Loan Mod Secrets….Learn How-To Modify Your Loan.
http://www.AgentLoanModSecrets.com
Am I Eligible for a Loan Modification?
This will vary depending on who services (i.e., who you send your mortgage payment to each month) your mortgage. However, most follow very similar qualification criteria. These are the most common loan modification qualification standards:
* Experienced a documented hardship or change in financial circumstances
* Missed three payment (90 days delinquent) or more
* Owns and occupies the property as a primary residence
* Not filed bankruptcy
Other important factors that can effect your eligibility:
* Do not purposely default to get a loan modification
* Make sure you are responsive in working with your lender
Since many of the programs do vary in how they work, you should contact your lender and advise them of your hardship and get more information.
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.
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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…
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