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Can I do a loan modification myself
[October 13, 2008] by Foreclosure Help
Filed under: Can I do a loan modification myself

Hi Distressed Borrower,

First of all if you are facing an imminent foreclosure you need to contact us ASAP.

A hardship letter is definitely is a key parts of a valid loan modification proposal. However there are several pieces to the puzzle and you must put all of the pieces together coherently before submitting it to a lender.

A few things to know about modification:

The numbers you send to your bank have to make sense. Write them down on paper and do the math.

If you are not able to demonstrate an ability to make payments AFTER a reasonable modification (5% - 6% 30 year fixed) you will not get one approved. Although there are some investors that do not allow a loan modification

Depending upon your lender, there are a number of ways they will work to help stop foreclosure. I have personally negotiated with most of the mortgage companies and servicing companies.

If your lender said they were going to send a package, they will and it should take 3 - 5 business days to receive it. You really need to know what you are dealing with and the numbers they are looking for in order to modify your loan.

It is important to get together information required to get loan modification help:

Latest 2 paycheck stubs for all wages earners in the household.
If you are not a W2 employee you will need to put together a Profit and Loss Statement. The P&L will need to list all income and expenses.

2 years Tax Returns from each wage earner in the home.

2 latest Bank statements the last 2 months

These are the basics documents that are required in order to be submitted for a loan modification.

Before submitting your financials you need to take a good hard look at your bills. Sit down with all members of your household and make a list of all outgoing expenses do not forget to include:

Groceries - Food including eating out and lunches (monthly)
Transportation - gas, tolls, public transportation …
Auto Loans
Auto Insurance
Electric, Water and Gas
Insurance - Life and Medical not taken from check
2nd Mortgage
Credit Cards
etc.

Make sure to document all of your bills and your income to determine whether or not you can afford your mortgage payments. If you are close but running a little short our help modify my loan program can still help get you a loan modification.

Help Modify my Loan program:

We offer the same great information on how to get a loan modification to you and show you exactly what you need to do to get your loan modified. We have worked with practically every lender and we will help you.

Most loan modification help seems to be from companies that have no business helping because they are not qualified. Our programs whether you do them yourself or we do it for you we offer professional help.

If you are going to attempt to modify your mortgage yourself you will be better served to get professional help. Click the link help modify my loan.

we have helped many homeowners stop foreclosure below are homeowner contacts:

City: Fond du Lac
State: Wisconsin
foreclosure help in Wisconsin
County: USA

Girlfriend lost her job and I’ve been trying to pay everything. Gas prices went up,car broke down, dog had ACL surgery, lost my job in 2005 being fired wrongly took the company to court I won my job back but during that time I had to file bankruptcy. we need to know How to stop foreclosure on my house

City: Taneytown
State: Maryland
Foreclosure help in Maryland
County: Carroll

loan sold 5 times , is a farm 390 acres worth about 4 million, owe 145,000, have means to make the 45,000.00 payment but need time to sell an asset ( about 3 weeks) then want to negotiate better terms, have made huge early payments in the past that should mean that i owe nothing now. help us stop foreclosure

City: Oconomowoc
State: Wisconsin
loan modification with Homecomings
County: Waukesha

I have received a default letter. I am currently 3 months behind. I was out of work from one of my jobs over the summer. I am a teacher and somehow got behind. We had a modification previously with our lender but I was under the impression the mod was satisfied and we were paying our payments on time. The other mod was from a period of time when we lost one of our children. For a few months my husband and I fell behind but we did get it caught up and paid. Now my mortgage co said you are only allowed one modification on the life of a loan. Please help us. We want to keep our house. I am working three jobs right now and my husband is employed. I want to do right and pay. Please help us. Homecomings Financial how do I stop foreclosure

City: Ft. Myers
State: FL
foreclosure help in Florida
County: Lee

We tried to pay GMAC 2 payments and late fees. They would not accept payment. GMAC told us to call their lawyers, took lawyers 2 weeks to call back because they had not even received paperwork. Then sent us a statement for 2 month mortgage payments, late fees and their $4,700.00 bill. A consult with an attorney led us to file bankruptcy….after 18 mos. continuing to pay trustee mtg payments, the trustee decided on a $1,970. for 50 mos. settlement….we dismissed the bankruptcy in 3/08….tried to sell hm short sale, one offer denied from PMI ins. Still waiting for a court date in Lee Co. for judge to tell GMAC they may take house and try to sell….waiting….waiting….waiting…. We finally moved out of the hm this past July! And are trying to move on with our life. we need foreclosure help to sell our property

City: Decatur
State: Georgia
Foreclosure help in Georgia
County: Dekalb

I was laid off in 2004 and it was year before I find a job. The job I find was almost a $20,000 decrease in income, so I had to do a partial claim program for my mortgage. I paid what I could than I had to file bankruptcy in 2006. I got a workout plan with the mortgage company in 2007. I had to change job in August 2007 and miss one payment and they would not accept my payment. I went to this company that was to talk to mortgage company and stop forceclose in September 2007 paid them $109 to get me on a program. So I call to see what was going on, nothing. I call almost every week up until Feb. 2008, that is when the HOPE 995 number came out and I call them and one of the counsel got the mortgage company on the line and we talked and I got qualified for a loan modification. I received my paperwork in May and filled in out and submitted the amount they wanted in a cashier check. A week later they call and stated that they find liens on my property and could not proceed with the loan modification. Well the liens was not my liens they belong to someone who has the same name as me and their IRS and State tax liens was attached to my property. I fax over all my tax returns for the years that this person owe proving that I did not owe the IRS or State. I called them almost every week to see what the status is since I fax over the information proving I do have lien. The SSN was different and the address was different. I did not get a answer from June until September when they told me I did not qualify because the interest rate had drop and I was already at a low rate 6.5% fixed. The interest rate did not drop until the end of August. I fax the information on the begin of June. That was enough time to approve me before rate drop. So now I am in foreclose and they stated that I did not qualify for the new program that just went in effect and there is nothing I can do at this time but to pay the back balance to save my home. I fall behind because I got laid off and the payments kept going up and they stated it was tax and insurance, but my property tax have not been that much. When I first move in it was $1,500 -2004. then the next year it was only $680-2005. For 2006 and 2007 also 2008 it only been $840+. So I don’t understand how it went form $675 to now $896. If I can get it refinance between $625 and $750 I will be able to afford this. refinance to stop foreclosure

If you need a Title Company in Florida, we have found a great company that can help. They give expert assistance for buying, selling or refinancing your home

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