Having qualified and professional assistance and representation with a loan modification does one big thing for people, it helps relieve some of the daily stress involved in the process of dealing with the lender or servicing company.  That has to be prefaced with having the right person and organization helping with a loan modification service.

The banks are such a continuous pain in the rear when it comes to helping the homeowner.  Having proper representation to assist in qualifying the homeowner, getting the ratio’s in order, defining the financials of the homeowner and being able to collect the proper documentation is a start.  Most people who think they can get a loan modification done are either believing the bank when they are told that they qualify and think because someone on the phone said so, that all they have to do is send everything over to the bank and it will happen.  Big mistake, and usually leads to a denial on the modification or a forbearance plan that only is a band aid for a major wound that the homeowner has.

As hard as it is to believe for many people, the lenders and banks are not your advocate.  They are not concerned for your best interest.  They want to keep you making payments and not provide a long term solution that is going to be beneficial to the homeowner.  Most of the time, the gullible homeowner will send everything over to the lender to let them sort through it all and they get a denial back, even if they were told they qualify.  They may get hung up by the lender needing more documentation, or having to resend the documentation over several times.  The truth is that updated information will always need to be sent to the lender and having qualified representation will be able to provide the needed documentation to the  lender as well as know what they do not need to see, and continue to update the file with the assistance of the homeowner.  This takes many, many phone calls and follow ups.  This is another reason many homeowners fail to get a permanent modification on their own.  It is very stressful to continuously have to follow up and resend and think you are close to being completed, only to find you have to start over.

If your sanity is worth it to you, having someone help you with your loan modification service, is essential.  You wouldn’t take your automobile engine apart to fix, if you weren’t a mechanic, why do you think that you can fix your mortgage situation on your own if you are not from the legal or mortgage industry.  With a phone call and a few minutes on the phone we can get a snapshot of your financials, your income and your expenses, and determine what your ratios are and then explain what you may potentially qualify for.  I have heard clients say, “I did that with the bank already”.   Well maybe you did, and from my experience from dealing with hundreds, if not more, of homeowners, I can tell you it doesn’t matter.  We can talk on the phone, run the information through our underwriting department, who will check the information as the lender will check it, and they will let us know if we have a potential workout and what we may expect.  Then it is a matter of getting the documentation together with the assistance of the borrower.  Some states require attorney assistance, and we will give you options that you can choose from for your best workout scenario.

Loan modification service is needed from the outside, not just from the lender.

Call us and we will be able to assist you in a professional and prompt manner.

Bank of America, Chase, Wachovia, Citi Mortgage, Wells Fargo, HFC, Aquin, and most of the other lenders are on our speed dial and we can get the process started quickly.

We will give you an honest assessment and provide service that will help make the process more understandable and less stressful.  Call us at 866-329-3328.

Loan modifications, what are they??  For some homeowners it is a significant increase in their monthly cash flow, by having the terms and interest rates adjusted or modified to a lower, more affordable monthly payment.

 This usually requires someone who is from the business, assisting you or representing you, for the purpose of your benefit.  This is what loan modification help is, a service that if done correctly or professionally, requires a fee.  Usually a legally backed service is preferred, due to the need of foreclosure defense in the event that the lender decides to pursue a foreclosure sale, meaning the homeowner has to move and lose all interest in the property and possibly owe back taxes and fees.

Some people think that a modification can be done by the homeowner themselves and avoid paying a fee to anyone.  It is reasonable to think that this can be done, the bank tells you that you do not need anyone to assist you or that you don’t need to pay for the service because they can assist you without paying anyone or a third party.

This is like going to a gun fight with a butter knife.  First of all the bank is not your advocate, they are not your parents, your best friend or even an acquaintance with your best interest at hand. 

The lender or servicing company that collects your monthly mortgage is interested in just that, collection of payment due.  They are a business that is in business, to make a profit, and are more interested in their shareholders that they report to, than the homeowner who is struggling.

