Do You Want To Get A Mortgage Loan Modification?
Do you want to get your loan or mortgage modified? How about your second mortgage on your house? How about second homes or investment properties, can these type of modifications be done? Do you have an idea of what the minimum payment reduction will be needed to make it work for you? Do you have the ability to know if a short sale makes sense? Do you know who to ask? Or do you just keep on borrowing until there is no more to borrow and then start to try to figure it out? Do you have a plan to turn your financial future around? Do you know the difference between Bankruptcy, Debt Counseling, and Debt Settlement?
These are part of the hard questions in the overall big picture of getting back on track financially. We are in unprecedented times. Not only are there more people today, than at any time trying to get a home mortgage modification, now there is more information out there on loan modifications, that is just that, information. Good and bad, mostly bad or just speculative.
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We have historically low interest rates that have been holding steady, but the vast amount of people can’t get refinanced. So they are willing to pay someone lots of money to try to get a better rate or lower monthly payment, through a so called loan modification. If I had a dollar for every time I talked with someone who tells me they have already paid someone for a loan modification and not gotten anything done, or they haven’t heard anything for months on the status and don’t have any idea of what is happening,,,, I would never have to buy my lunch again for a very long time.
It is a real mess out there for people. How many people have tried to get something done to their loan and gone to a non profit agency or tried to do something with the bank themselves and either been denied a modification or else have sent everything in and not heard anything back for months and months and months. People, nothing is ever going to get done using this route.
The truth is, it takes swift, precise action. You should know if there is something that can be done or not, and not take the word of the bank and their low end paid employees who can only use a cookie cutter program and box to figure out if something can be done to save your house. Are you kidding, maybe I can trust someone who is a volunteer to help save my house. Maybe you can, most likely you can’t. You need trained experienced and Honest individual who is not only able to work your numbers and financials but is going to be able to offer sound advice on what your potential options are.
A loan modification is done because a file is presented to the bank that makes sense to the bank. They see a high debt to income ratio, a hardship, and the better cases; missed monthly payments. This again is not a scenario that anyone wants to find themelves in. Many times people will be more worried about their credit than their money and home and will borrow every dollar they can from credit cards, family, 401K, pension money, life savings. The banks love this when you do this. It keeps you in the category of “performing asset on their books”. They love it. They are not going to refinance you because you have too high of a debt to income ratio, or you have dinged your credit or your loan to value is too high.
If you deal with the bank yourself, in many cases you will not get a loan modification either. In many cases it falls under the reason due to TMI. You give the bank “too much information”.
Getting your Loan modified or refinanced if possible is a very good first step in getting back on track with your finances.
We will be able to do a financial analysis with you and get you pointed in the right direction. We are in the in the mortgage business and do not believe in full disclosure when dealing with the lenders, only providing the information and numbers to them that will be needed, and will be helpful in getting the positive results you are looking for.
We can usually with in 24 hours get back to you with a qualified approval for a modification and can get an authorization to speak to the lender within a day to 5 or seven at the most, usually. Then we can get back to you with the terms of what your new payments will be.
We can work on the first mortgage, second mortgage, second homes, investment properties and help with your unsecured debt as well. There is a way to get work done and not get robbed trying to find someone who can help get things done correctly.
Consultations and getting your financial analysis done is always done prior to asking for a dime, and by working this way, usually 70-80% of the work is done upfront before you pay anything. Most everyone else you will talk to will want money upfront, and that is where the problems start. We are looking for sensible solutions, and profitable results for everyone involved. In many cases after a financial analysis is done, we can arrange a free consultation with an attorney if bankruptcy is a potential possibility and then we can look at all of the facets involved in getting you back on track in the fastest and most economical, yet efficient way possible. It is always worth a phone call or an email to get a phone conversation to see what can be done. We are currently having tremendous success with B of A, yes it is true, and of course formally Countrywide, Chase Bank, Citi Mortgage, Wachovia, now Wells Fargo, and many of the others. We are having success with adjustable loans, fixed, and interest only payments as well as getting relief on the second mortgages as well. We look forward to hearing from you.
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