LO and Realtor Loan Mod Training…How To Make Money From Loan Mods Now!
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More Loan Mod FAQs.
Where Do I Get a Loan Modification?
Ultimately, the only place where you can get a loan modification is with the lender or servicer that current holds your mortgage. Confused as to who this might be? In this mortgage market, where mortgages are bought, sold, and packaged up into securities for Wall Street, this part can be the hardest step in the loan modification process.
The best place to start is your mortgage coupon book or statement–who do you send your mortgage payment to each month?
Each mortgage lender or servicer will have different loan modification programs and processes. In addition, often the staff at these companies have little training to handle a loan modification inquiry.
This is where getting a loan modification can become very challenging. Seeking expertise in streamlining your loan modification process can often save you a lot of frustration and money.
What Do I Need to Show the Bank?
The bank ultimately is in the business to return a profit to their shareholders, just like any other business. Consequently, your objective in presenting your loan modification request is to show that it is in the best interest of the bank to modify your loan.
What might support your modification request? Here are the points that you should be able to show your bank:
* You have had a material change in your financial circumstances
* You have made every effort to make your mortgage payments
* You have been cooperative and responsive in working with them
* You are not in any way purposefully defaulting to get a loan modification
* You are willing to be open, honest, and provide all necessary documentation
Remember your bank is essentially making a new loan to you after taking a loss on the first one. You need to demonstrate to the bank that you are able to pay on the new modified loan terms.
What Documents Will I Need?
Your loan modification package is going to be the most important part of your mortgage modification efforts. Again, the contents and process for packaging the information for your lender’s consideration will vary, but the critical elements are typically the same. Here is an example of the documents you will probably require:
* A letter documenting and explaining your hardship
* Proof of current income and capability to make modified loan payment
* Detailed monthly expense report or budget
The principal purpose of the loan modification package is to provide your lender with sufficient documentation to evaluate the risk in modifying your mortgage. The main question your lender is trying to answer is can you pay the new modified mortgage payment, and will you.
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Part of that documentation that helps a lot is knowing and presenting the current value of the property… and how much they are likely to net if they take the property back. I have been including a full market analysis of the property and an estimated HUD 1 from the title company to back up my opinion that they should work to create a modification that works for everyone.
One reason that so many of the mods are going back into foreclosure is that the lenders continue to be totally focused on the banks side of the deal. The key is to create an Equitable modification that works for all parties in the long term.