Mortgage Modification In 2011
Mortgage Loan Modification 2011 - This Year Brings New Rules to the Table
2011 promises to be a much better year in terms of loan modification approvals. Your lender will now be unable to coerce you into taking wrong decisions. That is, if you respect the new regulations.
The first thing you need to know is that loan modification is nowadays on a DIY basis. All the information you need is at a click of a mouse away.
The most important thing you should be aware of is that only when a foreclosure is filed can you do something about it. That is the moment when can you begin the negotiation process in order to reach a mutual agreement with the borrower regarding your property.
The first steps of the process can be easily taken by the owner, without any professional help, if he is properly informed on the subject. Therefore, there is no need for a third party; it would only decrease your monthly income.
The new Mars regulation stipulates that the professional individuals involved in the loan modification process will be obligated to receive the fees before the loan is approved. Anyway, it is utterly unprofitable for the companies to negotiate a loan on someone's behalf. This new regulation is active starting with January 2011.
All supporting paperwork must be submitted by mail to the bank, requesting a return receipt. These receipts will go directly in your file, for you to prove that you sent the documents on time in case you have to go to trial in the foreclosure process.
Do not call your lender, because you will end up chatting with a call center. The best thing to do is mail them a request concerning a loan modification and insist on personally talking to an authority.
The next step is to turn to the Rest report. It simply does the math and provides you with the authorized calculation that you are supposed to bring your lender, in order to apply for a loan modification. So, in a nutshell, be sure to file all your receipts and the Rest report. A judge will not ignore such documentation.
The Home Affordable Foreclosure Assistance, a stipulated condition of the Home Affordable Mortgage Plan, has certainly not served its purpose. All borrowers who have turned to it have failed and are completely dissatisfied. The program was, without a doubt, closely linked to the banks.
Furthermore, what professionals have unanimously agreed upon is that owners applying for a loan modification should not allow anyone else to write the initial letter for them. This letter, in which you explain your hardships, is extremely important to your case and should be treated accordingly. If you do not know how to draft such a letter, it is not a bad idea to seek help, but the letter should remain personal overall. The authority receiving your letter should understand the human aspect of the issue, the hardships that are endured.
All foreclosure actions are different; therefore no one can generalize the steps to be taken in the process. Only a few aspects are set in stone, primarily the Rest report. If you decide to hire a third party to negotiate your mortgage loan modification for you, that's your choice, but take into account the new 2011 regulations first.
2011 promises to be a much better year in terms of loan modification approvals. Your lender will now be unable to coerce you into taking wrong decisions. That is, if you respect the new regulations.
The first thing you need to know is that loan modification is nowadays on a DIY basis. All the information you need is at a click of a mouse away.
The most important thing you should be aware of is that only when a foreclosure is filed can you do something about it. That is the moment when can you begin the negotiation process in order to reach a mutual agreement with the borrower regarding your property.
The first steps of the process can be easily taken by the owner, without any professional help, if he is properly informed on the subject. Therefore, there is no need for a third party; it would only decrease your monthly income.
The new Mars regulation stipulates that the professional individuals involved in the loan modification process will be obligated to receive the fees before the loan is approved. Anyway, it is utterly unprofitable for the companies to negotiate a loan on someone's behalf. This new regulation is active starting with January 2011.
All supporting paperwork must be submitted by mail to the bank, requesting a return receipt. These receipts will go directly in your file, for you to prove that you sent the documents on time in case you have to go to trial in the foreclosure process.
Do not call your lender, because you will end up chatting with a call center. The best thing to do is mail them a request concerning a loan modification and insist on personally talking to an authority.
The next step is to turn to the Rest report. It simply does the math and provides you with the authorized calculation that you are supposed to bring your lender, in order to apply for a loan modification. So, in a nutshell, be sure to file all your receipts and the Rest report. A judge will not ignore such documentation.
The Home Affordable Foreclosure Assistance, a stipulated condition of the Home Affordable Mortgage Plan, has certainly not served its purpose. All borrowers who have turned to it have failed and are completely dissatisfied. The program was, without a doubt, closely linked to the banks.
Furthermore, what professionals have unanimously agreed upon is that owners applying for a loan modification should not allow anyone else to write the initial letter for them. This letter, in which you explain your hardships, is extremely important to your case and should be treated accordingly. If you do not know how to draft such a letter, it is not a bad idea to seek help, but the letter should remain personal overall. The authority receiving your letter should understand the human aspect of the issue, the hardships that are endured.
All foreclosure actions are different; therefore no one can generalize the steps to be taken in the process. Only a few aspects are set in stone, primarily the Rest report. If you decide to hire a third party to negotiate your mortgage loan modification for you, that's your choice, but take into account the new 2011 regulations first.
Source...