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Loan Modification Hope

Question: Mortgage Trouble?

Currently we are in a two year arm that is going to adjust in Nov '08. I am in MI and we have lost about 50,000 in equity in our home. We are upside down and owe more than our house is worth. We cannot refi. Our arm is going to adjust and we will not be able to afford our house pmt. We DO NOT want to foreclose and our getting ready to call our lender and talk to the home retention dept. and ask for a loan modification. Any advice on how we should go about talking to our lender. Credit is good..were hoping they will modify our loan to a fixed rate. HELP??

Answer: First, my congratulations on being proactive about your situation. Too many people wait until it is too late, and their behind on payments. Then they get stuck in an ugly cycle which is extremely hard to get out of.

Be prepared with a financial statement (basically a budget which shows your monthly income and expenses, and demonstrates how you will be in the red when your payments reset in the future).

Also be prepared with a hardship letter - this is a letter which explains to the lender how you are in a position of hardship, and how you will not be able to afford the new payments.

Also, start looking at your options - what you can do to be able to afford the house if you choose to keep it (rent out a room, increase your income, get help from family, etc.), and what you can do to sell it should you decide not to keep it (do a Short Sale, sell to an investor, do a "Deed in Lieu", etc.).

Affordable Hope - Loan Modification Wizard Overview

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Mortgage Modification Bofa

If you are struggling to make your mortgage payments, there is help out there if you know where to look. If you need a Bank of America loan modification, you can actually get one very fast if you qualify.

Since Bank of America is taking over Countrywide, there are a couple things you need to figure out your options. Look at your mortgage payment stub and count how many digits you have in regards to your loan number. 10 digits is Bank of America and 9 digits is still a Countrywide number, even if your statement still says BofA on it. This is pretty important.

The instant modification can only happen if you have the 10 digit number, because it is in B of A\'s computer system. There is a program available where you give a modification company your authorization to call your lender and a couple other bits of information. They can then call B of A and find out if you qualify for this program. They will let you know what your interest rate will be (usually drops about 3% with this program) and your new payment will be. You can then decide if you want to move forward with them and you don\'t pay upfront for these services. If you are in need of loan modification help, this is by far the best way to go if you are have B of A.

If you have 9 digits on your statement, there is still help. There are other programs they have available and with all of them you do not pay upfront fees. The best one is the Obama mortgage plan. You have to have the right financials to qualify for this, but if you do you will save a lot of money each month! This lender is actually sending out some notices to homeowners who they believe qualify right now. If you get one, just make sure you do some research before you call them back! If you give them the wrong financial information (i.e. you make too much or too little) you will get denied even though you\'ve recieved the letter.

The same company who does the instant loan modifications for Bank of America can also help get you approved for the Obama loan modification plan. They will go over your financial statements and make sure it\'s within the guidelines of the program. They can then call your lender and give them your information. Sometimes they can get you approved in a few minutes and sometimes the bank will ask to see copies of your bank statements, tax returns, etc. It\'s a crap shoot on what will happen. Once you are approved, it will still take a few weeks to complete this one...not 7 days!

If you\'d like more information on these Bank of America loan modification programs, just visit the links below.
About the Author:

To see if you qualify for the instant loan modification program with B of A or any of the other programs available (including the Obama Mortgage Plan or HAM program), just visit these links and fill out the quick form! bank of america loan modification or bank of america modification. You can learn if you qualify, what your new payment will be and you won't pay any upfront fees...talk about a guarantee!

Article Source: ArticlesBase.com - Get Your Bank of America Loan Modification Done In A Week

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Countrywide Loan Modification Bank Of America

If you are looking for a Countrywide loan modification in Las Vegas, this article will end your search.

Countrywide, now Bank of America, has a large market share of the loans in Las Vegas. Known for their creativity in making loans, a lot of homeowners choose to purchase their home with a loan form Countrywide. Unfortunately, many of their loan programs did not verify borrower’s assets or ability to repay the loan. Now there are hard working families that have purchased their home with the hopes of long term ownership. These borrowers have been set up to fail and now are being forced out of their home. This is happening throughout Las Vegas.

There is hope for those that have loans through Countrywide. A loan audit will reveal if the loan was predatory, if the proper disclosures are signed and most importantly, if the loan can be modified. A modified loan will change the terms of the loan making the home affordable for the homeowner to stay in their home. A loan audit reviews RESPA and TILA violations. RESPA and TILA require certain processes and disclosures when lending money. Unfortunately many lenders did not properly disclose the details of the loan. This lack of disclosure has help lead the financial crisis many homeowners face today.

Our firm specializes in loan modifications of Countrywide loans. A specialist will review your closing papers and compare them to the documents needed by law. If you are a victim of a predatory loan, we can help you get on the right path. If you have a Countrywide loan and your are struggling to make payments, you need our free evaluation. This evaluation will give you options to make your home affordable. Your home does not need to be a source of disappointment. Our experienced staff will work to make your home affordable and get your life back on track.

For more information on Countrywide loan modifications in Las Vegas, Nevada, please visit the links below.
About the Author:

For information on a company that can modifiy your loan in Las Vegas, Nevada, please visit the following links: http://www.leavetheloan.com or las vegas loan modification

Article Source: ArticlesBase.com - Countrywide Loan Modification In Las Vegas Syrockets

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