Anaheim Ca, Do It Yourself Loan Modification- Part 2

Anaheim, Ca Do It Yourself Loan Modification: Part 2

Do It Yourself Loan Modification step 6: So now you have gathered your documents and filled out your financial worksheet. Take a good look at the numbers. Do they make sense? If you have $3000 in income a month but have $5000 in expenses, for instance, make sure this is accurate. If you do not feel that you are negative $2000 a month then perhaps there is some income that you omitted. Make sure that you have included all income and expenses to give a clear picture.

Do It Yourself Loan Modification step 7: Once you are sure you have calculated everything and your numbers are accurate, examine your situation. Let's take the example from earlier. If you are $2000 negative each month and your mortgage payment is $2,500 than perhaps a loan modification is not the right solution for you. You may want to look into another alternative such as a short sale. For more information on how a short sale can help click here. On the other side of things, let's say you bring home $5,000 in income and you only have $3000 in bills, there is a good chance your loan modification will be denied as you have ample income to cover your expenses. If your short fall or surplus is within a few hundred dollars or if perhaps you just need help catching up with the amount of money you are behind than there is a good chance a loan modification is the solution for you.

Do It Yourself Loan Modification step 8: Now that you have figured you would like to proceed with a loan modificationits time to call your lender. Some lenders will do a pre qualification over the phone so have your financial information ready. Also make sure you are speaking with the right department. You want to speak to the loss mitigation department and not customer service. When you call let the lender know you are interested in applying for a loan modification. Ask where you should send the package. Most lenders will ask you to fax the package in. Make sure to have the correct phone number. Also ask what they want included in the package as this may vary from lender to lender. You should also ask if your lender has any special forms you may have to send with the package, if so find out how to obtain these forms.

Do It Yourself Loan Modification step 9: Now that you have all documents and forms needed, put together your package. Make sure to send a fax cover letter with your name, address, phone number where you can be reached, and loan number. You will also want to write all of this information on each and every page of your loan modification package because lenders have a tendency to lose parts of a package and putting this information at the bottom or top of each page will help minimize this risk. Also, if you are missing any requested documents, make sure to make a note of it. Let's say for instance you do not have a bank account. Make a note of it on a blank page where the bank statements should have been. Say something like bank statement is omitted because I do not have a bank account. This will help as sometimes packages get "lost" when they are not complete. With the amount of loan modifications that a lender receives you want to make sure your loan modification package is a shining example.

Do It Yourself Loan Modification step 10: Fax the package and make sure to get confirmation of receipt. After you fax the loan modification package you want to call your lender a couple of days later to make sure they received it. If they say it takes them more time to download the package then call back a few days later. Getting your loan modification to the lender is sometimes a daunting task and could take several attempts before it is received as lenders get so many faxes many get lost in the shuffle. If you have attempted to fax your package several times and still have no luck then try calling the loss mitigation department back and express your frustration, nicely of course, and ask that the person you talk to allow you to fax directly to them or see if you can email the package to them. Some loss mitigation workers will say no but others will say yes... Just keep on trying until you find that kind person willing to help.

So there it is Anaheim, Ca Do it Yourself Loan Modification installment two that I hope you will find useful and easy to follow. Next installment will go more into what to do during the loan modification process and what to do once you get your loan modification in the mail. Please let me know what you think including what you liked and how I can improve or make things more clear. If you would like more personalized loan modification help or a little guidance, please feel free to call or email me. I will help you with no strings attached absolutely free. It is my goal to help 100 families this year save their home from foreclosure and I would be honored if I could help you.

Click here to view part 1 of the series

Click here to view part 3 of the series