Loan mods rock, check em out, even if your are current on your mortgage

I was watching Fox News last night and saw their free loan modification story. They made it sound so simple and enticing that I could immediately tell that none of the people involved in the production, filming, or writing of the piece had ever tried to do a loan modification without an attorney. Well I have tried, and I’m writing this to say that even if I had completed my modification it wouldn’t have been worth the wasted time and aggravation spent pursuing it on a day to day basis. In fact, the one thing I was waiting for was a couple testimonials from people that had done it themselves. Needless to say, there were no testimonials. I know why, too. Even if they had found someone that had seen their modification through to the end I’m pretty sure they wouldn’t be happy about it. Maybe relieved, but not happy. In my own experience after months of hold time, snotty people at my bank, and hundreds of unreturned calls all I wanted was for it to be over and I didn’t care whether it happened or not. I just wanted it over. Any testimonials like that would not have fit in to the sunny disposition of the report so in the back of my mind I knew I wasn’t going to be hearing from any success stories. I’ve got to say, the piece actually upset me a bit because what was being said on the show was nothing like the reality of trying to get a do-it-yourself one done. I actually went to a couple non-profits that provided counseling and information but came away from them feeling like maybe I had taught them more about flying solo than they had taught me. At any rate, I didn’t walk out of one of those meetings feeling like I was loaded for bear and ready to represent myself in an actual negotiation. Part of that was because my mortgage was really complex with negative amortization and a bunch of moving parts that determined my interest rate. Dealing with my bank was a pretty horrendous experience too. The bank wasn’t very helpful at all during the times where I didn’t understand what they were talking about or had questions on things like what to do next. A pretty common response was “We are your bank but we are also re-negotiating a contract you signed. It is not our job to walk you through the process to help you negotiate with us.” That seems to be a pretty common mentality as I found out from chatting with many people with similar experiences. I should mention this as well. My house was fast coming up on a foreclosure so time was becoming more and more precious. The most wearing part of the whole thing was knowing that there was nothing I could do, being reliant on people that really weren’t interested in what happened either way. It wasn’t until an acquaintance mentioned that Feldman Law Center had done his loan mod that I first heard of the company. He said his was done by an attorney and considering that my payments were a bunch of months late that should think about using one too. By that point I was more than happy to pay whoever wanted to take over the job for me. I handed everything over to them and they got the loan mod done. It just seems that there was so much naivety in the Fox News thing that I wanted to share my experience. I hope it helps. For more information on loan modifications call 1-800-470-0865 or visit  Feldman Law Center. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

When a homeowner is requesting a home loan modification, they must present documentation of their income, debts, and taxes, as well as a loan modification letter stating the cause of their current financial hardship. In order to get the lenders to take you seriously, you must put real effort into the letter you send in with your application. Many homeowners who do not fully understand the modification approval process are inclined to believe that the letter is not as important as other aspects of the process, but that is not true. While the letter is not cold hard facts and numbers on paper, they do convey the homeowner’s sincere need for the loan modification assistance. The loan modification letter is equally as important as any other part of the process, if not more so important. If a homeowner’s letter is not well-written and convincing of his or her financial hardship, the lender may very well deny the application even if the numbers on their income and debt paperwork show that the homeowner should be qualified for home loan assistance. If a homeowner does not include a loan modification letter, chances are the lender will not even give the application a second look. The numbers may be on the forms and pay stubs, but the real intent and necessity is shown on the letter. A heartfelt loan modification letter can change the entire application process to the homeowner’s side and push things along. Every person who has researched loan modification knows to send a letter in with their application, and means to make theirs stand out and command attention. Be very concise in your loan modification letter and leave nothing up to chance. State how your finances were before you met financial hardship and when you took out the loan. You could have been well off before but then got laid off, you could have been demoted or gone through a divorce and no longer have the income to afford your bills. Alternatively, you could have never been that well off in the first place, but certain circumstances like medical bills have rendered you financially vulnerable. There are a variety of situations, and there is someone else out there who has had it just as bad or worse than you have who needs a loan modification. You need to show that you need that modification more than anyone else in a subtle manner. Convey that no matter how you budget your money there is no way you can afford to pay your mortgage on time every month. Lenders would like to be able to tell you to stop paying for meals and then you could afford your mortgage, but then of course then who would they get their money from? Be very clear, concise, and make the most convincing argument you can in your loan modification letter — it can be the defining factor in your loan modification application.

