Archive for the ‘Mortgage Modification’ Category

Loan Modification Miami Florida

Let's not beat around the bush. The recent economic crisis has hit many of us hard. Many Florida homeowners are struggling to keep up with their monthly home payments and are looking at the possibility of losing their homes to foreclosure. The foreclosure crisis has affected some of the larger cities in Florida.

According to RealtyTrac.com, Florida ranked number 3 in foreclosures in 2008. The hardest hit areas in Florida were Cape Coral, Ft Myers, Orlando, Kissimmee, Miami, Ft Lauderdale, and Pompano Beach. Many homeowners have opted to contact their lender in order to get a loan modification to bring down the monthly payments on their mortgage to make their homes more affordable.

Some say that it is difficult to get the lenders to budge on an existing modification. That may be the case some of the time but if you can find a good loan modification company that can negotiate with the lender and show them that you have a hardship then you may be able to get the terms of your home loan modified. A hardship can include a death in the family, reduction in your work hours, and illness in the family. Also, keep one other thing in mind...the lenders do not want to foreclose on your home. The foreclosure process is very costly to the banks. They may end up paying upwards of $50,000-$60,000 to foreclose on your home so it would be in their best interest to keep you in your home because in the long run they will profit more even if you have had the terms of your home mortgage renegotiated.

One other thing to keep in mind, as a Florida Loan Modification company will also tell you, is to remember that besides proving that you've had a hardship, you also need to prove to the lenders that you will be able to keep up with the new terms on your mortgage. Also remember that while you can negotiate with your mortgage company on your own it may be in your best interest to seek a good loan modification company to negotiate on your behalf. It is similar to someone seeking a lawyer for legal representation.

About the Author:

The author Angel Aramboles is a passionate Florida homeowner looking to help out fellow Floridian's in these tough economic times. Angel Aramboles also writes about credit repair and debt issues. If you are a Florida homeonwer and would like to find out if you qualify for a loan modification or to speak with a loan modification expert to find out what your options are with your home please visit http://www.legalloanmodification.info

Article Source: ArticlesBase.com - Florida Loan Modification Help - What you need to know

Wesoloski Carlson, P.A. Attorneys at Law in Miami, Florida

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Loan Modification Successes

Loan modification is the most requested solution to prevent foreclosure in this disturbed economy. Loan modification is the process of altering the original terms of a loan the borrower is finding difficulty in paying, changing them into ones more affordable to the borrower. The homeowner’s full effort, however is vital to the success of any loan modification.

The homeowner has to know all he can about loan modification. Provided below are seven helpful stuff a homeowner wanting to take loan modification should remember about how loan modification works.

1. Review Your Financial Status

Prepare your set financial statements including as they are the most viable reference of your current financial condition. Don’t forget to include a detailed list of your expenses like food, gas, credit cards and other financial obligations and input them in s spreadsheet and compute the average cost you incur on each item monthly and quarterly. Such is important not only for knowing your own financial position but it will also help you in answering the lenders questions on initial negotiations for your loan modification.

2. Hardship Letter

Ready a hardship letter of one or two pages wherein you will state clearly the reasons why you can no longer sustain making the payments based on the original terms of the loan and how a loan modification will help both you and the lender. Make sure you can prove whatever claim you put on the hardship letter.

3. Collect Necessary Documents

Gather all documents the lender may possibly require in reviewing your eligibility for loan modification. Such documents are but not limited to the following: paystubs and bank statements for past the 2 months;  W-2 Form for last 2 years for the employed; Form 1040 for last 2 years if you're self employed; Rental Agreement if the loan is not on your primary home; most recent mortgage statement; and property tax statements.

4. Contact Your Lender

Call your lender and inform him of your current situation and your desire of getting a loan modification and paying up your loan. Borrowers a few months behind payments are preferred but even those who are not yet late on their payments can qualify for loan modification provided that they can prove a probable future financial difficulty.

5. Fill Out Paperwork

Once your request for loan modification is recognized, your lender will send you an information packet and a financial worksheet you can use to compute for your expenses. Attach the documents you have gathered to serve as proof. All these are necessary for your lender to be able to assess your financial situation and determine whether you are eligible for loan modification and if your are indeed eligible, come up with the loan modification scheme that suits you. Just remember that the paperwork should be able to prove that you will be able to make your payments on time after loan modification.

6. Written Agreement

Once review of your paperwork is complete, your lender will inform you whether a loan modification will be granted to you or not. If it will be granted, he will send you a document explaining the details of his loan modification offer and then you are required to answer whether you approve of it or not.

7. Stop Gap Repayment Plan

Once you accept your lenders loan modification offer you will be asked to start off a gap repayment plan and keep doing such until the loan modification goes through. The stop gap repayment plan may go on up to a maximum of 60 days during which your lender reviews your status, financial statement and documents to be able to ascertain the risks involved in modifying your loan.

While in the stop gap period, you should be able to provide proof that you will be able to afford the modified payments along with the other expenses incidental to loan modification. Only after completing such task do you have a chance of finally getting a real loan modification.

24VIPINC will assist you in your loan modification attempts and CallComLeads will supply you with high quality loan modification leads.

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Article Source: ArticlesBase.com - Seven Things to Loan Modification

Case Study: *Loan Modification* Success with 46% *Payment Reduction*

Loan Modification Act

Question: Has anyone successfully completed a Mortgage Modification under the new Making Home Affordable Act?

Just curious if anyone has actually been able to speak to a real person at their Mortgage lender and been successful in completing a loan modification under this new plan. Our loan is serviced by Citi and I never get to speak to an actual person.

Answer: Unfortunately not. My loan is serviced through First Horizon and every couple of weeks that I call referring to it, they say that they don't have any details and their still working on it! This has been going on since March.

How to get the most out of your loan modification by doing it yourself - or with an expert lawyer