Denver, CO - Here is a question we get asked on the first inquiry when requesting our Free Loan Modification Guide! This has to be addressed upfront so that the home owner understands what they are up against asking for a loan modification with their lender!Our answers are as follows:
Has your income recently been reduced? OR, is your interest rate about to re-set to a level you cannot afford? OR, you have other live changing events as divorce, loss of spouse, etc.
In these cases, you probably could be a candidate for a loan modification. This is true even if you are not yet behind on your payments. This is important to understand. If the person with the lender tells you that you have to be in default, that is NOT THE TRUTH! There are other things to be made aware of, as well.
To start the process, gather up all the necessary documents. You will need income documentation, all your mortgage documents, and copies of your monthly bills. You will need to present the lender a case on why they should accept your loan modification.
In essence, you will be providing a new loan application (financial package) to get a loan modification approved.
You generally qualify for a payment reduction if the house is your primary residence and your payment is more than 31% of your monthly income. Now, keep in mind, if you are drastically beyond that 31%, they may deny the loan mod (payment reduction). WHY? They do not believe you can afford that reduction any more than the original payment. Especially, if you have a missed payment history.
If you are unemployed and behind in payments, they WILL NOT approve a loan modification. You may have to choose another option to avoid or stop a foreclosure!!
One more thing to understand what lenders are doing when working loan modification requests. They may set you up for a "trial period" for 3 months. When you are behind in payments, this trial period is a way for them to collect "back payments" from you!
Many lenders are accepting loan modifications. About 3-5% requests are being approved!! Here is the key. You must show your lender how it is beneficial to them to accept your loan modification.
Our loan modification kit has the information on how to make the argument. We show them that they will make more money by accepting your loan modification versus foreclosing on the house. They're in the business of making money, right? That is why this one strategy has been successful in the past!
Thinking about a loan modification? Our Westminster loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
For related blog / video blogs, click on the links, below!!
http://denverstopforeclosureblog.com/?p=789
www.youtube.com/user/avoidforeclosures
www.youtube.com/user/yourhomesellshere
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Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Stop Foreclosure: Do I Qualify For A Loan Modification? is provided as a courtesy to our viewers to help them make informed decisions.
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