You can do a modification on your own, but if you are not from the mortgage business, it is like taking apart your engine and putting it back together again,  not being an auto mechanic. By the time you think you are done, something is going to go wrong, if you know what I mean.

What we do for you.

First of all we talk to you and ask questions and help determine  your financial hardship  and help document it for the sake of presenting to the lender.  This is the first qualifying determination.

Then we will help determine your financials, your income and your monthly expenses.  This is the math part and the necessary part to determine how the file will be presented to the lender.  Too many times when homeowners try to do this them selves they forget that the lender is not their advocate and tell them everything about everything, instead of telling them what they need to know according to the guidelines.  We will do this for you.

We will help determine if you qualify for a loan modification and what rate reduction you may qualify for, according to the guidelines and ratios.  Sometimes debt settlement or possible bankruptcy may be suggested to help make the ratios work if there is too much unsecured debt, such as credit cards or medical bills.  We can help run the numbers to give you an option with a phone conversation.

  If you are in need of foreclosure defense strategies and legal representation, we can help you determine what your next step in the process should be, and help you decide your next step.

We also will process the file and make sure we have all the necessary documentation with your assistance.  We will be able to forward a complete file to the lender, make sure it gets to the underwriting department of the lender and make sure that every document needed by the lender is documented and imaged into the lender’s system.  We will then also make sure that the file  is moved as a complete file to the lender’s analysts or negotiators table, and move into a modified and more affordable monthly payment or extended terms.  Many times the first offer from the lender needs to be re-evaluated.  We will have to make sure that the lender has the borrower’s updated financials, paystubs and bank statements.  We will continue to follow up and make the phone calls, getting updated status for the homeowner.

Many times the offer from the lender is a forbearance plan; this is not the preferred plan.  This is usually a short term payment reduction program, that seems like a good idea, but really is a short term plan and then the payments you have not made are added on to the end of the loan, taking away your equity, if you had any, and usually adding a ding to your credit, if you still are concerned about it at this point.

We will try to work around a forbearance plan and move you into a modification, possibly a temporary plan, which will turn into a permanent modification after you complete usually 3 to 6 monthly payments.  Sometimes it takes longer to get a permanent modification and we will help do this for you as well to make sure it gets converted.

We will make sure everything is done correctly on this side of the modification, preparing everything correctly and moving it to the lender, and follow up and keep you updated with the status.  Give us a call and let us give you a honest and accurate idea of what can be done and help you lose the anxiety of worrying how you are going to get through this.

Proverbs 11:14,   where there is no counsel, the people fall; but in the multitude of counselors there is safety.

Proverbs 24: 6     for by wise counsel you will wage your own war, And in a multitude of counselors there is safety.

Loan modifications keep happening but there is always going to be a bottleneck if you are going to continue to believe the advise from people who tell that you can do this by yourself or by getting help from  so called experts in the theory that  Homeowners should start their loan mod journey by calling a HUD-approved nonprofit housing counselor. You can speak with a certified counselor by calling 888-995-4673. They can evaluate your housing options, open lines of communication with mortgage lenders, negotiate a loan modification, and help you with household budgeting, all at no cost.

This is like calling General Motors and asking them to show you how to build a automobile.  They can put the parts on the floor and give you the step by step directions, but who is going to lift up the chassis when you need to bolt on a wheel or something, or maybe, “can you pass me that 9/16 inch closed end wrench.

It is good in theory, but not in reality.

The bigger problem in getting a modification done is that the banks are imploded, the people on the other side of the phone are not able to think outside of the box, and the truth be told, they are not your advocates.  Are you going to be able to get it through the underwriting and onto the analyst or negotiator’s hands?  And who is going to tell you what to do when you are told you are denied, maybe more than once.  This is all part of it.  Oh, and who has the time, and the know how to follow through with this process.  Most people who need a modification need to be working to pay for their family.  People who have time for all this either are not working and won’t qualify anyways, or are living in government assisted living already.  You need professionals!!  Professionals, who are honest, will analyze the situation, and follow through for you.  They also will need to be paid.  Free directions are not going to help here.  Ask anyone who has used HUD counselors, or someone from NACA,  or H.O.P.E. and tried to get a completed modification done, and not a forbearance, which the bank will give out like candy.  Seriously!!

