The mortgage loan modification process is not a overly difficult one. The fact is lenders are very motivated to work with you. For lenders, a loan modification is the preferred solution to help troubled homeowners.
There are 6 key elements that the lender will look for when considering a Mortgage Loan Modification:
The factors they will look at are:
1. Hardship
2. Ability to pay
3. Amount Owed
4. Equity in the property
5. Future financial situation
6. Does it make more sense to have the borrower sell the home via a short sale.
A loan workout or loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable to the borrower to meet their obligations. Often times homeowners don’t want to or simply can’t do the loan modification themselves. They prefer to hire a professional to work with the lender to modify their loans for them. Increasingly, millions of borrowers are turning to ‘Mortgage Loan Modification’ specialists to provide this service for them. Learn how to become a mortgage loan modification specialist now. Start by watching this free video.
I’m trying to figure on how to get the payment on the loan mod.
Hi Ben,
Call the office…..866-422-9497.
Tim
I’m trying to figure on how to get the payment on the loan mod.
would you know… if the first time homebuyer credit will apply if the buyer has to bring the parents to the table to qualify for the home.
assuming you are buying the house….your name…your credit…and your folks are ‘contributing factors’ for the sake of the loan…I bet you will be fine. Ask a CPA to be sure…
i heard from a mtg broker that as of July 1st you must be a licensed mtg broker to do a loan mod and get paid for it, i live in Florida, is this true?
Hi Lori,
Fewer than 10 states require ANY sort of license. However, this is changing daily.
Call your states department of commerce or division of real estate and ask if there are
any laws on the books.
Tim
Great learning tool, I like the fact that you can listen again because although I took notes and thought I listened well I did miss some good points! GREAT!
I’m about to do a loan mod for a friend (the 1st one) she has a !st&2nd with the same lender the loan is not fannie or freddie will the lender mod the loan for the life of the loan or is it for certain amount of time
Hi,
Depending on the lender…but, probably a 5 or 10 year arm…at less than 4%.
Tim