Lenders are ramping their numbers and approving loan modifications more often now. Whether they are using the HAMP guidelines or their own guidelines homeowners have more options than before.
The question is...should you do it yourself or hire a professional to do it?
Ask yourself how comfortable you were when you went and applied for your mortgage? Did you understand all the terms used. Are you comfortable with rate?, different products, principal and interest. Do you know the difference between a servicer and and investor? Do you know who owns your loan?
How much time do you have to devote to this process? Are you able to call during work hours or does your job prevent you from being on the phone for sometimes hours? Do you know what documents are needed? Do you think you can protect yourself from signing an agreement that is better than your current situation?
For those who rather have professionals handle the loan modification process go to my loan modificaiton website with the Debt Advisory Alliance. I am associated with this lawyer backed modification service. They have been vetted by the state and are compliant with current laws.
http://www.debtadvisoryalliance.com/dynamicbroker
Contact me and I will assist you in getting all your documents ready to submit to your lawyer of choice from the alliance. Sometimes your time is worth more and hiring a professional may be your best choice.
For all you who prefer to do this yourself, stop putting it off. Ignoring your lender will not make the fact that you are behind in your mortgage payments or that you are stretching yourself every month to make the mortgage go away.
Be proactive! Call your lender today! Ask for help, get yoru paperwork together and help yourself get the help you need. Following is a list of the majority of documents that you will need:
Current 2 months paycheck or 3 months Profit & Loss statement if self employed.
2 months Bank Statement
Hardship letter detailing reason you are behind or may fall behind if you don't get assistance.
2 Year Federal Tax Reports
Monthly Income and Expenses
401K and IRA statements
Rental Income for any investment properties
Research on the internet for your specific lender and good luck!
Comments(2)