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The Essentials of Loan Modification

If you are behind on mortgage payments or in the midst of the foreclosure process, you should consider a loan modification or other foreclosure alternatives. These options may help you find a way to lower your mortgage payments (or improve other loan terms) and stay in your home.

Considering Alternatives to Foreclosure on Your Home

Facing foreclosure, homeowners often assume they have only two options for dealing with the foreclosure — pay up or move out. However, there are several alternatives to consider. [more…]

Hiring a Loan Modification Professional for Home Mortgage Expertise

Loan modification for a home mortgage is a team sport. You either work with your lender or through a third-party representative, a loan modification expert. Which option is best for you? Read on to find [more…]

Discussing a Loan Modification with Your Home Mortgage Lender

Lenders have many policies for rejecting a loan modification request. Some of the lender's restrictions are reasonable. You'll likely be rejected for a loan modification if you’re not gainfully employed [more…]

Teaming Up with an Investor to Stay in Your Home

Real estate investors are sometimes willing to team up with homeowners to help them keep their homes — either permanently or temporarily. Although these investors normally purchase properties with the [more…]

Documenting Your Property's Market Value

Lenders want to know about the market value of a property before approving a loan to purchase the property. The lenders want to make sure that the collateral is sufficient to secure the repayment of the [more…]

How to Prepare a Hardship Letter for a Mortgage Lender

When applying for a home loan modification, a key component of the application is the hardship letter, the homeowners’ description of the financial setbacks they’ve experienced that resulted in their inability [more…]

Creating Financial Statements for the Mortgage Lender

When you apply for a home loan modification, you will need to prepare financial statements for the mortgage lender that list your household income and expenses. The decision of whether your lender agrees [more…]

How to Document the Mortgage Loan Modification Process

When you’re trying to negotiate a loan modification, you should document the entire loan modification process. Use a log to document all communications. Even people with photographic memories have a difficult [more…]

Dealing with Lender Delays in a Loan Modification

While some lenders expedite the loan modification process, others lenders don’t (whether intentionally or unintentionally). They delay the loan modification process until the option falls through the cracks [more…]

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