Mortgage / Loan modification form
I came across many people in need of mortgage / loan modification and I decided to post some useful info for helping them. There are companies that popped up recently specializing in helping distressed property owners modify the terms of their loan to make payments affordable charging anywhere from $1,500 - $2,500. The process is simple but it requires a lot of phone calls in order to reach the right person in the bank to present your case. The above mentioned fees could be easily applied towards the mortgage payments and or apply as earnest money towards the "non affordable loan" ....there is no doubt that these fees are ludicrous.
There are also companies that sell DYI kits for under $50.00 that enable owners to fill in certain forms and submit them to their lender / bank. One company that I came across is the "Negotiate The Rate Inc." http://www.negotiatetherate.com and they have a downloadable eGuide for under $20.00.
I also came across http://www.efanniemae.com that provides for free a form #181 "Agreement for modification or Extension of a Mortgage" https://www.efanniemae.com/sf/formsdocs/forms/pdf/servicingtrans/181.pdf . You will need this form along with a strong letter of hardship explaining your circumstances. The letter of hardship is the most important piece of information in the eyes of the lender / bank and it better be valid and truthful.
Good luck
Feel free to IM me at palmhomesllc(at)yahoo.com
visit me at http://www.homenest.net and or http://www.specconstruction.com and or http://www.palmhomes.com
Comments(1)