How do you do a loan modification
Beverly Hills, CA / ACCESSWIRE / January 5, 2015 / 11. Not so long ago, loan modification was an option reserved only for homeowners who were in default - that is, when their lender filed a motion to start the foreclosure process, usually after 90 days of late payments. No more, now if you fit in the new guidelines you can qualify without being late. We at American Capital Revitalization Group know how to fit your file into one of your lenders guidelines and ensure you are approved and closed as soon as possible.
10. Will I need professional help? One of the first questions you need to answer is whether you want to tackle pursuing a loan modification yourself. Should you hire an attorney or a loan-modification firm? Seek help from a nonprofit housing group? The advice varies. Most major lenders do not charge for a loan modification BUT when you research the company you will see hundreds if not thousands of complaint about how the lender loses paperwork, denied you for the wrong reasons or claim you just don't qualify. Why waste your time when you can hire a firm with guaranteed results.
9. Uncover your lender: Knowing who your lender is may help you get a better modification. These days, your loan is either owned by a single bank or it's been sliced up into tiny pieces and turned into a mortgage-backed security and is owned by many people. Word of thumb is your lender is not your friend. They will tell you anything they can to scare you into paying them the money you owe them. Knowing how to fight your lender and winning is the goal. At American Capital Revitalization Group we go right to the source. We don't negotiate with just the servicer we get approvals directly from the investor.
8. Being honest: When presenting your paperwork to your lender, they are staffed with trained underwriters to make sure you receive the least amount of help possible. Remember this is a bank, and their job to make money, not lose money. Knowing how to put your package together properly is the key to a successful modification. If you are off by $1.00 you can lose your chance to modify your home. American Capital Revitalization Group has privately trained underwriters that know how to properly put your financials together and make sure your loan modification is closed as soon as possible.
7. How to write the best hardship for your situation. Again, honesty is the best policy. If your hardship letter doesn't fully convey your situation your lender will most likely deny you. Don't lose out on your chance to lower your payment because you aren't instructed properly. Let our staff guide you through the best way to write a hardship letter that gets you approved the first time.
6. Get the right people on the phone: Homeowners who've had their loans modified report that one of the biggest frustrations is just getting the right person on the phone. Once your loan goes into collections, chances that you get to speak to the right person can be the biggest hurdle. At American Capital Revitalization Group we know the right people to call and how to get your packet to the right department. Don't waste your time fighting with collection representatives when they will do nothing for you but waste your time.
5. Be realistic: The sad truth is, once your case is presented to your lender, you don't have much influence over what your deal will be unless you properly put your financial together properly. That's where we come in. Our firm knows the proper way to put your financial packet together and get you the lowest payment possible. The lender's representative looks at the numbers and presents a monthly payment that gets the lender the most money possible, while still keeping you in the house. Often what's tinkered with most is your interest rate - sometimes it's brought even as low as 2%, and on rare occasions even lower - until the monthly payment becomes affordable.
4. Keeping calm and not stressing out: Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. But poor behavior on your part can result in all sorts of things, including "accidental" phone disconnections to loan-modification officers who just don't think you're worth the trouble to deal with. Bank representative are just people too and they have hundreds of clients calling in just as upset as you are. Being polite and patient is always appreciated.
3. Leave a paper trail: Document everything when it comes to speaking with your lender. That's what we do. Every time we speak to your lender everything is documented in our online system. Never know when what they say can come back and bite them.
2. Patience is not just a virtue, but a necessity: Most modifications take anywhere from 90-120 days. If your file is taking longer than that it usually means one of two things, either your lender is very backed up or your file wasn't submitted to the right department and chances are it will be denied.
1. If you want to guarantee that getting your loan modified, don't rely on your lender to make it happen. Go with a professional who know how to properly put your financial packet together, teach you how to write your hardship letter and get your package to the right department the first time and have this finalized within the next 90-120 days.
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SOURCE: American Capital Revitalization GroupSource: finance.yahoo.com