Here is the good news!!!

Things are getting done, but not as fast as they should be, or even as fast as they used to.  We are still able to speak with someone, get your financials in over the phone, but now at Bank of America, for instance, instead of getting the terms told to us over the phone, we are told to cut down on the time for the people at the bank, they are no longer giving the payments over the phone but you will get them in the documents when they get sent out.  At least we are seeing that the documents are getting sent out.

We are also seeing that Bank of America also has several internal programs that are working for homeowners also, the attorney generals plan, that seems to be have put into play as part of the settlement with Countrywide, which is now being serviced by Bank of America.

We are also seeing investment properties getting done as well as jumbo loans.  Yea!!!

If you need help and have a Bank of America, Citi Mortgage, Aquin, Home EQ, Green Tree, Wells Fargo, Wachovia or a Chase  loan, give us a call, good things are happening. We are working with all the lenders that are getting workouts done. Things are taking longer than we like but we can still make a call and see if something can get done first, and then let you know what to expect.  We will get your file delivered and follow through to make sure that the work is done and everything is completed.  Now it is just as important to keep on top of it when the trial modifications are in place to be sure to get the final and permanent modification done.      www.instant-loan-modification.com

 Who can Help Me, Really???

What is the truth and what is hype about getting loan modifications done, or is there really any hope at all. ( isn’t that where the banks send you to??? HOPE)  That is a hard question to get answered, depending on who you are talking to.

 The facts are this; there are a lot of people who say they can help and there are a lot of people who need help.

 This also puts a lot of people, right in the middle of the bull’s eye of people who say they can help with a modification and want to charge you a big upfront fee for doing so, and when you give them your money, you are told one thing and then you find yourself waiting and waiting and waiting.  30 days turn into 60 days.  Then it is 5 or 6 months and what is happening.  Then you start calling other people or companies to help after you can’t get a hold of the people who took your money and said they were going to help.

Or, you call the bank directly and try to deal with them.  Some people are very fortunate and are able to actually get someone to talk to that speaks English, and is able to help.  Part of the problem with dealing with the bank directly is, beside the fact that they are simply imploded, is that they are going to ask you about your financials, and you will give them answers to questions over the phone.  Here is half of the problem.  A great number of people will answer everything the bank asks, and then get a typical response from the bank that you do not qualify for a loan modification.

 Here is part of a bigger problem; they may actually qualify for a modification.  The bank is not your uncle; they are not going to be sympathetic or empathetic.  They have minimally paid people, taking information that will have a direct affect on your ability to save your house, or get a payment adjustment that you will be able to live with. 

This is from an article in the Washington Post, written by Renea Merle, December 17^th,2009, about Bank of America, and it’s inability to get loan modifications done promptly.

           “The bank has come under criticism for lagging behind competitors in signing up borrowers to the program, known as Making Home Affordable. By November, Bank of America had registered only 15 percent, or about 160,000 customers, of the more than 1 million delinquent borrowers who are potentially eligible, according to Treasury Department data. That is a far smaller percentage than competitors such as J.P. Morgan Chase and Citigroup.

Only about 340,000 of the 1 million delinquent borrowers identified by Treasury are likely to survive the qualification process, Jack Schakett, Bank of America’s credit loss mitigation strategies executive, said on a conference call with reporters. Many of the remaining distressed borrowers have abandoned their home or rented it to tenants, making them ineligible, he said. Others are unemployed and can’t afford even lowered payments, he said.”

Doing simple math, does that mean that only one-third of homeowners will qualify??  Does that mean the odds are against homeowners that much??  What about self-employed, unemployed, second homes, etc. 

