If you or someone you know is considering hiring a loan modification company, an attorney or maybe you are planning to do it yourself, I suggest you read this first….
The Secret to a
loan modification Approval or Denial is how you present the modification package to your bank.
Whether you are just looking for payment relief, possible reduction of your
principal balance or maybe you are looking to get out of foreclosure, you need to take matters into your own hands and begin immediately. Do not wait until it is too late and please DO NOT pay anyone the costly $3,500 plus to do something that you could do yourself if you knew exactly how.
What can a loan modification company/attorney firm do for you?
They will collect most of, if not all, their fees of $3,500 plus upfront before starting the process. (No guarantee).
They will ask for all your personal information (Privacy threat)
They will complete the modification application forms provided by your lender (You can do same if you have proper knowledge)
They will put the modification package together and forward it to your lender (You can do exactly the same and much quicker)
They will periodically call your lender for status update until your modification has been completed. (You can follow up more frequently than they can).
They will close your file once your lender approves or denies your application(you do not give up if you are denied)
How do you show your lender that you need a loan modification? How do you enhance your chances of getting an approval from your lender, even if you have been previously denied a loan modification?
Simple advice.....
DO NOT FIGHT WITH YOUR LENDER ON THE PHONE!
If you get an unfriendly and unsympathetic voice on the other end, be cordial and tell the person you will call back later and hang up.
Things you should know before you start……
You should not apply for a loan modification without first understanding the requirements for an approval. Understand that too much income surplus or too much negative income can cause your application to be denied. Know what income types are acceptable. Make sure your housing debt ratio is within an acceptable range. Make sure your residual cash flow after modification is reasonable. Make sure your loan will pass the NPV test (net present value) of cash flow from modifying your loan, if you are seeking the Making Home Affordable Loan Modification. Understand what is considered an acceptable hardship? Etc.
Too much or too little information and too much surplus or too much negative income will surely get you a quick denial by your lender.
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