July 30, 2011
Mortgage Relief: Loan Modification
Homeowners are typically receiving loan modification approvals in 90 days. This fast turn around rate is prompting more individuals to enter into this type of mortgage relief program. There is no magic in receiving help in a few months when homeowners answer the questions in a reliable manner. Income and expenses will need to be verified for accuracy, so it is wise to answer all information to the best of your ability. This will eliminate the loan officer from returning any forms for additional information. Financial hardships need to be written in detail describing the particular event or events that lead to making mortgage payments burdensome.
Unemployment, salary cuts, illnesses, and injuries are all justifiable reasons for loan modification hardships. Keep all documentation in a file that you can refer to easily when needed. The loan can proceed without a hitch if all materials are given to the loan company in a timely manner. Modification lenders are keeping their pace to ensure that homeowners will receive the aid they need as quickly as possible. Many homeowners are just a payment away from foreclosure. This program can stop the foreclosure madness and keep homeowners in their homes.
A large number of eligible borrowers have either not bothered to apply, or have applied only to be denied. The stories of fraud and failure have had a negative effect on some who may be helped by moving forward and getting the process started by applying and holding their mortgage servicing company accountable to follow through on their pledge to help stem foreclosures. Another problem is that many servicers have multiple modification plans to offer at less attractive terms as compared to HAMP. When a borrower contacts their lender directly, they are interviewed and given a package of forms to fill out with a list of documentation they must supply for verification purposes. This leaves the borrower at the mercy of the mortgage servicer.
Make a positive change in the outcome of your financial future by choosing to get a mortgage loan modification in the customary 90 days. This is a wonderful opportunity to be able to maintain your lifestyle in the manner you desire.
On paper…mortgage relief is what’s offered. In reality…”What I see is one department over another has no idea what is going on in their own system.” Again…another of the many unsolicited comments on our blog. In other words…real people with real problems are entering the process of loan modification…and coming out ‘ground chuck’ because the parties at the other end…have their marching orders. Is there another option? Attorneys, of all people, are quickly developing a national reputation as champions of homeowners facing foreclosure, and are becoming a serious adversary for those banks attempting to fraudulently take possession of the homes of troubled homeowner’s, and in some cases receiving the homeowner’s property mortgage-free, by filing a Motion to Dismiss (original mortgage cases), a Notice of Rescission (refinance situations), and a quiet title action, based on Federal violations pursuant to the Truth In Lending Act), or the Real Estate Settlement Procedures Act.
Learn more about Obama Mortgage Relief Plan Qualifications.
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