Upside Down Mortgage

Archive for November, 2006

Loan Modification Questionnaire

As with any loan process there are requirements of you, the borrower. The Obama home stimulus package offers a few viable options for home mortgage modification loans which also have requirements to qualify. One of those requirements is a questionnaire, kind of a screening process to see if you qualify for a mortgage modification loan. Doing your homework and learning as much as you can about what it takes to qualify is an excellent first step. To assist you in this journey, we will show you some of the questions you can expect to find in order to qualify for a home mortgage modification loan.

Typical Questions on a home loan modification questionnaire:

1. Is this house your primary residence? Simply put you must actually live in this house more than 50% of the time. The federal home mortgage modification is strictly for one's primary residence.

2. Did you take this mortgage out before January 1, 2009? The only mortgage loans that will qualify must have been originated on or before this date.

3. Would your situation be considered a financial hardship? Basically your income or your expenses has to have changed dramatically due to circumstance beyond your control. For example, did you lose your job, go through a divorce or serve in the military? OR Is financial hardship imminent? This could include knowing that your job is going to be eliminated soon, or knowing that your interest rate is about to be increased.

4. Is your current mortgage payment more than 31% of your monthly gross income? This isn't as clear as it first appears. Your mortgage payment includes things such as property taxes, insurance, and homeowner dues. Also your gross monthly income (your pay before any deductions) including roommates or children that are paying you rent.

5. Is your total loan amount below $729,750? This amount is for single unit dwellings. If you have a 204 unit property and you reside in one of the units, you may qualify for a multiple unit amount under the home loan mortgage modification plan.

If you pass the loan modification questionnaire, you will then be eligible to apply for a home loan modification plan. There is an application process including completing some forms and providing all of your asset and income documentation. Make sure you have everything required in front of you, as you will also have to go through a brief telephone interview reviewing all documents you submit.

A word of warning, do apply or contact your bank with any financial information until you are fully prepared. Review your budget; make sure you made any necessary changes in order to show how you can afford the modified payment. This is your chance to use Obama's home stimulus package to save your home! Take the time to prepare research and increase your chances of being approved. Your family's security may depend upon it!
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To get help right away, click here for more information about Obama's home stimulus package

Article Source: ArticlesBase.com - Obama Loan Modification Help With the Questionnaire

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Loan Modification Business Opportunities

If you are looking to get into the loan modification business or are looking to improve how you currently do business, just read on.

The loan modification business is tough. There are thousands of companies out there and many of them are non compliant! Laws are being passed all the time and if you are not in compliance you will be shut down or worse. With the options that are out there today, there is no reason to not be in compliace at all.

If you want to get going in this business, you need a good processor. Sure, you could download some software and try to process the files yourself, but why? Do you think you will make more money doing all this work yourself? On the contrary, with all the time it takes to complete a loan modification, you will end up spending all your time (and capital) on your employees. There is definitely a better way to go about this.

You outsource everything and concentrate on sales. You don't even need a license this way! Think about this for a second. You have to pay for processing, but you will be saving the money you would have to spend on this anyways. Now, you can concentrate on building your pipeline and generating sales. This is how the most profit can be made in this business.

Not only can you make more money this way, but you can also improve your clients experiences with your company and build an automatic referral system to generate more leads. You clients will love this system so much, they will tell anyone they know who needs to lower their monthly mortgage payments.

The reason is simple. The back end system Im talking about is unlike any other you have ever seen. Every single conversation to and from the client and the lender is recorded and logged. You clients will go through a 70 point checklist and you will be able to see every single one in real time. Your clients will also get a log in and can check for updates on their own files. The processors customer service department will call your clients every week to see how they are doing and give them updates on their loan modification status. You will be able to take applications AND payments online through secure ACH transfers. You will get to see everything in regards to sales and get paid weekly.

In addition to this, your company will now be fully compliant and able to process loan modifications, forensic loan audits and stop foreclosure sales in all 50 states. You will have all the tools you need to succeed in this business.

With top earners able to generate yearly bonuses of $1.6 million dollars, this is an opportunity you need to take a look at.

The cost? $49 per month to cover your website and back office costs. That's it.

If you are serious about taking your loan modification business to the next level, visit the links below right now!
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To see all the benefits of outsourcing your loan modification, forensic loan audits and emergency foreclosure stoppages, just visit these links NOW: loan modification business or loan modification processing

Article Source: ArticlesBase.com - Loan Modification Business The Ultimate Solution For Loan Modification Processing

Loan Modification Business Opportunity 95391 Stockton CA

Free Mortgage Modification Assistance

Many homeowners need home loan modification assistance, but many do not know how to get it or think they are unqualified to receive assistance. There are myths surrounding just about every instance of financial help, but with the economy in the state it is currently, many people simply cannot afford to be misinformed about modifying home loans.

If you are considering requesting mortgage modification assistance from your lender and you're not sure if you qualify, these debunked myths may help push you forward towards requesting assistance from your lender.

MYTH: Home loan modification is the poor man's refinancing:

Refinancing and modifying your loan are two completely different things. Refinancing is renewing your loan under different terms, whereas loan modification is changing the terms of your mortgage for lower payments and interest rates. Refinancing helps those who have a depreciated value on their property and would like a mortgage that fits the new property value, while mortgage modification simply reflects off the initial value of your property. However, refinancing has much tougher requirements to meet and you must have good credit to qualify for refinancing. Home loan modification requires only decent credit and the requirements are set around the statistic majority of homeowners in the United States today.

MYTH: You cannot qualify for home loan modification if you have bad credit:

As stated above, modifying your loans is much more welcoming towards homeowners who do not have excellent credit. Some lenders will negotiate on a loan modification agreement with a homeowner if their credit is bad, however many lenders will not consider you if your credit is too far gone. Find a firm giving free consultation on loan modification and find out if your credit does not meet requirements. Also consider hiring a attorney, as they can help greatly in getting you qualified for this.

MYTH: You will not qualify unless you have been late on a mortgage payment:

While it's not impossible to qualify for home modification without being late in most cases, it is difficult. The truth is, some lenders are more pensive to give assistance to homeowners who have not been late on their payments. A late payment signifies in the eye of the lender that you are in hardship, whether you are or not. If a lender will not accept your modification application because you have not made any late payments, present to them your financial records (which you should have anyway), income documentation, and tax documentation. If that fails, hire an attorney. If you are in financial hardship and are qualified for assistance, you have the right to receive it.

MYTH: If you cannot hire an attorney, you absolutely cannot persuade your lender into giving you loan modification assistance:

This is not true to an extent. Hiring an attorney will make the process easier for you and will raise your chances for success in negotiations, but in some cases a attorney is just not needed. Some homeowners are a shoe-in for assistance. Seek a free loan modification consultation out and see how you fit within the qualifications, you may be pleasantly surprised.

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For additional information about home loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

Article Source: ArticlesBase.com - These Home Loan Modification Myths Can Keep You From Keeping Your Home

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