     It is not just Bank of America, all of the banks want to have a cookie cutter approach to qualifying a home-owner for a loan modification, and unfortunately, that is not the way to make things work for people.  Too make things even worse, people who are charging people also want to have a cookie cutter approach when working with the bank.

What is the solution??  How can people get the help that is needed and how do you know who can help.   Taking a financial analysis approach is the key.  Putting all the cards on the table, and then sorting out the hand that you want to show the bank, is basically what needs to be done.  There are more than one program available to homeowner’s.

The truth is that each case is different, and circumstances need to be evaluated, analyzed, and hard questions need to be asked.  As I mentioned the bank is not your uncle, they are not your friend or a trusted confidant.  They are a business, they have share holders and to you, Mr. or Ms. Homeowner, you are really nothing more than a loan number and either fall under the category of Performing Asset or Non-Performing Asset.

This basically means that if you are making your payments on time as agreed, you are a Performing Asset.  If you have fallen on difficult times and have gotten behind in payments by a full 30 days, (not just 15 days and now are paying the banks junk fees, known as late payments), now you are a Non-Performing asset. This triggers off a series of reports and now you have fallen in a different category.  The bank now sees that they may have a situation, and believe it, they have many situations.

Try calling the bank and asking for assistance on a loan modification and not being at least 30 days late, they will make you feel foolish, and worse will in some cases, tell you to call them back when you are 90 days late.  Does this sound like who you want to help you.  Sure the cost is free when dealing with the bank yourself, or is it??  The truth is it can cost you a lot more, like your house.  So what is that worth to you?  What does it cost to have someone help get a homeowner qualified or at least look and run the numbers and analyze the situation to see what potential program may work for you.  It really is a complete package that needs to be looked at, not just your interest rate.  Some peoples unsecured debt, (credit card debt) needs to be addressed to show the bank intent on the homeowners part to take control of the situation and be financially prudent. 

Give us a call, we will look at your complete situation.  Get the information from you that matters to getting something done.  We have underwriters on staff that will analyze your situation and get your ratios in place or let you know what needs to be done.  Then we will then have another conversation with in 12-24 hours usually, going over everything and discuss your options.  In many cases after we have a authorization signed by the homeowner to allow us to speak to the bank on your behalf, we can get terms in place right away.  Many times it will still take the bank 14-45 days to get the paperwork back to the homeowner, but terms have been established and can be verified.  This is a very sensible and productive way to get positive results.  You don’t have to pay until you see some results.  We will get you qualified, pre-qualified with the lender, and in many cases terms in place with in days of our initial conversation.

May 29, 2010

Bank of America is working to get modifications done, but in the mean time some of the clients we are working with, are more confused and angry than ever.  The good news is that  with the right people following up, calling and sending in your documents  for you, this is really the only way to get anything positive done.

Maybe our site should change from instant loan modification to tenacious d loan modification.

      The latest wave of people calling for help on modifications seem to be people that have already tried to get a modification done on their own, and have been denied, forgotten by the bank, or are on their last prescription of Zandex and just can’t take the rejection or insanity of it all, in dealing with the lender.

    Remember the people, in high places, who were telling the public that you don’t need to pay to have your modification done.  I won’t name names, but you can look it up.  Well now days with the statistics showing not such favorable results,  Mr. and Mrs. Homeowner are finding out that it is not an easy or pleasurable task in trying to getting something positive done when dealing on your own with the lender or servicing company holding your mortgage. I wouldn’t say impossible, because with God, nothing is impossible, but I don’t know if the lenders and servicing companies think that they are God or don’t believe in him, because they seem to be from the other side.

I can’t tell you how many homeowners I talk to in a day, that are either so far over the top emotionally or believe the banks are trying to wear them down so they just give up on saving their home.  Lost paperwork, speaking to different people at the bank, or,” we have your paperwork, but we need new paperwork, or here is your temporary plan and then sorry you don’t qualify for a permanent plan, and oh by the way, now the twenty thousand dollars that you haven’t paid us because we put you on a reduced monthly pay plan, we want all that money now or we are going to foreclose” are common stories that are not really stories but factual remarks from people who are trying to deal with the lender on their own.