Loan modifications are currently the most viable option to avoid foreclosure for most middle-income families. While they are not a traditional answer to avoiding foreclosure like refinancing, they are much more available and are effective in most situations.

When most people think of loan modifications, they think of a free break. But financial institution has for modifications are nowhere near as easy to get as many would hope. There are strict requirements each financial institution has for loan modifications, and although the Obama Administration has made great strides to make modifications much less difficult to obtain, they are still not a walk in the park.

Getting a loan modification requires the right paperwork, negotiations, and perseverance.

To start off, you need to determine whether or not you are really under financial hardship or not. Under the Home Affordable Modification Program, a homeowner must be going through financial hardship in order to qualify for loan modifications with any lender. Financial hardship is indicated by having a high debt to income ratio, so much so to the point where making payments are almost impossible. Luckily, or unluckily, a large portion of homeowners in the United States are currently going through financial hardship and they at least have that requirement filled.

Besides financial hardship, your lender is going to need proof of your income and expenses, and will also take a look at your credit, and take a look at the initial and current values of your home.

If you’re confident you’re in financial hardship or think you might be, it’s time to fill out the loan modifications application. Several financial institutions have the applications on their website to give you an easier and streamlined process, but sometimes it can be better to fax, mail in, or even take the application in to a local office. Sending it in online can be easier, but giving it a more personalized touch can help you in negotiations, especially if you are working with a smaller lender.

Along with your application, you’re going to need to submit a letter of hardship. The hardship letter is the sole medium a lender will listen to pertaining to your take and circumstances. Any particular circumstances that have led to your current financial hardship are to be described in the letter. The letter may seem like a step you can skip, but in reality the hardship letter can prove to be the most important and tide turning part of your application.

After the application and letter comes the negotiations. It’s possible to successfully negotiate on your own, but you have a better chance with a loan modifications attorney or a representative from the FHA backing your argument. And even after the negotiations, it can take eight weeks for loan modifications applications to be approved, so while the modification can help you, it is not a temporary or quick fix.

At The Feldman Law Center you are dealing with professionals that will make your loan modification experience both simple and efficient. Most importantly, these same professionals will do everything they can to provide the best terms available for your modified loan. The process starts with an initial 15 to 30 minute consultation. It is at this time where financial, property, and details on the borrowers’ hardship will be gathered. The information taken in at the initial consultation will then be analyzed for preliminary loan modification approval. With a preliminary approval completed, the loan modification package will be assembled. The information required for this phase is much like the information you provided to your lender when you applied for the mortgage you have now. Copies of the loan modification package are then sent to the lender. Once the lender has a chance to review and approve the file the negotiation process is initiated. The timeline for the negotiation process is different for each modification. Regardless of time, the goal for The Feldman Law Center in this final step is to negotiate on behalf of their clients to get the best loan modification available. The final result of this diligence is a success loan modification. For clients of The Feldman Law Center a successful modification means the end of the threat of foreclosure for the homeowners and a new monthly mortgage payment that fits in to their current financial situation. Fof more information call 1-800-470-0865 or visit Feldman Law Center. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

www.60minuteloanmodification.com – LOAN MODIFICATION IS IT RIGHT FOR ME? I have a free 60-Minute Loan Modification CD that teaches you How I modified 6 of my own mortgages and teach others to do the same. Follow the link above. MORTGAGE MODIFICATION TIPS: QUESTIONS #2 My loan modification application will reveal that I overstated my income on my original loan modification, what should I do? Well the good news is that you are certainly not alone, a huge chunk of folks stretched the truth on their loan apps especially on stated income loans. And while that is a serious issue, this concern should not stop you from getting help. There is plenty of blame to go around for the situation we are in; I dont think you should be on the hook for it. So let the past be the past. Resolve today take a step toward improving your current situation and saving your home. MORTGAGE MODIFICATION FORUM www.60minuteloanmodification.com

