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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.

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โˆ™ 2009-10-28 06:07:57
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Q: Should I get a loan modification attorney or do it myself?
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Related questions

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.

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.

Which companies offer mortgage loan modification?

"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."

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 can provide Loan Modification Success?

No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.

What is a home loan modification?

Home loan modification is a process by which the terms of a mortgage are changed to reduce the payments for homeowners who are struggling to make ends meet. This usually involves reducing the interest rate or extending the length of the loan. Your mortgage company should be able to walk you through the process.

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.

How do you do a loan modification to your loan?

When facing a foreclosure or something of that nature, you have to make a loan modification so that it doesn't affect any other financial firms or accounts you have. So you will have to visit

How can you fill an application on line for a loan modification for Bank of America?

Hello, I want to fill a loan modification application online for bank of America asap.

What is a modification loan?

A Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the Borrower can afford.

How can I refinance my home loan to prevent default?

You should first consult with you bank to see if you qualify for a loan modification. If this is not available you should find a licensed mortgage broker in your area to find private financing.

How many times does loan modification can be done?

Depending on how permanent your last loan modification is. If you got a very low rate that is fixed for 30 years, more than likely you will not be able to get another modification approved. However, if after your loan modification was done and you have suffered another hardship and the resolution that you have received before was only temporary (ex. 2 Yr ARM, 5 YR ARM), then try again. If another loan modification is really necessary, you can re-apply again after 10-12 months. Having said that, if you had negotiated your loan directly with your lender and that is all that you got, it is best that you hire an attorney-assisted loan modification company that will negotiate with the lender to get the maximum benefit that you can get, otherwise, there would be no reason why you should apply at all, since you know that you will end up in the same situation again. There are loan modification companies that only have processors to negotiate with the lenders...more often than not, their power to negotiate is not as strong as that of the lawyer-assisted companies. They cannot charge upfron fees and your fees are tacked at the end of the loan, but you might be gambling the final resolution as a result. Good loan modification companies will work towards getting you a more permanent situation - ex: low interest based on current rate, 30 yr Fixed rate; or work out a Stair step program with your lender where your interest starts as low as 3% (fixed) for 5 years, then goes up to maybe 6% (more or less) fixed until maturity. The final result is still based on individual case and your own lender. Loan modification companies would not know the outcome until after it is negotiated. I have called a loan modification company pretending that I am a client and the person on the other end tells me that I am qualified and without me asking, told me that I can stop paying my mortgage now. BE VERY CAREFUL! Companies like that are stepping the bounds of the law. I am a loan modification consultant, but I would NEVER tell you to stop paying your mortgage. IT IS WRONG, IT IS UNETHICAL and if is it not already, IT SHOULD BE ILLEGAL! The decision should be left for you to decide. If you can continue to make the payment, by all means do so! YOU DO NOT NEED TO BE LATE FOR YOU TO GET YOUR LOANS MODIFIED! At least for now. If it becomes a lender requirement - it seems to be gettign there, the decision should still be left up to you.

Is tithing an acceptable monthly expense when being considered for mortgage loan modification?

Is tithing an acceptable monthly expense when being considered for mortgage loan modification?

Can you do a loan modification if you are not working?

In order to get a loan modification you need to have a job. Lenders will have difficulty agreeing to any kind of reduction in your mortgage if you are unable to make payments.

Is top legal advocates a scam business?

Yes, Top Legal Advocates is a SCAM... Stay away from them. They took 1750.00 from me and supposedly did a loan modification for me that was denied and speaking to an attorney here in town I was informed that it is against federal law to charge a person to do a Making Homes Affordable loan modification. They took my money and left me high and dry and still kicked to the street.

Are you legally bound for the payments if you cosigned on a truck loan for your son if it is bought under the company and he files for bankruptcy?

Yes.You should consult with your attorney.Yes.You should consult with your attorney.Yes.You should consult with your attorney.Yes.You should consult with your attorney.

Is it hard to get a loan modification with bad credit?

It is the most difficult to get a loan modification with bad credit. Though not impossible, since many lending groups would rather loan to someone with bad credit because the interest that person will have to pay the loan company is going to be very high. Asking for a loan modification in the first place is a sign to creditors that they have bad credit and are trying to fix it.