Getting a loan modification is the best way to cure the default by adding all of the missed payments to the principal balance and then recalculating a new payment with a new interest rate.
It was a lot of work to get this done, but now that it is over, we feel great!
J. Corr- Home Owner
I tried many times to get a loan modification, but the bank kept telling me to send in the same papers over and over again. It wasn't until I found Todd Murphy that I was finally able to get a loan modification. He explained the secret process that the banks follow and don't tell you, so that I could submit an approvable loan mod application.
Cindy- Home Owner
Is your bank asking for the same paperwork over and over?
Are you waiting and waiting and waiting for answers?
Getting conflicting information every time you call?
Getting no response from your lender?
Always speaking to a different agent?
Faxing documents again and again?
Spending hours on hold?
Getting the runaround?
The banks give homeowners a hard time when they try to modify their mortgage. Bank representatives shuffle homeowners between people giving different answers to basic questions. You have to fill out applications and provide documents over and over. They might lose the documents, or say the application has expired and tell you to send it all over again. This process can be costly and drag on for months-- or years! Sometimes the application gets wrongly denied, or denied without you being given any reason whatsoever. While this is happening, you've gotten further behind in your mortgage payments...a complete catastrophe! But, with our Consumer Guide to Loan Modification, you can end the vicious cycle and get the invaluable information you need to get a loan modification.
At Todd Murphy Law, we guide you through the process. We're with you every step of the way. We've discovered all of the secrets and can show you how to determine whether or not you'll qualify, and if you don't, how to set yourself up to qualify. We'll show you how to fill out the forms, write the hardship letter, submit the forms, and follow up with your servicer until you get answer. Getting a loan modification doesn't have to be a difficult process; let us make it easy for you. We can show you how to successfully apply for a loan modification and save your home from foreclosure.
Find out how by downloading your Free Consumer Guide to Loan Modification.
A loan modification is a change of the terms of a loan, allowing it to emerge from-- or avoid-- default with payments affordable to the borrower. Late fees are forgiven, but other collection fees are rolled into the principal and the loan is re-amortized. Payments are lowered by changing the interest rate, the term of the loan, or both.
It can be challenging for the consumer to see the process through the bureaucracy of their bank. We can help. Common reasons for difficulty in completing the process are omissions in the paperwork, failure to meet deadlines and follow up, and the elusive nature of the bank personnel. We here, at Todd Murphy Law, fight for the consumer, and teach you the tricks to dealing with bank personnel and make sure the paperwork is in order so your application is reviewed.
It is crucial to act quickly if you are trying to get a loan modification because the longer you wait, the more payments are being missed and the harder it becomes to qualify.
The documents that you send into the bank are time-sensitive and expire after a few weeks. The banks are very precise in what they are looking for and if you wait too long to submit new or additional documents, you run the risk of the others expiring. This can quickly turn into an endless cycle of being denied.
Many telemarketing representatives like to use the hope of principal reduction as a way to get you to pay their high fees-- telling you they have excellent relationships with lenders and they can get you a principal reduction. But don't be fooled. A principal reduction is next to impossible to get.
They need two most recent tax returns, three most recent pay stubs for all the people whose income you will be relying upon to pay the loan payments, and bank statements. All of the banks use the same form for the most part; you can find this form on the bank's website to find out what documents must be submitted.
The main factor used in determining whether or not you qualify is if you are able to afford the new monthly payments. There are simple calculations that must be done using the arrears accumulated, new interest rate and gross monthly income. You must compare your income to your new estimated monthly payment after a loan modification. This will let you know if the bank thinks you can afford the monthly payments.
Due to recent changes in the law, it is now possible to begin a loan modification process before the loan goes into default. Pursuing this option early on can prevent a cascade of other problems that can result from a loan going into default.
Simple answer: no. Lenders just can't understand the finances of the self-employed. What, then, can a self-employed person do to qualify for a modification? Start with audited financial statements by a certified accountant. If you have been in business for more than 5 years, you have proven that you have a reliable income. Another approach may be to pay yourself a regular paycheck each month just like regular employees do who are not self-employed. This can be helpful to a lender when underwriting your loan modification.
Todd Murphy Law has been helping people get loan modifications for over 20 years, even after they had given up hope of ever getting one.
Get your Free Consumer Guide to Loan Modification and find out how a loan modification can help cure your missed payments and get you on the fast track to living the financially secure life you want to have.
Getting a loan modification doesn't have to be difficult.
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