There are so many people who seem to have a common question which is: what is a loan modification program? To simply define it, a loan modification might be your way out if you are on the brink of foreclosure on your home mortgage which has been unsettled. Since everyone is experiencing the effects of the downfall of the US economy, there are several homes which have been allowed to go to foreclosure simply because; they do not have any more ways to keep up with the monthly payment on their loan.
If you are one of the several people who are experiencing a huge financial problem with your home mortgage, this loan modification program might be your easy way out. This program can be compared to a mortgage loan refinance since it is aimed to produce a more convenient and affordable plan for your current financial situation. What differentiates the program with a refinance is because it does not let you get a new loan. The loan modification plan simply modifies the terms of your current mortgage loan.
In order to apply for the program, you have to meet the eligibility criteria. This criteria however, depends on who you are applying the loan from. But there is one similarity on the qualification criteria being observed by most banks. This is if you have endured a financial hardship or if you have gone through a major change in your current financial situation. Such major changes are affected by factors like a loss of a job. Also, if you have not been able to pay three or more monthly payments on the home which is under the loan, this makes you qualified.
Other factors which contribute to the eligibility criteria include having the home as your primary residence, filing for bankruptcy has not been done, and even if you did not purposely decide to get the loan modification just so you can get a lower rate. It would also be great if you are very much willing to participate with the terms of your lender.
If you are well aware that your home is going to be on the verge of foreclosure soon enough, you have to stop asking what is a loan modification program. You have to get up and find out if you can qualify for the program so that your home can be saved. If you don’t do anything, you also do not get any help.

“The evil that is in the world almost always comes of ignorance, and good intentions may do as much harm as malevolence if they lack understanding.” Albert Camus’ quote about good intentions accompanied by ignorance doing as much harm as evil perfectly describes the recent Fox News “Investigative Report” on free methods for home loan modification. Let’s give everyone report the benefit of the doubt and say they all seemed very earnest, sincere, and full of good intentions. Let’s also grant that a one minute and fifty-three second report can completely cover the complexities of loan modifications. Then let’s take a look at the quotes from the report to see if the ignorance presented could possibly do as much harm to those considering paying for a loan modification as the evil in the world. ·         “The exact same information is available, and it’s free!” – Wow, it sounds like Fox News just learned about the internet, where there is so much information on loan modifications that if all of it was put on paper there wouldn’t be a tree on the planet left standing. Let’s be clear, in loan modifications as well as a thousand other subjects what matters is expertise, specifically an attorney’s expertise. We’re talking about your family’s home here and Fox News arms you with a brochure and sends you in against a lender’s group of attorneys with decades of experience. Who do you think is going to come out smiling? ·         “They can get the service for free from so called housing counseling agencies” – Umm, ok. What kind of experience does my housing counselor have in this arena? Is my counselor going to represent my interests to my lender in a manner that gets me the best loan modification possible? Is my counselor going to represent me at all? ·         “If we can’t modify their loan they’re not out any money”, as quoted from a seemingly well-meaning woman from The Inland Fair Housing Board – Yes, this is exactly the attitude I want in the people trying to save my home. “I was incompetent and didn’t understand the small print hidden in your mortgage doc’s. Because of that you lost your home. Hey, at least you’re not out any money”. ·         “In fact, dozens of agencies in the Southland are certified by the U.S. Housing Dept.” – The real name is actually Housing and Urban Development (HUD). Anyway, if go to the site to get a link for a local agency you get this warning: “HUD cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by HUD, or any of its employees, of the sponsors of the site or the products presented on the site.” Now that’s an endorsement! Honey, I think our home is safe now. ·         “We are the best kept secret in the U.S.” – Another quote from the “they’re not out any money” lady. You could have fun with that statement for a week but really, don’t you think that if these free loan modification services were kicking butt and taking names that somebody would be out there with a case study or two? ·         The Compton event where they did 1,600 loan mod’s in one day for ”free, free, free” – It’s a certainty that the much maligned lenders that attended this event got a ton of “free, free, free” positive publicity. The only thing that could have made it any better for the lenders that day would have been to have their best negotiating teams cutting fast deals with homeowners that had no legal representation and only a vague idea of what kind of terms to ask for. Oh wait, that did happen. Yet again, who do you think came out smiling? The sad thing about an “investigative report” like this is that there will be families that take the well intentioned ignorance put forth by Fox News as valuable information from a trusted source. Sadder yet, will be the consequences they face for believing that they could save a few bucks while risking it all in a game that they were simply not prepared to play. For more information call 1-800-470-0865 or visit Feldman Law Center. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Countrywide loan modifications are not impossible to get anymore. After the merger with Bank of America, Countrywide was forced to change their criteria and open up their doors to more modifications. And after the new government modification plan under Obama, Countrywide has become one of the easier lenders to acquire a modification from. But just because countrywide loan modifications have become easier to receive does not mean they are a walk in the park.
Before you do anything else, ensure that you are clear on their modification requirements. A quick call to the loss mitigation department can clear up any misunderstandings you may have and for you to get a good idea of what they’re looking for in a applicant.
You can also call the loss mitigation department to find out what kind of programs countrywide loan modifications can come in. Finding out the requirements and programs they offer is an important part of being approved and can change the way you handle the modification altogether.
Next, decide how you would like to approach Countrywide about a modification. You can either approach them directly or go through a loan modification attorney or specialist.
Only take the task on yourself if you are skilled in negotiating, know how to fill out the forms the way they would like, and are sure you fit into the requirements. The majority of people who apply on their own do not succeed because they make some sort of mistake on the application forms or on the hardship letter they are to send in with the application.
There are two choices for outside assistance: Attorneys or workers through the FHA. Both are trained to assist homeowners to get loan modifications, but the help from the FHA is free. While almost anyone would choose the free alternative to a paid service, it’s worth noting that in most cases there are waiting periods to get assistance from these professionals. A specialized attorney or company would not have this wait.
The hardship letter is a critical factor in getting countrywide loan modifications. Some homeowners do entirely forget the letter, which is means for instant disqualification. The letter cannot be too drawn out or whiny, but must be very convincing for your case of financial hardship. If you decide to work through a professional service, they will assist you in writing the letter.
Getting countrywide loan modifications takes the same amount of time and effort as any other lender. And if you choose to go about it yourself but are denied, consider a consultation from a professional to see if you fit into the requirements, and if so have them work on it with you.