The spirit of America is too not give up.  But when we deal with bureaucracy and insaneness ( my definition” when you keep doing things the same way, and expecting something different to happen”  –insanity)

So, do homeowners need to pay to have someone help with their home modification??

The better question is who can I trust to help with my modification,  and my families home?  Anyone who is underwater with their mortgage, homeowners who owe more than the property is worth, get plenty of calls and mail suggesting that they may qualify for one government program or another and all they have to do is call for help.

Most of the time, they are passing the information on to another processing company who may care and have the capacity to get the follow up needed done.  Maybe!!

If you call us at www.instant–loan-modification.com, 1-866-329-3328, we will ask you questions first.  Questions pertaining to your current situation, find out what your situation is, ie; your lender, your current interest rate, who is on the loan, who is contributing to the mortgage, what would you like to do??

These questions will be part of a financial analysis that will help determine if you will potentially be able to qualify for a modification, government program or lender specific internal program.  We will see if you may need to speak to a bankruptcy attorney or a debt settlement expert.  We will run your ratio’s and meet with our underwriters to see if you look like a prime candidate for a loan modification.  You will not be asked for any money upfront.  Depending on what your circumstances are, and if are more likely going to need assistance from an attorney we will be able to help you.  If you just need to have someone call for you to the lender, we can help you.

This is to the point where we may want to consider changing our name to Tenacious D loan modifications.  The “D” standing for ,( not desperate) Determined, Demanding, Diplomatic, Dependable, Dynamic and even though it doesn’t start with a D, Follow through for you.

We will get your financials straight with the lender, even if they have to be updated.  We will get past the forbearance offer, which so many homeowners get hooked into on their own.  We will work through denials, usually due to miss-information on the lenders part, and we will continue through underwriting, to negotiators and through every other department that the lender decides your file needs to go.  And if they throw a temporary plan at you, we will walk you through it until you get to the permanent plan.

God willing!!!

This can be accomplished with your help, and patience.  It will take some time.  The banks are so backed up, we send some extra fiber with every file to help them get it through, (just kidding of course).

Give us a call and let’s see what can potentially happen to make things better for you!

Some of the banks that are on our speed dial and moving to make things work for the homeowners are of course B of A, Bank of America (not Bank of the Angry), Citi Mortgage is also being co-operative.  We actually had a client, who is with Citi,  that we had postponed a sale date a second time for them who had equity, had gone almost 15 months without making a payment and was still able to get them into a 2 per cent mortgage for 5 years after they had denied him three times for a modification. 

Wachovia, who is now Wells Fargo, is also working to get things done.

Again your ratios have to be in place and  you must  have income, but if you do qualify, then there are some good things that are possible. In many cases, we are still able to use unemployment as income. It is still necessary to have everything in a complete file, and more importantly be able to follow up, and follow up, etc.  It’s going to take a multitude of phone calls to make things start to happen with your lender. The banks are still not anyone’s advocate and it’s going to take  a knowledgable professional to get the job done right.

Second mortgages are getting done as well. GMAC, Greentree, HSBC, Citi, B of A, Wells Fargo, all are participating in getting lower rates on second mortgages. It used to be you would have to wait and wait until the first mortgage holder did something to modify your loan before we would see something done on the seconds. We are seeing 14% rates getting dropped to 5 %, for the life of the loan. Hundreds of dollars on a monthly second mortgage are getting cut for homeowners. It is exciting to see things happening for homeowners. Give us a call and let us examine your case and get your file in order, walk you through what your expectations should be and see if we can improve on things for you.

If you want assistance with your Bank of America loan modification, just give us a call or fill out our quick and easy form. We’d love to see if we can help you lower your monthly payments and keep you and your family in your home.

Bank of America Modification