Do you want to know the hardcore facts concerning loan modification before you lose your house? Click here if you want to learn the ins and outs of loan modification from someone with credentials. My Friend Bill Priore was a Loan Mitigation Specialist for over 20 years. He took all those years of experience and put it into a DIY Loan Modification Kit.
The home loan modification process seems to be wrapped up in some sort of mystical experience that only a few attorneys and specialists are privy to. This just isn't the case. You don't have to go out and spend $3,000-$4,000 on a negotiator that has been doing this for about as long as Obama came out with the American Recovery and Reinvestment Act of 2009.
Frankly, you could probably do just as good of a job as some of these so-called "experts" trying to jump on the gravy train. I've been a Loan Mitigation Specialist for over 25 years, and I was really surprised when I saw that home loan modification was being presented as some brand new epiphany that a few savvy journalists and bloggers got the inside scoop on.
It's just not so. However, the number of home loan modification packets have increased enormously with the tens of thousands of people laid off. For example, take Ohio home loan modification. They have set a major precedent in the Supreme Court and in economics in general. Since they are the number one state in foreclosures, do you know how many "experts" popped up here? Too many--check the lawbooks…
So, you find yourself online looking for the ins and out of home loan modification. You don't know where to get started. I can help with that. Here we go.
- What is home loan modification exactly?
A home loan modification happens when the lender and borrower have negotiated terms that they both agree upon concerning the borrower's home loan. The loan is permanently reinstated to terms the borrower can afford. - Will the lender include charges in the home loan modification?
According to HUD, no, they recommend that the lender waives these charges. Just to make sure, have your lender break down all the fees and penalties that they are charging. This isn't unreasonable, at all. - Does the government really do anything to help with home loan modification?
At first, the government got a bad rap for this. Before the end of Bush's presidency, he had the Hope project pushed through in an effort to help out the subprime debacle. However, the HUD guidelines are so difficult to pass that only about 1% of the defaulted loans qualified. Furthermore, hardly anyone knew it even existed.
Barrack Obama worked hard at fixing this problem as soon as he was elected. He funneled $75 billion to subsidize lenders and servicers who will offer a home loan modification. Now, the banks can offer more of an incentive to home loan modification candidates.
- Do I qualify for a home loan modification?
Truth is, it's all in the debt to income ratio of the newly negotiated terms. You'll have to prove all your income. The days of stated income are gone. You'll definitely need your last two pay stubs, income tax statements, and bank statements. You have to fill out a completely accurate financial statement with income and expenses, so they have a clear map of what you will be able to afford.
Are you ready to try for a home loan modification? Chances are in your favor. You don't have to spend a ton of money on a specialist. If you had that money, you wouldn't even be in this predicament. You can be your own home loan modification specialist. After you try out a DIY home loan modification kit, you'll probably be more qualified than anyone else, too.
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