Personal Finance guide

Hardship assistance in the form of loan modifications has been available for years, but it’s the topic of conversation now more than ever since the Making Home Affordable (MHA) Act was introduced by President Obama. Unlike in years past, the process for applying and being approved for home loan modification is less inefficient and speedier. Investigate your options if you think that a home loan modification would assist you in your time of financial hardship.

It doesn’t have to be the end or result in foreclosure if you’re currently having difficulty making your monthly mortgage payments. If you apply for loan modification assistance before you hit rock bottom, you may be able to do something to save your home. A financial adviser can let you know your options, whether you hire one or schedule an appointment with a HUD-approved financial adviser for free counseling. Continue reading ‘Easy Advice For Home Loan Modification Hardship Assistance’ »

News of downsizing and layoffs has been prevalent during these downturns in our economy. Those who have lost their jobs are concerned about meeting their bills, including their monthly mortgage payments and wonder if there’s any opportunity for them to participate in a loan modification program. That’s a valid concern considering that obtaining a loan usually requires the ability to repay the loan, which requires the borrower to have a job in order to earn income.

You are not alone if you are finding it more difficult to make your monthly mortgage payments. Millions of Americans are experiencing the same problems as you are facing. Foreclosure is a scary word that you don’t want to have to consider and there may be other options that will work better for you and your family. Don’t feel guilty about being in the situation that you find yourself – it’s not your fault. Continue reading ‘Can You Qualify For Loan Modification If You Are Unemployed?’ »

Stop worrying about foreclosure and start evaluating your options to modify your adjustable rate mortgage and lower your monthly house payments. There are programs out there available to help you through your current financial hardship. The lenders realize that foreclosure is not the best option for them or for you, so they are willing to work with you if you meet certain qualifications.

With all the other expenses you incur each month, you surely don’t want to have to continue to make high mortgage payments for an extended period of time, worrying whether or not you’ll be able to make the next one.

A contingency plan can help you solve your mortgage woes by allowing you to lower your monthly payments. Being proactive is better than being reactive, so don’t wait until you’re knee-deep in financial trouble, explore your alternatives now. Continue reading ‘The Facts about Adjustable Rate Mortgage Loan Modification’ »

Struggling home owners are scrambling to get modification loans. In order to increase your chances of approval, you need to know how to fill out the loan modification form correctly! This could mean the difference between saving your home and foreclosure!

The first step is to make sure you have everything the lender will require. You will need to contact your lender to make sure you have every loan modification form required by your bank. Here is a list of the most commonly required loan modification forms:

1. Borrower Statement: This is an information sheet that includes your name, address, social security number, and job history and dependent information. Basic facts will be required by all lenders.

2. Financial Statements: This is where you show the lender your current financial situation, including an itemization of your income and expenses. It is important to indicate the reason your current mortgage payment is not affordable and how a new modified (lower) payment would be affordable for you now.

3. Hardship Letter: This is where you will write an essay explaining your situation. You must tell the lender why you are currently or soon will be suffering a financial hardship. (Job loss, death in the family etc.) This is your chance to explain specifically why your current mortgage terms are out of your range and how changing the terms or lowering the payment will be within your new budget. This is SO important, take your time and make sure to stay on topic!

4. Cover Letter: This is your submission cover letter which should state the new terms or payment amount that you are requesting. It’s important to determine what you can afford ahead of time; this shows the lender that you are serious and have done your homework, adjusted your budget and will be able to meet the new obligation. Continue reading ‘Loan Modification Form – How to Get Approved’ »

Struggling home owners are scrambling to get modification loans. In order to increase your chances of approval, you need to know how to fill out the loan modification form correctly! This could mean the difference between saving your home and foreclosure!

The first step is to make sure you have everything the lender will require. You will need to contact your lender to make sure you have every loan modification form required by your bank. Here is a list of the most commonly required loan modification forms:

1. Borrower Statement: This is an information sheet that includes your name, address, social security number, and job history and dependent information. Basic facts will be required by all lenders. Continue reading ‘Loan Modification Form – How to Get Approved’ »

A well-written hardship letter can make or break your ability to be approved for a loan modification. The hardship letter needs to lay out the reasons why you are facing financial difficulties and why you would be able to meet your mortgage obligations under revised terms.

Preparation is always the key to success, so preparing a checklist to guide you toward covering all aspects that need to be included in your hardship letter will increase your odds of approval. Below are the three key points that you need to include in your letter. Continue reading ‘Preparing a Loan Modification Hardship Letter – Three Basic Points to Include’ »

Do you have questions about Obama’s loan modification program and who is eligible to participate in it? Are you wondering which financial institutions are providing loan modification options using the $75 billion allocated by the Treasury Department? Keep reading for some answers to these questions and more.

Lender participation in the federal program isn’t required, but many financial institutions have already signed up and many more are eager as modifying a loan is a much preferred alternative to foreclosure. Also, under Obama’s loan modification setup, lenders are being offered incentives to participate in this plan that is expected to protect four to five million American homeowners from losing their homes. Continue reading ‘Eligibility Requirements Under Obama's Loan Modification Program’ »

Loan modification services are a great option for the majority of homeowners who are trying to modify their mortgage loan. For many, receiving a modification on their own is a difficult task. Lenders are firm on their requirements without additional pressure from an outside party, such as loan modification services.

When a lender looks over an application for modification, they have their eyes open for certain factors, mostly those pertaining to financial hardship. However; there are some things that the unsuspecting homeowner may not be aware of. For example, many don’t know that in most situations, a recent or current bankruptcy can be means for disqualification. Continue reading ‘Where to Get Loan Modification Services’ »

Loan modification services are a great option for the majority of homeowners who are trying to modify their mortgage loan. For many, receiving a modification on their own is a difficult task. Lenders are firm on their requirements without additional pressure from an outside party, such as loan modification services.

When a lender looks over an application for modification, they have their eyes open for certain factors, mostly those pertaining to financial hardship. However; there are some things that the unsuspecting homeowner may not be aware of. For example, many don’t know that in most situations, a recent or current bankruptcy can be means for disqualification. Continue reading ‘Where to Get Loan Modification Services’ »

Loan modifications are on top of every homeowner’s to do list these days. And why not? Having your mortgage modified can lower your interest rates, promote late payment forgiveness, extend your mortgage over a longer and more manageable period, and possibly even lower the principle.

Naturally, something that can be this beneficial isn’t east to get. Many lenders and financial institutions are holding onto their loan modifications with an iron grip. The only way to get one is to convince the lending company your mortgage is with that your current financial situation can’t handle your current interest rate, but a lower one will be affordable. Continue reading ‘Loan Modifications – Budget is Key’ »