Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the making home affordable plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing market.

After you find that you are about to default,follow these stages:

1.contact the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.

I lost my job ,will i get loan modification or a refinance?

If you have lost your job because of the recession then chances are slim that your mortgage will be modified by the lender.But Wait….Read on to know more.

Is it impossible to get loan modifications for the unemployed ?

=>People who have a long employment history and have just lost their jobs because of the recession will definitely have higher chances of approval than the people who have been unemployed since a long time,

=>If you feel that you cannot pay the payments even after the mortgage gets modified then the lender would also identify the same thing and reject the application.simple detection , isn’t it? So just before applying for the mortgage modification,ask yourself the following question :::

“Will i able to manage the monthly payments after the loan modification?”

If YES ===> You have very high chances of approval.

If NO ====> lenders are surely going to reject your loan mod application.

Hope you are now clear about the answer to your question.

Things to remember about the loan modification:

1. Home owners have a huge advantage – lenders are always willing to provide a solution to you rather than allow the foreclosure to happen,
2. Both the application and the hardship letter is vital if you want approval for the loan modification,
3. It is very very very important to write a proper,precise and clear hardship letter – i am stressing this point because this letter is going to inform the lenders about steps you are going to take to come out of the mortgage trap – you need to convince them that you are very serious in paying the mortgage back and show them what you are thinking about the solutions to avoid foreclosure,
4. If the lender feels that you are going to manage the mortgage after a mortgage mod,you are sure to get the loan mod.
5. The debt to income ratio is a very important factor and if you are unemployed,this factor might help you very much.You will have an edge over other unemployed people[who are applying for a mortgage mod] because of the debt to income ratio.

Should i get a loan modification attorney or do it myself?

Loan modification , Foreclosures ,Refinance ,Obama mortgage stimulus plan – these are buzzing everywhere.People are stressed because of the housing crisis and the job losses.its sad to hear that California has been experiencing more foreclosures.I came to know about a report that three states account for most of the foreclosures.Anyway the best solution i suggest is that home owners should act as soon as possible.Remember that if you are employed and have a fair amount of income every month,there is still great chances of saving your home.Faith is the most important thing needed at these situations.

Getting a loan modification attorney or doing it myself – which is better?

I know that many home owners will have a confusion on whether they need to get a attorney or do it themselves.There are many websites that give information on how to do the mortgage modification yourself.But still since your home is involved here,it is always better to get the services of an attorney.

Why is it necessary to get an attorney?

1.An attorney will have vast experience in dealing with the foreclosure cases and the loan modifications.So his expertise and knowledge would do you more good,

2.The attorneys would have many connections and a good networking with the lenders ; so you are sure to get a mortgage modified with best terms,

3.An attorney would make sure that all required documents are submitted;remember that it is not just your communication but also the proper documentation which is going to win you a loan mod.

Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the mortgage stimulus plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing crisis.

After you find that you are about to default,follow these stages:

1.contact the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.

FHA Loan Modification Guidelines

In this article,i will give you the complete FHA Loan Modification Guidelines which would help you modify your mortgage without too many hassles.But apart from learning the guidelines,you may not get approved if you do not meet the requirement.This is the truth behind the mortgage modification and this is the reason why there are foreclosures happening every day.

Things to remember about the FHA Loan Modification Guidelines:

• You need to have a optimum debt to income ratio to get qualified – anything less and anything high than the required ratio is going to make the approval hard.Especially if the lender identified that the borrower has very less ratio but yet need the modification,you will be immediately turned down.But if you have other proper reasons to cite,you can tell the lender.Besides all these things,every borrower must remember that the loan modification is a solution for so many desperate and frustrated home owners – this is not a solution for reducing the principal or reducing the mortgage rate just to save cash for your personal needs.There are so many people in the need of saving their homes.So my suggestions is that you must never ask for a modification unless you are really experiencing the hardships.
• Contact the lender and have a short discussion – after filling the application form,submit it to the lender along with the hardship letter.This is important in the process of getting a FHA loan modification.
• Since the approval will take time,you need to remain calm – but it is better to have occasional communications with the representative.Obtaining the status of your application is very vital too.

Home Loan Foreclosure

Many people are researching a lot for avoiding the home loan foreclosure.Avoiding these things is not going to be hard at all.By researching in the internet,you will see that lots of options are waiting for you.Although people say that the lenders are not very kind in lending you solutions for the foreclosure,the truth is different.The truth is that the lenders would always want avoid the home loan foreclosures happening because of bad credit mortgages and other loans.They are rejecting the applications only after knowing that the borrower is definitely not meeting their requirements.You will also be rejected if you give false details about your hardships to the lender along with the application.Incomplate application is another reson for rejection.

Why would a lender want to avoid the home loan foreclosures?

Every lender dislikes the foreclosure because of 2 reasons:

1. The main reason is that there are so many costs associated with the foreclosure proceedings and the lender has to deal with everyone of them like the court fees and the lawyer fees,
2. The foreclosure proceeding are going to take 2 or 3 months – thus the lender has to wait for a long time until he gets the home owner rights in his hand.

