Two very important things that should be included with your loan modification package are:
1) QWR - this is allowed per respa and now Dodd Frank, what it does: this allows the homeowenr to send a "Qualified Written Request" to their servicer and find out important info:
You should be asking for Life of Loan Transaction History. Very important just like balancing your check book. You want to see when they recieved your check, when it was … (1 comments)
how to stop foreclosure: Principal Reduction Program to Current Market Value / Short Refinance /
- 07/17/10 08:17 PM
Do you owe more than your home is worth? Facing a financial hardship? Has your lender given you a Notice of Default? Example: First loan Balance $700,000 2nd Loan balance $75,000 Homes Current Market Value $500,000. 2nd loan payment $512 30 years at 7.25%. approximately Second loan is completly upside down and can be settled for potentially pennies on the dollar. Current mortgage payment $4775 principal and interest. Plus Taxes and insurance. $700 $5,475 Income $ 13,500. Had a reduction in pay from $ 18,000. Are you 60 days or more late on your mortgage? Potential new mortgage at current … (2 comments)
Help for Home Owners who are facing a financial hardship.
I work for a Law firm / Broker and we help with Loan Modifications.
Qualified Written Request - Verifying the Debt, disputing the debt, owner of the debt.
New Program for Principal Reduction for Under water homes.
Streamlined Refi for FHA Loans - (You must be current, must have an FHA loan).
New program for owners who are current, but no FHA loan, under water, may be able to get principal reduciton with Lender Participation. You have to have no lates for 12 months.
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