Avoid Foreclosure with A Loan MOdification
You can avoid foreclosure for FREE!! Hi guys and I’m not sorry for yelling this out because I’ve met so many people who have paid thousands of dollars to these scammers that “guarantee” to save your home or lower your payments when in fact they take your money, sit on their ass and say sorry I couldn’t do it or they just go MIA!!
TIP# 1 REAL HELP IS ALWAYS FREE!
If you’re looking for someone honest, dependable, and free I have someone who has helped countless people literally save their home and didn’t cost them a dime. So if you’re struggling, reach out to me. I promise you won’t regret it!
Ok, so what is a loan modification and when do I need one?
So basically it’s for people who are struggling to make their monthly mortgage or already stopped making it because they lost a job, got disabled etc and you need to avoid foreclosure aka losing your home.
The lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender to get your monthly payments to a more affordable level. Typically an “affordable” payment is defined as 31% of your monthly gross income. For example, if you earn $4,500 a month, then your loan will be modified to be $1,302 per month in this case.
HOW TO QUALIFY & CAN I MODIFY THE LOAN MYSELF?
If you are currently facing a financial hardship and want a loan modification, then know what time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today!
- Collect Mortage Information. Get a copy of your mortgage statement that has your loan number on it and call them.
- Complete the package. Collect your financial information. Homeowners need to submit paycheck stubs, a hardship letter, a budget and any other documents the loan service wants. If ONE document is missing or outdated, the entire file will drop to the bottom of the pile.
- Ask questions. Make sure you ask the servicer exactly what they need, sometimes they request two paycheck stubs on the assumption that two represents one month’s income. But if you’re paid weekly, bimonthly, or monthly may have to submit more or fewer paycheck documents. This kind of misunderstandings can be problematic. So just ask, even if you feel “dumb” they aren’t judging you.
- Stay in touch. Don’t let them forget about you but don’t harass them either. Call once a week to check status. Literally just call and say ” Hi I just wanted to check status on my file #55555″ and they will kindly reply to you. Ask if the file is complete, review the documents, and explain any changed or special circumstances. The lender wants to hear from you so pick up the phone and call them.
- Be persistent. It can get annoyingly frustrating resubmitting documents but you are at the servicer’s “beck and call” and the sooner you realize that you can hang in there and may be rewarded in the end.
- Label your documents. These lenders are receiving thousands of pieces of paper every day from homeowners just like you. A little trick I’ve learned is to write your name and loan number on each and every paper. Yes, it’s time-consuming at first but can save you more time in the future.
- Release your tax return. Not only are you required to submit income documents, but also sign IRS Form 4506-T, which allows the servicer to access the homeowner’s federal tax returns.
TIP#2 you don’t need to be behind on your payments for a lender to consider doing a loan modification.
So to answer your question, you can do this all by yourself! It’s really not hard, just mostly time-consuming but I totally get it’s scary and you don’t have to go through this alone. Like I mentioned, if you need help with this, let me know.
BTW, if you’re behind on your payment and facing foreclosure, applying for a loan modification puts all of that on hold!
WORST CASE SCENARIO
So let’s say the lender denied the loan modification for whatever reason, you can still short sale it which doesn’t hurt your credit as much as a foreclosure. So keep that in mind.
I hope this helps. Call/text/email/DM me with any questions.
As always thank you for reason, I appreciate you and your time.
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