Upside Down Mortgage

Archive for October, 2008

Loan Modification Vs Loan Refinance

Question: What's the difference between home loan modification and mortgage refinancing?

home loan modification vs mortgage refinancing, are they the same thing?

Answer: A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can't then you don't and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification

Loan Modifications Vs. Refinance- 866-60-MODIFY!

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Complete Loan Modification Kit

Now that you have all your loan modification forms organized, you are now ready to contact bank for loan modification. Your first phone call will not be as bad as you think; your lender wants to know why you can’t pay your mortgage and honesty does want to try and work something out with you. It’s important to call banks and tell them why you haven’t been able to make your mortgage payments. Until you contact banks and tell them what’s going on with your mortgage payments, they will have no choice but to assume the worse and initiate foreclosure.

Once you finally get a loss mitigation specialist on the phone you will need to provide them some generic information so that they will be able to pull up your file.  Sometimes when you first call banks, your lender will ask you to tell your whole story to them over the phone, other times they will ask you to fill out their required forms and send them back. You never want tell your entire situation over the phone when you contact bank loss mitigation departments. If they ask you to, politely tell them you would prefer to send them all this information in writing because you feel it will be more accurate. If they still insist you tell them everything over the phone, tell them you do not have it all in front of you and you will call back with the information. You never want to give your lender any information you are not prepared to give.

How To Contact Bank Supervisors & What To Say...

After you fill out all these loan modification forms and know the exact numbers, then it will be ok to verbally tell your lender this information.  When you call banks, giving your lender estimated numbers off the top is a fast way to get your loan modification denied. You need to be 100% prepared when you call mortgage lenders or run the risk of not getting your modification approved. The whole point of filling out all the paperwork included in this kit is to make sure you will qualify for a loan modification. Remember to call bank supervisors or try to get in touch with one as soon as possible. Supervisors are the ones who actually have some type of authority to make a decision on your loan modification. Contact bank supervisors every time once you get their contact information. The key is to make friends with a few people in the loss mitigation department who have background knowledge of your file.

Your lender will probably inform you of the required loan modification forms that need to be completed and where to send them. Before you hang up make sure you confirm important bank contact information with your loss mitigation specialist such as: bank fax #’s, bank telephone #’s, bank addresses, bank email address, etc… Our Free Do It Yourself Loan Modification kit includes all the bank telephone #'s and bank email addresses to speak to the right people. This initial bank telephone call is not the time to tell your entire story to your lender. The purpose bank contact is simply to inform your lender that you need help and would like to start the loan modification process right away.

Sometimes after you contact bank employee’s you will be told that they don’t have a loss mitigation department. Do not accept this! Every lender has some type of department that handles foreclosure and loan modifications. You are most likely speaking with someone who simply doesn’t know what they are talking about.  When you contact bank loss customer service employees, try asking for the home retention department, loss mitigation department, or briefly explain your situation to them. If this doesn’t work, hang up and call bank again. It is amazing how different the information you receive can be from person to person when you contact bank employees. This is why it is so important to keep an accurate lender call log sheet to keep track of all bank contact. Speaking with the same few people every time is very important when you contact bank loan modification/loss mitigation departments. These people will have some sort of background knowledge of your loan modification file and things will usually progress much more rapidly.

About the Author:

Visit Us to get your free DIY loan modification kit. This DIY loan mod kit includes up-to-date lender forms, loan mod worksheets, step-by-step instructions, Bank Rolodex with bank telephone numbers, email address, and mailing addresses, and much more! This 200+ page Loan Modification Kit you teach you everything you need to know to lower interest rates, lower your monthly payments, stop foreclosure, prevent foreclosure, and save your home today! 100% free! Get started today on your journey to secure ownership.

Visit Us to get your free DIY loan modification kit. This DIY loan mod kit includes up-to-date lender forms, loan mod worksheets, step-by-step instructions, Bank Rolodex with bank telephone numbers, email address, and mailing addresses, and much more! This 200+ page Loan Modification Kit you teach you everything you need to know to lower interest rates, lower your monthly payments, stop foreclosure, prevent foreclosure, and save your home today! 100% free! Get started today on your journey to secure ownership.

Article Source: ArticlesBase.com - How To Contact Bank For Loan Modification

The Do-It-Yourself Loan Modification Kit

Loan Modification Percentages

Question: I just recieved a call that my loan modification was denied.?

The bank is telling me thatr there is nothing more that they can do because our Loans percentage is too high, but that is the reason that we did this loan mod in the first place. I know that there is something else that I can do. PLease can someone help me !!!!! I do not want to loose my house! Thank you very much.

Answer: DO not be a fool and think that any link posted here is your answer. You will just lose your home waiting on them to find you a loan after a hefty NONREFUNDABLE upfront fee.

I am assuming your credit is so shot that you can not refi either. And even if you could with bad credit your percentage is going to be just as high. Have you even tried other lenders?

DO NOT be stupid and hire a Loan Modification Company either.

Good luck but honestly you are going to need it.

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