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March 19, 2010

Loan Modification Hardship Letter

A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.

It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.

Real Estate Investing article on "Loan Modification Hardship Letter"

March 11, 2010

Loan Modification

Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.

In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.

Real Estate Investing article on "Loan Modification"

March 08, 2010

Making Home Affordable

Last year, President Obama unveiled Making Home Affordable to help borrowers struggling to make their monthly mortgage payments and those facing foreclosure. The primary goal of this program is to offer loan modifications and mortgage refinance to borrowers whose mortgage notes are secured by Fannie Mae and Freddie Mac.

The Making Home Affordable refinancing plan expires on June 10, 2010, while the loan modification program expires December 31, 2012. Two additional programs are currently in the works. The 2nd lien modification program is scheduled to be implemented in the first quarter of 2010. The foreclosure alternatives program is expected to debut in April 2010.

Real Estate Investing article on "Making Home Affordable"