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Loan modifications are essentially a refinance and homeowners should look at it this way. The difference
is that you don't know exactly what terms and conditions you may get on a modification. And similalry, it is difficult
to determine how long the process is going to take. The good news is that with our long history of being mortgage brokers
we are well versed in underwriting criteria and how to package and present your loan modification requests.
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Loan Modifications: The Basics
Things
You Need to Know: Loan modifications can take between 2 to 5 months depending upon
the lender(s)
Results will vary
You can have too much or too little income to qualify
You don't have to
pay up front to get a qualified loan modification company to work for you
Things
You Need to Provide Us for Your Loan Modification
Two Years Tax Returns
Two Most Recent Pay Stubs
Recent Bank Statements - Previous 2 Months
Hardship Letter - Why You Need a Loan Modification
Personal Budget
- We Have the Form for You
Copies of your bank statements
Copies of your loan papers - for all of your current loans
Loan Modification Typical Guidelines:
Housing Expense After Modification
to be 38% of your gross monthly income
Current Housing Expense to b greater than 38% of your gross monthly income
Principal Reductions are rare
Below Market Interest Rates available for up to 5 years
How We
Work
You make an appointment to come in and meet with us and you bring in all your paperwork
We review
with you and discuss your situation and your various options
Together we come up with a plan that works best for you
This plan may be a loan modification in which case we proceed on your behalf
Or this plan may be a short sale of your
home, a deed in lieu, or possibly bankruptcy
If it is anything requiring legal work then we refer you to an attorney
specializing in that area of law
Offering Complete Solutions There are many things to consider
and we will help you discover, review and analyze them. Upside down and too big of a house payment? How about a loan modification,
or a bankruptcy getting rid of some of your mortgage debt, or a short sale with a plan to purchase again in 2 or 3 years,
or any combination thereof? We'll run the numbers, go over your options, and help to give you insite and perspective.
Contact us for an appointment
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