Upside Down Mortgage

Archive for August, 2008

Loan Modification Not Working

Question: What are the chances of getting a loan modification through Saxon Mortgage even though I am current on my loan?

I am current on my mortgage and I have never missed a payment. I have read that If I am behind the lender is more willing to work with me. Are those loan modification companies offering to assit with your loan modification legit?

Answer: most loan mods are based on NEED! You must have a HARDSHIP that is the reason for your Payment Distress! ie Job Loss, health catastrophe, Divorce etc...

They can smell a scammer who just wants to get a free ride off the taxpayer so be legit!

Edit: speaking of scammers....¡¡¡¡ I bet it originated in Nigeria!!

Loan Mod not working for you?

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Mortgage Modification Letters

Question: When a borrower stops paying their mortgage?

Does the lender need to send a certified letter to the borrower who has stopped making payments before the lender starts the forclosure process? Should the borrower call the lender for a modification or wait until the lender contacts the borrower which will allow the borrower more money per month to pay off other obligations.

Answer: The lender will initiate the foreclosure process by issuing what is called a Notice of Default. There is a set process to foreclosure which varies a bit from state to state.

If you are going to try for a loan modification, you need to be proactive and contact the lender. If foreclosure seems the only option, contact the lender to see if it will agree to a Deed In Lieu of Foreclosure action.

Mortgage Modification to stop foreclosure

Loan Modification Litigation

As foreclosure rates are outpacing the modification rates, homeowners are seeking all sorts of recourses available to them to save their homes. Either through loan modification, forbearance plans or payment plans owners are finding solutions to their mortgage problems. One recourse that is not often mentioned is the Forensic Loan Document Audit.

Obtaining approval for a mortgage is a very complex process. When purchasing a home you have a number of parties involved, including realtors, mortgage brokers, lenders, appraisers, title companies, surveyors, etc. The process of obtaining a loan is highly regulated from state to state as well as by the U.S. Federal Government. Therefore, all mortgages must have a paper trail beginning with the loan application and continuing all the way through to the closing.

When you apply, you fill out an application and sign several lender disclosures which we probably don't even read. By law, certain disclosures are to be given to the borrower within certain time frames and the final numbers must be consistent with those originally quoted. Along the way, there could be a number of errors which you are never informed of. Inspecting the loan paperwork and discovering these errors are what a Forensic Loan Document Audit is for.

This audit can be very helpful in negotiating with your lender. The audit examines all the paperwork you received in connection with the loan. If you employ the services of a loan modification company, ask them about this audit. If they tell you it's not necessary, or give you vague information, start looking for another modification professional to handle your paperwork.

During this type of audit, the auditor will look for Federal Law violations. Do your final documents match your initial ones? Were you provided the proper disclosures within the specified legal time periods? Were you the victim of Predatory Lending? Were you overcharged by your broker?

These are just a few of the items that the auditor will examine. Should any violations have occurred, your attorney can suggest a proper course of action you can take. In any event, it will help you get a better deal from your lender who doesn't want any additional litigation expenses.
About the Author:

For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/

Article Source: ArticlesBase.com - Is Your Loan Modification Bank Too Slow or Uncooperative? Try This Simple Tip

Law Offices of Arthur S. Charchian - Loan Modification Commercial (ASC-LAW.COM)