Upside Down Mortgage

Archive for February, 2008

Loan Modification Questions And Answers

Question: Regarding uslender audt?

yes. I have used them and they did an oustanding job. They are way more professional than those other companies and their report, different from the sample that was on the site, was incredibly detailed and deffinately their own. I also had the same loan reviewed by other companies (big ones too) that made similar claims of doing these audits, but only uslenderaudit found violations, and the violations were laid out and easy for me to understand. I've suggested them to several friends of mine. I was able to compare different companies and though I paid a little more for thiers, the other companies coundn't touch what these guys had. I was able to speak with the auditor who did my file, and get some additioanal questions answered. strongly recommended, especially if you have several loans and you want to fight for loan modification with accuracy. i'd be eager to know your experience

Answer: Okay, what's the question?

Loan Modification Question and Answer

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Obama Plan Loan Modification Specialists

No one is happy with the housing crisis.  President Obama isn’t happy, which is why he initiated the HAMP (Home Affordable Modification Program) in the hopes of the foreclosure storm.  Banks aren’t happy, sitting on vacant homes that they can’t resell in the current market; costing them a millions a month.  Homeowners aren’t happy, because it is them that are losing their homes and their credit ratings.

Home loan modification is one way that this foreclosure crisis can be helped, by changing the conditions of your mortgage.  A loan modification can reduce your interest rate, change your rate from variable to fixed, or even both; it can extend the duration of the loan (usually up to between 30 and 40 years).  It can even lower the principal for borrowers whose homes have lost their value.

Everyone doesn’t qualify for a home loan modification.  You have to be able to show your bank that you are truly suffering from hardship as well as the means and willingness to pay your modified loan payments.  You’ll also need to prove you’re employed, how much money you make.  The lender will look at all of this, and then consider your ratio of debt to income, employment history, and your ability to keep up with your new payments.

The application process includes compiling a complete financial profile with all of the supporting documentation. You will need to show proof of employment and salary as well as a detailed plan of how you intend to meet your payments. The bank will consider your debt to income ratio as well as your employment status and ability to pay your mortgage.

To start though, you need to meet with your bank.  If you’re already IN foreclosure, or are in danger of being so because of missed payment, you may want to have a profession home loan modification specialist help you in the process.  If you’ve applied and been rejected you’ll also want to seek out the help of a professional.  Loan modification specialists have more knowledge on the topic than the average person and may find something you’ve missed.   You staying in your home makes everyone happy.

Learn more about Loan Modification at Legal Loan Bailout

About the Author:

Dustin Rohde is an article contributor to Legal Loan Bailout. Legal Loan Bailout connects you with lenders that can help you avoid foreclosure using home loan modification. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a loan modification that will help you keep your home. Visit

Article Source: ArticlesBase.com - How Home Loan Modification Can Help Stop Foreclosure

Mortgage Modification Wamu

Are you in need of a mortgage loan modification and have questions about loan modification companies? Let's take a closer look at the services these companies provide and whether or not they can really help you stay in your home.

Loan modification companies have been coming out of the woodwork since the housing crisis erupted in 2007. The role of such a company is to serve as a liaison between the borrower and the lender and aid the borrower in obtaining a new set of more comfortable loan terms on a mortgage loan. The Loan Modification company should work as an advocate for the borrower. Their service is worthwhile only if they get the consumer a better deal than they could get on their own. Historically the niche has been filled by attorneys or groups of attorneys who are highly skilled and knowledgeable in the rules and regulations surrounding loan workouts. The dangerous thing about the recent proliferation of new loan modification companies is that now you have a lot of folks jumping into this industry with no prior knowledge of the subject matter - and they are learning on your dime. Even worse, there have been countless incidents of people being scammed by loan modification companies asking for large amounts of money upfront and then either disappearing entirely or claiming to be unable to modify the loan in question.

With the rollout of the federal program aimed at helping consumers modify their loans (The Making Home Affordable program), there is now a uniform set of guidelines and expectations governing loan modifications. If your lender is participating in the Making Home Affordable program then you should be able to work with them directly to get your loan modified and bypass all 3rd party loan modification companies and attorneys. Even if your lender is not participating in the federal program you should be able to work with them directly. Start by putting together a comprehensive list of your income and expenses and make sure you have a firm grasp on what size payment you can afford - once you know this number don't settle for anything higher. When you're ready to contact your lender you will need to speak with a loss mitigation specialist (see the list of phone numbers at the bottom of this article).

If you have tried to work directly with your lender, and are getting nowhere despite your best effort, it may be necessary to enlist the help of an attorney or loan modification company. You need to proceed with the understanding that a lot of people have been scammed by loan modification companies and you will have to be extremely careful when choosing your service provider. The ideal scenario is to use an attorney or group of attorneys who have been in the loan modification industry for many years. Avoid using a firm that has been in the industry for less than 2-3 years. As stated earlier, it is largely the new entrants into this field that have been causing problems. That's not to say that all new loan modification companies are bad - it's just a much safer bet to go with a company that was in the business long before the recent housing crisis. Choosing a firm that has been around for a long time does not ensure that you won't get taken for a ride. You will need to ask for references of satisfied clients that you can contact. You should also avoid all but the most basic upfront fees. There are plenty of companies that will be content to get paid the majority of their money after your loan is successfully modified.

Another point to consider is that a skilled and reputable attorney or loan modification company may be able to get you a better deal on your loan modification than what you can get on your own. If you have tried dealing with your lender directly and are not able to come up with new loan terms that are comfortable then you should seek help. Remember, it will almost always cost your lender far less to modify your loan than it will cost to foreclose on it. It is in their best interest to keep you in your home. With home prices plummeting and homes sitting on the market for months and months - your lender is not interested in owning your home. Loan modification can be a win for both the consumer and lender in a lot of cases.

Are you ready to start the loan modification process? Here are the numbers for the loss mitigation departments that handle loan modification services for several of the nation's largest lenders:

Mortgage Company Contact Info Ameriquest (800)-211-6926

Bank of America (800)-846-2222

Chase Mortgage (877)-838-1882 ext. 52195

Countrywide (800)-262-4218

Ditech (800)-852-0656

Fifth Third Bank (800)-375-1745 option 3

GMAC Mortgage (800)-850-4622

HSBC Mortgage (800)-338-6441

Indymac Bank (877)-736-5556

WAMU (866)-WAMU-YES

Wells Fargo (877)-216-8448

About the Author:

For more information regarding loan modification and many other personal finance topics, please visit our web site at consumer finance report. We feature a large and constantly growing article library covering a wide range of consumer finance issues. Our unique, proprietary content is specifically designed to inform, educate, and provide guidance to consumers facing financial problems.

Article Source: ArticlesBase.com - Questions About Loan Modification Companies

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