Upside Down Mortgage

Posts Tagged ‘Feldman’

Loan Modification Unemployment

Question: I've been trying to do a loan modification. Need some tips.?

My husband got laid off of work and I applied for a loan modification and they denied us because his unemployment check is not enough. they put us on a forbearance plan, which kind of helps but it is only for 2 months than we have to pay the balance. i just found a job part time and is thinking of applying for the loan modification again. any tips for us my husband applied for some jobs and we are waiting for someone to call. any tips on how loan modification works. and maybe some new laws that can help us that the our bank is not telling us?

Answer: You will not get a moidifcation because you are in your situation by choice. Your husband is not working and you only work part time. Even with a modification you would not be able to make payments.

You need to show how they can help you, not support you.

Unemployment Rate Drops, how does it translate to the real estate market?

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Loan Modification Versus Foreclosure

Loan Modifications with Bad Credit

 Loan modifications are the perfect way for distressed borrowers to solve a delinquent mortgage problem.

Even if you have late mortgage payments, collection accounts, liens, judgments, or any other derogatory credit you can qualify for a loan modification.

Most homeowners in need of a change in their mortgage terms immediately think of a traditional refinance. However, many distressed borrowers cannot refinance because they do not qualify.

As most people know there are many qualifiers to be able to obtain a refinance of an existing mortgage. These qualifiers do not apply in the same way when it comes to a loan modification.

Some of those qualifiers are:

• Good Credit
• Equity
• Employment
• Income

CREDIT

The beauty of a loan modification is that since you are working with your current lender who is already invested in you and your home the criteria are far less stringent.

The toughest mortgage qualifier for a borrower who is behind in payments is credit. When it comes to a loan modification your credit is not analyzed.

EQUITY

In today's tough real estate market property values are plummeting. Many homeowners do not have the equity required to refinance. Remember if you are financially upside down in your home, your lender is too. Your current lender will not have an equity requirement when it comes to modifying your loan.

EMPLOYMENT

When it comes to employment, the normal mortgage requirements again do not apply. When applying for a new mortgage a lender will require a minimum of 2 years on the same job. In regards to a loan modification, the only requirement will be proof that you are indeed working.

INCOME

Income is also an important qualifier in the mortgage process. Although income is still a big consideration in a loan modification it is not considered in the same way as it is when applying for a new mortgage. Qualifying for a loan modification is simply a comparison of your expenses versus your income. If you can prove that you can pay your mortgage at a certain payment per month then the lender will modify your loan.

Always remember banks do not want to foreclose on your home. They take huge losses on foreclosed properties.

If you are behind on your mortgage, loan modification may be the perfect solution. Many a distressed homeowner have negotiated a loan modification and saved their family home from foreclosure.

You can too!

DAN HARRIS - ALL RIGHTS RESERVED 2008

About the Author:

Dan Harris operates Harris Capital Management and Mobil Settlement, LLC in New York and can provide detailed information on , Title Insurance Issues, Mortgages, New York City Real Estate, Loan Modification & Loss Mitigation and more.

Dan is available for seminars and speaking engagement.

He can be reached at LoanModBook.com, CashDan.com, and MobilSettlement.com

Article Source: ArticlesBase.com - How to Get a Bad Credit Loan Modification

Loan Modification, Short Sale or Foreclosure

Loan Modification Negotiation

Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.

Do know your rights.

More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.

Don’t wait too long.

The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.

Do work with your lawyer.

Your Home Loan Modification doesn’t rest in the hands of your lender, your broker, or your loan modification attorney. These people can help, but you have to do your part and cooperate with your lawyer. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation.

Don’t file for bankruptcy, unless you really have to.

Many people think that filing for bankruptcy can help them stop foreclosure. But data from the American Bar Association shows that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records. In some cases, bankruptcy is still a viable option, but don’t make any decisions without getting professional advice.

Do have a backup plan.

Not all people will qualify for a mortgage loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. In any case, it’s always good to have a Plan B. Your mortgage modification attorney can help you find the best solution.

If you can’t get your loan modified, talk to your lawyer about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure, so it’s easier to get back on your feet.

About the Author:

The Loan Modification Firm has all the experience and knowledge that is needed to get the job done. The Loan Modification Attorney can be reached at Law Offices of Marc R. Tow Just Call 800-738-1170 or visit Home Loan Modification

For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs

Article Source: ArticlesBase.com - 5 Tips Every Loan Modification Firm Talks About

Loan Modification Options to Save Your Home From Foreclosure