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.
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.
Modification of a loan is done with the company or institution that is holding your loan. There is a customer service number on your note to call.
Loan modification leads are names and numbers of people who have loans on their homes that they want to refinance. These are useful to banks so they can call people and make money.
A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts. Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee. However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.
A loan modification isn't a loan. It's not termed a "loan modification loan" -- it's just called a "loan modification."It works by allowing homeowners and their lenders to negotiate to change the terms of a mortgage, usually to make the payments lower and more affordable to help the borrowers avoid losing the house to foreclosure.There are a number of ways that borrowers and banks can negotiate for different terms. This list is not exhaustive:Lower the interest rate.Change an adjustable rate mortgage that may increase in a number of months to a fixed rate mortgage with more stable payments.Decrease the amount owed on the principal balance of the loan.Take any missed payments and, instead of requiring they be paid now, add them to the back end of the loan.Extend the term of a loan from 15 years to 30 years, or from 30 years to 40 years in order to lower the monthly payment.The original mortgage is not replaced with a new one as in a refinance, but changes are made to the functioning of the current loan.In some cases the loan modification can provide for an increase in the amount of money borrowed.
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.
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.
To obtain a principal reduction modification on a mortgage loan, you typically need to demonstrate financial hardship to your lender, submit a formal application with supporting documents, and work with the lender to negotiate a reduced principal amount on the loan. This process may involve a review of your financial situation, a possible trial period, and final approval from the lender.
Physically, a loan modification should not cause any damage or injury. It is simply a method that homeowners can use to negotiate with their bank for a change of the terms of their home loan. This may include lowering the interest rate or extending the term of the loan, for instance.In terms of the borrowers' credit score, a loan modification can not impact this. As of November 1, 2009, all loans modified under the government programs must include the following notice on the borrower's credit record:"loan modified under a federal government plan"As well, the government has made it mandatory that the credit agencies do not count this note on an account as a negative which will decrease the borrower's credit score.However, potential creditors do look at the entire credit history of the debtors, and a loan modification may make them less willing to extend credit. This is dependent on the individual financial institution.
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.
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
take the money and run