Two solutions to avoid the foreclosures:

FORECLOSURE HELP can be given by two solutions which are as follows:

• refinance and
• loan modification

Another solutions is the mortgage forbearance which as the name indications,you will not be required to deal with the mortgage payment for a few months – this will be very useful to people who are just let down by temporary hardships.

Upside down mortgages relief and help

Its very hard to see the grief of the home owners.Many people are experiencing the upside down mortgages.Are you wondering about what it means?Let me explain in detail about this term.

What is the meaning of a upside down mortgage?

It means that the borrower is paying the lender more than the market value of the house.This is due to the housing crisis which has impinged the word RECESSION every where.It is almost in all news papers and all media everyday,all around the globe.Its impact is huge and unbelievable.

Are there any solutions to prevent these mortgage foreclosures?

The major solution to get relieved off the foreclosure is to use a refinance.This has been facilitated after the introduction of the MAKING HOME AFFORDABLE plan by the government.This gives incentives to people who are going for refinance instead of losing their homes to a short sale or to a sheriff sale.It is a very good move at such a bad economic condition.Getting the bad credit mortgage loans is also one of the reasons for people experiencing the difficulties.But instead of thinking about what has happened in the past,it is better to look forward for the future.It is also better to get a fixed rate mortgage and throw the ARM.

Mortgage relief through the loan modification:

Mortgage modification has also become one of the best ways to get a mortgage modified and to prevent the foreclosures.Opting for the forbearance will also be sensible during these situations.

Can i get loan modification through Obama’s Mortgage stimulus plan?

Many home owners were relieved after Obama introduced the mortgage stimulus plan to help so many people who are about to lose their homes because of the foreclosure.Some financial experts are still not sure if the plan is really efficient or not – iam also hearing about so many cases of foreclosure.Moreover its shocking to read in one of the major websites about the increasing foreclosure cases in America.

I came to know that there are 250,000 cases of foreclosure happening everyday – are you shocked?I guess you are.But still the plan introduced by the president Obama was really good.Giving incentives to the home owners and the lender for preferring the mortgage modification instead of the short sale or the sheriff sale is a very nice move by the government.Some realtors might also be looking for the foreclosure listings at these situations.poor credit mortgage loans have been one of the reasons for the foreclosures.

If you do not know about the mortgage stimulus plan – here is a short summary about it:

By the usage of this plan,you will be able to save your home through either a refinance or a loan modification.But there are certain requirements too.It is very happy to see that the government has set aside 75 billion USD for the refinance plan.By the use of this refinance plan,you will be able to reduce the high rate mortgage to a low 4.5% refinance which is going to save hundreds of dollars every month.

Get your bad credit mortgage loan modification with the perfect hardship letters

Loan modifications have playing a major role in avoiding the foreclosures.Several people are getting it everyday for saving their homes.Some people might consider that getting the mortgages modified is a very difficult task.The truth is “NO!It is not hard at all”.

Why does a lender modify mortgage?

You need to understand why lenders modify your mortgages.There are 2 reasons which make the lender modify the terms so as to make the monthly payments easier for you.Here are the reasons:

=>If you end up in a foreclosure,it is going to take a lot of time [ more than 2 or 3 months].Thus the lenders are not going to get any money from the borrower.It is a big loss to them.Remember that you might not be the only one undergoing the foreclosure.There will be hundreds of them.So just imagine the loss incurred to the borrowers.

=>The other reason is the fee involved with the proceedings of the foreclosure.As you might be knowing,there would be the court fee and the lawyer fee.Thus the lender is again to lose thousands of dollars.

Is getting mortgages modified a hard procedure?

No.This is not a hard procedure.As i pointed out clearly,the lenders would be preferring a modification or a any other solution instead of letting you for a sheriff sale.Thus you need to take advantage of this situation and get your mortgage modified.

Home loan modifications can lead to these results:

=>The interest rates will be reduce to a value which you can manage,

=>the principal you owe to the lender might be reduced by a small percentage,

=>The terms of the loans will be extended.The long term mortgage will be very useful to you.

Getting a mortgage modification easily

There have been increasing foreclosures this year.It is mainly due to the recession.So if you are thinking that you are also going to end in such a case,then its time to think about a good solution.Basically there are three solutions to stop the foreclosures:

1. mortgage forbearance
2. refinance and the
3. mortgage modification.

If you are thinking about which solution will be well suited to you,read below:

=>Lenders would always be reluctant to give the loan modification easily.But this is obvious – because no lender would want to reduce the interest rate.This is going to cause a loss of cash for them.Thus they would be looking forward to give a forbearance.People who want these solutions will get them without too much trouble.But its a different case with the other two solutions,

Who should get a forbearance?

People who feel that their financial condition is going to return normal in a few weeks or a few months can get this solution.But make sure that you are making the right decision.Unless you are very sure about your situation,do not get the forbearance – opt for other solutions instead.This is because you would be required to pay the mortgage payments again after a few months – there would be no reduction in interest rate.You should also pay the missed payments during the period of forbearance.

Is a refinance and a mortgage modification easy to obtain?

No.They are not given at a faster rate and the approval process is not going to be very easy.Only people who meet all the lender’s requirements will be selected for approval.Others need to look for other solutions.