Just a quick note for home owners who are trying to work with their lenders on a Loan Modificaitons.
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 applied. What other fees are being added to your account. You may want to do this every so often even if your not in default...
You can ask for anything related to the servicing on your loan and escrow account.
2) NPV this worksheet tells you if your qualify or not for a loan mod. It doesnt make any sense to spend 5 hours putting together your file if you dont include this worksheet. It will tell you upfront if you qualify for a loan mod!!!I do this for all my clients as an initial prequal. If it comes out negative you may still have an option to get a mod. However not as good if it were positive.
These are two things that do make a difference. You will need to take the time and go thru the info you requested but you can dispute with the lender if you feel they are chargin you a balance that you dont owe, best way to figure out your balance.
For help with your loan mod, short sale or debt settlement please contact: