mortgage loan modification

Can someone please answer this mortgage loan modification question?

admin — Fri, 12 Feb 2010 00:57:20 +0000

My application was denied because they said I have to make more than 1.5% of my existing loan balance. My loan balance is over $377,000 and I do not make more than $5,665/month. Is this correct? If I made that much I would afford my loan payments…. This is the Obama Making Home Affordable modification program. So frustrating…was trying to avoid foreclosure.

You’ll need to call your lender and VERIFY why your loan mod was denied. If they give you a difficult time, hang up and call again! Sounds odd, but it usually works! Depending on who your lender is, the customer service number you call is re-directed to different parts of the country. The 1.5% doesn’t make any sense so you’ll need to get straight answers from them. Lenders, depending on who the underlying investor is, will typically try to modify your loan down to where your debt-to-income ratio (DTI) is around 31% (divide your principal, interest, taxes and insurance (PITI) by your gross income and this will give you your DTI). Re-submit your loan modification package, if necessary and be persistent! Often times the person answering the phone won’t be updated or even educated on their employers’ loan mod programs.

Unless your lender is giving you the run around or they’re a small servicing company, there’s very little reason why they wouldn’t modify your loan if you have a legitimate financial hardship - which I’m assuming is the case since they accepted your mod application to begin with. If you were trying to do it yourself, consider calling HUD’s free loan modification service at (800) 569-4287 and see if they can help you. Once you submit (or re-submit) your loan mod package, call them to confirm receipt of your documents. Once they have your file and it’s under review, the foreclosure process will be postponed, pending approval or denial of the mod. Follow up frequently and again be persistent!

Illinois Home Mortgage Loan Modification - Guaranteed Loan

admin — Thu, 11 Feb 2010 13:10:12 +0000

http://www.HomeLoanModNow.com?t=Illinois Mortgage Home loan modification professionals make getting a loan mod easy. No-risk. Guaranteed results or it is free. Good credit or bad, Make your life easier with a pro loan modification.

Duration : 0:1:6

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What Mortgage Lenders Require of Borrowers in a Declining Market

admin — Wed, 10 Feb 2010 06:46:00 +0000

Qualifying for mortgage loans has changed completely over the last year. In a declining market, what do mortgage lenders require? Listen to what one southern California expert says about appraisals, mortgage loans and today’s real estate market in this Expert Real Estate Tips segment.

Duration : 0:1:12

Mortgage Loan Modification DVD & Guide from ModificationToolkit.com

admin — Sun, 07 Feb 2010 16:56:03 +0000

Do it Yourself loan modification DVD and Guide. Our 12 step plan to a better payment is explained in this Mortgage Loan Modification DVD. Learn the tips and tricks to modify your own mortgage without an attorney. Save thousands of dollars and do it yourself. This DIY DVD and guide can be downloaded or sent via US mail. Getting your lender to modify your mortgage and lower your payment is explained in great detail in this DVD available exclusively from modificationtoolkit.com

Duration : 0:4:52

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Can someone please answer this mortgage loan modification question?

admin — Sun, 07 Feb 2010 12:02:52 +0000

Mortgage Loan Modification DVD & Guide from ModificationToolkit.com

admin — Fri, 05 Feb 2010 15:13:10 +0000

Do it Yourself Loan Modification DVD and Guide. Our 12 step plan to a better payment is explained in this mortgage loan modification DVD. Learn the tips and tricks to modify your own mortgage without an attorney. Save thousands of dollars and do it yourself. This DIY DVD and guide can be downloaded or sent via US mail. Getting your lender to modify your mortgage and lower your payment is explained in great detail in this DVD available exclusively from modificationtoolkit.com

Duration : 0:4:52

Can someone please answer this mortgage loan modification question?

admin — Fri, 05 Feb 2010 01:35:30 +0000

Mortgage Loan Modification DVD & Guide from ModificationToolkit.com

admin — Thu, 04 Feb 2010 09:08:14 +0000

Duration : 0:4:52

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Mortgage Loan Modification DVD & Guide from ModificationToolkit.com

admin — Wed, 03 Feb 2010 00:44:29 +0000

Duration : 0:4:52

Can someone please answer this mortgage loan modification question?

admin — Tue, 02 Feb 2010 11:54:19 +0000