A do it yourself loan modification is one of the best resources you can use if you are falling behind on your mortgage payments and in risk of foreclosure. A do it yourself mortgage modification is specifically created to help homeowners facing financial hardships, and help prevent foreclosure. A loan modification will restructure your current mortgage to make manageable with your budget.
Lower Your Mortgage Payments
How a do it yourself loan modification works
A loan modification is an negotiated agreement with your current Bank or Lender that changes the terms of your existing loan. In reaction to the mortgage crisis President Obama is requiring Lenders to negotiate a loan modification if a borrower is facing financial hardships and can't afford other financing obligations. You must show the lender why it would be in the lender's best interest to agree to a modification arrangement (in other words you still need to prove you can pay back your new agreement to get a modification). If convinced, a lender may be willing to reduce your loan interest rate, and in many cases the princiable balance on your loan.
Most bank's and lenders prefer to speak with the client (you) rather then a company. With our service you can handle this process with our assistance and phone support.
We make sure you have all the tools needed to successfuly modify your loan. and our software provides you with all the paperwork to submit a bank ready loan modification package.
When applying for a loan modification, make a game plan on how exactly you are going to approach your lender or bank. These people are trained in minimizing loss for the lender or bank and they get paid by getting the most amount of money out of you as possible or declare that your case is unworkable and foreclose on you. That is how they mitigate loss. If you understand this, then you'll know that you have to approach them and all conversations very carefully. Everything can and will be used against you.
Items You Will Need When Applying For a Loan Modification:
1.
Copy of recent mortgage statement
2.
Copy of any delinquency notices, notice of default, or any other pertinent documents
3.
Past 2 years tax returns
4.
Past 2 months pay stubs
5.
Past 2 months bank statements
6.
Last 6 months profit and loss (if self-employed)
7.
Copy of drivers license
Our Bank Approved Modification Package includes the following:
1. Fax Cover sheet with your Banks Fax number, Phone numbers and address to the loss mitigation office handling loan modifications.
2. Loan Modification Request Letter.
3. Loan Modification Proposal
4. Detailed Monthly Expense Worksheet.
5. Detailed Monthly Income Worksheet
6. Your Personalized Hardship Letter.
After you click Submit Loan Modification and fill out the BANK READY Modification forms, you will be directed to a page to purchase your Bank Ready Loan Modification package. Upon Payment (with our Money Back Guarantee) you will be issued a Bank Ready Modification Package. We will review your case and make any necessary changes and you are ready to submit the Bank Ready Loan Modification documents using the bank information we have provided. You will submit your Modification Package via Fax or Direct mail.
After you purchase the Bank ReadyLoan Modification Documents, you will receive your expert review covering...
1) Eligibility Review for your Loan Modification-(This determines if Money Back is necessary)
2) Explanation of the process- Step by Step
3) Discussion of all your potential options
4) Answering all your General Questions
