Site Sections
Posts
6
Comments
8
Trackbacks
3
Things to consider when attempting to seek a modification
Basic considerations: -Do you have a financial hardship that is substantial and continuing. -It does not matter whether you are current or in arrears on your loan payments, as long as a true hardship exists AND that is validated by your bank statements when your Hardship Affidavit or Hardship Letter (keep it to one page or one page and a few lines on page 2, if you want it to be read) is examined with your income and recurring monthly expenses. Speaking of expenses--don't try to hide anything--if you are drowning in credit card debt--your credit report that the Servicer will have shows these things. Not to mention your credibility. That is really something you do not want to impair or lose during this process. e.g. If your financial statement shows $5000 per month as net income taken off your paystub, you absolutely need to have a corresponding bank statement showing that $5000 being deposited into that account. -always be proactive--do not wait for the Servicer to call or write you
Loan Modifications----your own bailout if properly done!

I feel compelled to write this article on loan modifications. Given the apparent failure of the bailouts (including the failure by the Federal Government to direct the bailout funds through the appropriate federal agency to the people in need of them, i.e., defaulted residential borrowers), and downright misinformation disseminated by the media, has inspired me to write this. It is true, accurate information based upon current, daily experiences from the trenches.

posted @ Sunday, October 04, 2009 12:00 AM | Feedback (1)
News
Coming Soon, a Revolutionary Way to Buy Short Sale Properties Without Waiting Months for the Approval Letter from the Bank and NO SEASONING ISSUES!
Archives
Post Categories