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It depends on if your mortgage company is willing to work with you. Our attorney advised us to work with the mortgage company directly. This was the process we went through: 1. Call mortgage company and speak to specialist.
2. Fill out questionnaire sent by mortgage company to home owner.
3. Gather & send in paperwork requested by mortgage company.
4. Receive response from mortgage company.
5. Receive, sign and send back loan modification paperwork.
What else can I help you with?
When you are on a current mortgage your attorney offered you a loan modification should you accept it?
take the money and run
If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
How much does attorney charge for loan modification?
It depends on the area. I've seen charge as much as 7,000 for a modification, with the median being about 5500.
Can a mortgagee include late charges on loan modification?
No because a loan modification is set in place to give the client a fresh start. The client should waive all the late fees that he/she had before the loan modification.
How much you pay for it when you get a loan modification?
If you use an attorney to make application for a loan modification on your behalf, you will pay between $2,000 and $5,000 for the service, and sometimes even more. There are also loan modification companies that can help you, and they too will charge a significant sum. The alternative is that you can do it yourself. You can do your own mortgage modification, and it will cost you nothing. However, you need to know precisely what documentation your Lender needs. If you end up doing your own loanmod, it is always a good idea to use a loan modification guide written by an expert.
Why does a homeowner need a loan modification?
If a homeowner suffers financial hardship.They should apply for Loan modification from lender to reduce monthly payments on there mortgage as a way to minimize financial hardship.That's it.
Who should you call to negotiate on loan modification?
You can contact the loss mitigation department of the lender your loan is being serviced through or you can search for a HUD approved non-profit counseling agency. Beware of the many loan modification scams that are out there.
Is a closing agent required for a loan modification in New York?
The answer is no. I am a Certified Signing Agent and I am also a Loan Modification Consultant, but that does not mean that I need to be one in order to become a loan modification consultant. Glena
Can I qualify for a loan modification regardless of my Loan Type ?
A loan modification is up to the discretion of the lender. The type of loan doesn't really matter as much as the willingness of the lender to work with you.
When you get a loan modification should you currently employed?
Yes. The lender isn't going to spend the time to rework a loan you can't pay anyway.
How do you get loan modification?
You have to apply to your lender for a loan modification. Some people use attorneys to make application on their behalf, and others choose to go the "do it yourself mortgage modification" route. If you decide to do your own home loan modification, make sure you get your paperwork correct. You need to know precisely what your lender requires, otherwise your application will be rejected. It may be a good idea to buy a loan modification system that can show you, step by step, how to go about the loan modification application.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