If you’re one of the thousands of homeowners affected by our current economy and in need of a modification on your mortgage, you will need to write a letter to your lender asking for modifications due to hardship. If you’ve never had to write a hardship letter, chances are you don’t know what one is or how to write it.
Even when you know that you have to write one, you may not be sure of what information it should include or what documentation to send with it. Many people don’t even realize that they have to write a hardship letter when they apply for a loan modification.
If you don’t take the time and effort required to write a sufficient letter, you will almost surely be denied a home loan modification, even if you meet all the other qualifications. The hardship letter is what notifies your lending institution that you are in need of a loan modification and is an important part of your application for one.
If you don’t write the letter, the mortgage company will figure that you must not need the loan badly enough if you couldn’t take the time to write a letter.
While there aren’t any hard and fast rules or formats for writing a hardship letter, there are some things you can do to make it easier to perform this task.
1. Gather a year’s worth of your financial records before you start your letter. Include in your letter all details about your debt and financial situation in order to support your report for a loan modification.
2. Make your letter clear by listing your financial difficulties chronologically and in detail. The easier it is for your lender to read, the less confusion there will be.
3. Do the math for your lender and let them know what monthly mortgage payment you can afford. While providing an estimate is fine, get as close as you can to an exact figure by calculating your monthly household income and subtracting all monthly household expenses.
Now that you’ve got the basics covered, let’s move on to some tips to consider when writing your hardship letter.
- While you don’t want to write like you’re having a pity party for yourself, you do want to explain to your lender how your financial difficulties have adversely affected you and our family. Find a nice median between writing a letter that is too basic and writing a letter that is too complicated.
- While you don’t want to mention to your mortgage holder that you are considering selling your home, if you are, you do want to let your lender know that you want to work with them over time, even if you don’t see that as a possibility right now.
- Include information that applies to your financial situation without sharing too many personal details. Don’t include language where you blame the economy or your marital status – just stick to the facts.
- Your letter should be polite and written in a friendly tone. After all, you are asking them for their help, so keep your frustration to yourself.
- Include copies of documents such as current bank statements or bills that validate your financial hardship.
Now you have some tools to get you started on writing a loan modification request letter, you just have to sit down and do it.