Real Estate Consultants) — Tue, 17 Mar 2009 03:20:09 -0500

So we started buying lots of homes and being, well, me and somewhat cheap I decided to post the listings on MLS, Back page, VFlyer, craigslist and such myself (I have a list of 10 sites I posted all the homes to)

My price was very simple. I took the best comp in the area and priced my home for sale at $10-25K lower, not much... just a bit.

They all have sold.

Is this just luck? I bought a few more homes. We will see. I'll keep you posted

How To Fill Out Your Loan Modification Forms For Approval

Chris Parker (Real Estate Consultants) — Mon, 09 Mar 2009 02:20:10 -0500

A loan modification can really help homeowners in financial hardship. What a loan modification does is change the terms of the loan to make your monthly mortgage payments more affordable. In order to get a loan modification approved you must submit a loan modification application. This application includes several forms for you to fill out and return to your lender. It is crucial that you know how to fill out the loan modification forms properly in order to enhance your chances for approval.

Here are the various loan modification forms you will need to fill out.

The Borrowers Statement:
This statement includes your basic personal information such as your name, social security number, address, place of employment and other basic information. This form should be easy for you to fill out. Just double check to make sure everything is accurate.

The Hardship Letter:
A hardship letter is where you make your case for why you need a loan modification. You will want to write a brief but convincing letter explaining your financial hardship. You also need to show your willingness to correct your financial situation and demonstrate your ability to make lower mortgage payments on time.

The Financial Statement:
A financial statement lists all of your monthly income and expenses. This is where you need to demonstrate to your lender why you are having financial difficulty meeting the current monthly payments but also show how you would be able to afford lower modified payments. It is very important that you are able to demonstrate both of these facts.

Cover Sheet:
On the cover sheet submission form you will request new loan terms and a lower mortgage payment amount. If you figure out what you can afford to pay ahead of time you will be in a much better position to negotiate with your lender if necessary.

It is very important to be accurate and thorough in filling out your loan modification forms. You are preparing a case for yourself as to why you are a good candidate for a loan modification. This involves not only showing that you are in financial hardship but that you will also have the means to meet lower monthly payments under a loan modification agreement. It is very important that you accurately list your income and expenses and present your case on the forms in a clear, concise manner. If you do this, you have a good chance of having your loan modification request approved