The Ultimate Loan Modification Guidebook
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Frequently Asked Questions
Why wouldn't I just go through a Loan Modification Company?
While some Loan Modification Companies are indeed good, many are just run by brokers and loan officers who don't know much more about the process than you do. In fact in most states, unless the company is a law office, they aren't even able to negotiate for you. They give you a list of documents to gather and then spend several hours on the phone for you during the process. At the end most collect anywhere from $1500 to $5000, many without a guarantee of success. We pull back the curtain and show you exactly how to put together a winning Loan Modification Proposal Package and get the job done yourself for free!
Is this something that can be done by someone who isn't a mortgage industry expert?
In short: Yes. Now in cases where fraud is suspected you should absolutely contact an attorney for advice on how to proceed. For the majority of homeowners, however, this book will demystify the process of loan modification. We designed this book for the average homeowner going over all aspects of the process. From the basics of identifying your situation and the troublesome aspects of your loan, to explaining how the bank weighs whether to modify or foreclose. We show you how to "Pre-Qualify" your Proposal before sending it in to insure that it is of the highest quality before the bank sees it. Ultimately giving you the greatest chance for success.
Why would a bank modify my loan?
There are several reasons. The current foreclosure crisis is much more far reaching than anyone ever anticipated. Simply put; we haven't seen anything like it. This has prompted several things. First the government wants to bring an end to the crisis as soon as possible. They are creating an environment, by buying troubled mortgages and infusing the banks with capital, that is fostering a climate of modification. The banks need to "play ball" in order to get the Governments aide.
Furthermore, there are just too many foreclosures on the market. A foreclosed home either sells for 50-60% of what it is worth or sits empty on the market for the next several years. The banks cannot afford to take on any more empty homes and they would rather have homeowner in the property and paying, even if it is at a greatly reduced amount.
If I already have a modification in process can I negotiate with the bank on what they have offered me?
Yes of course. Banks will almost always offer less than they are willing to give up and most times they will be firm about it. That is why it is imperative to have a detailed Loan Modification Proposal Package so that you can counter-offer effectively.
What if I already tried to modify my loan and was denied?
Try again. We have seen cases where a homeowner was denied 3, 4, even 5 different times only to finally get a modification done. This is because the criteria and willingness for the banks to do modifications has been rapidly changing (in the favor of the homeowner). What you were unable to do yesterday, you may be able to do today with a solid plan of attack.
While some Loan Modification Companies are indeed good, many are just run by brokers and loan officers who don't know much more about the process than you do. In fact in most states, unless the company is a law office, they aren't even able to negotiate for you. They give you a list of documents to gather and then spend several hours on the phone for you during the process. At the end most collect anywhere from $1500 to $5000, many without a guarantee of success. We pull back the curtain and show you exactly how to put together a winning Loan Modification Proposal Package and get the job done yourself for free!
Is this something that can be done by someone who isn't a mortgage industry expert?
In short: Yes. Now in cases where fraud is suspected you should absolutely contact an attorney for advice on how to proceed. For the majority of homeowners, however, this book will demystify the process of loan modification. We designed this book for the average homeowner going over all aspects of the process. From the basics of identifying your situation and the troublesome aspects of your loan, to explaining how the bank weighs whether to modify or foreclose. We show you how to "Pre-Qualify" your Proposal before sending it in to insure that it is of the highest quality before the bank sees it. Ultimately giving you the greatest chance for success.
Why would a bank modify my loan?
There are several reasons. The current foreclosure crisis is much more far reaching than anyone ever anticipated. Simply put; we haven't seen anything like it. This has prompted several things. First the government wants to bring an end to the crisis as soon as possible. They are creating an environment, by buying troubled mortgages and infusing the banks with capital, that is fostering a climate of modification. The banks need to "play ball" in order to get the Governments aide.
Furthermore, there are just too many foreclosures on the market. A foreclosed home either sells for 50-60% of what it is worth or sits empty on the market for the next several years. The banks cannot afford to take on any more empty homes and they would rather have homeowner in the property and paying, even if it is at a greatly reduced amount.
If I already have a modification in process can I negotiate with the bank on what they have offered me?
Yes of course. Banks will almost always offer less than they are willing to give up and most times they will be firm about it. That is why it is imperative to have a detailed Loan Modification Proposal Package so that you can counter-offer effectively.
What if I already tried to modify my loan and was denied?
Try again. We have seen cases where a homeowner was denied 3, 4, even 5 different times only to finally get a modification done. This is because the criteria and willingness for the banks to do modifications has been rapidly changing (in the favor of the homeowner). What you were unable to do yesterday, you may be able to do today with a solid plan of attack.
