The Ultimate Loan Modification Guidebook
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This is a unique time in our country's financial history. The effect of this massive foreclosure crisis has banks considering alternatives that previously were thought to be out of the question.
The Loss Mitigation Departments of many of the major banks have been on notice to do everything possible to avoid foreclosing on more properties. Banks aren't in the business of owning empty homes.
The Loss Mitigation Departments of many of the major banks have been on notice to do everything possible to avoid foreclosing on more properties. Banks aren't in the business of owning empty homes.
In March 2009 the Federal Government has announced a sweeping loan modification aide package aimed to help as many as 5 million homeowners facing foreclosure.
Our guidebook breaks down this new plan in "real world" detail letting you know exactly who qualifies, how to qualify, and ultimately what the benefits are to you and your situation.
Our guidebook breaks down this new plan in "real world" detail letting you know exactly who qualifies, how to qualify, and ultimately what the benefits are to you and your situation.
Most banks, including JP Morgan/Chase and B of A / Countrywide, are agreeing to change multiple aspects of a mortgage note for the homeowners who are successfully able to put together and negotiate a Loan Modification Proposal. Among the aspects being modified are:
- Lowering Interest Rates
- Fixing Adjustable Rates
- Reduction of Balances Owed
- Temporary Forbearances
and a host of other creative
solutions.
- Fixing Adjustable Rates
- Reduction of Balances Owed
- Temporary Forbearances
and a host of other creative
solutions.
But one of the major keys to getting a piece of the help that is out there centers on the strength of the homeowner's case as laid out in their Loan Modification Proposal Packet. That along with knowing how to negotiate with a loss mitigation department can get homeowners in trouble the help they need.
The Ultimate Loan Modification Guidebook takes you through the process in an easy to understand, step by step fashion with multiple examples along the way.
To put it bluntly, the Federal Government is an unabashed proponent of banks doing loan modifications. In fact it is thought that a significant portion of the $700 billion "Bailout" that was passed will be used to either purchase or guarantee troubled mortgages.
With the Government pumping money into the vaults of banks across the country, they are expecting them to do their part and work with struggling homeowners.
With the Government pumping money into the vaults of banks across the country, they are expecting them to do their part and work with struggling homeowners.
Independent of the "Bailout" package, FDIC chairman Sheila Bair has outlined a plan to guarantee billions of dollars in mortgages if banks agree to "significant" modifications.
Furthermore, new President Elect Barack Obama, has outlined a plan requiring banks to undertake a 90 day moratorium on foreclosures in order to modify the mortgages of homeowners in trouble.
Although much of this has yet to be enacted, banks know that it's coming and are working to get on the governments good side by doing modifications voluntarily. This is certainly the financial climate where a homeowner in financial trouble can get a home saving modification done.
Furthermore, new President Elect Barack Obama, has outlined a plan requiring banks to undertake a 90 day moratorium on foreclosures in order to modify the mortgages of homeowners in trouble.
Although much of this has yet to be enacted, banks know that it's coming and are working to get on the governments good side by doing modifications voluntarily. This is certainly the financial climate where a homeowner in financial trouble can get a home saving modification done.
Loan modification companies are popping up all over the place these days. If you are a homeowner in need of a modification, you have probably already noticed this. What you might not know, however, is that many (if not most) of these companies are made up of mortgage brokers and loan officers and while they may know a few things about mortgage, in most states they are not legally allowed to negotiate for you.
What does this mean? Well, in short, it means that they will ask you to gather and put together a number of pertinent documents. Then they will help you to put together your proposal in the way that the bank wants to see it. Finally they will spend an hour or two total on the phone for you simply checking up on the status of your modification.
For all of this, most of these companies charge anywhere from $1500 to $5000, many without a guarantee of success.
In our ebook we show you how to identify your present situation, what documents to gather, how to put together your proposal, and both how to speak with your bank and navigate the loss mitigation / home retention departments.
In short, with the information contained in this ebook you'll know all that you'll need to in order to get the job done right...yourself!
What does this mean? Well, in short, it means that they will ask you to gather and put together a number of pertinent documents. Then they will help you to put together your proposal in the way that the bank wants to see it. Finally they will spend an hour or two total on the phone for you simply checking up on the status of your modification.
For all of this, most of these companies charge anywhere from $1500 to $5000, many without a guarantee of success.
In our ebook we show you how to identify your present situation, what documents to gather, how to put together your proposal, and both how to speak with your bank and navigate the loss mitigation / home retention departments.
In short, with the information contained in this ebook you'll know all that you'll need to in order to get the job done right...yourself!
