Lender Loan Modification| Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain

Lender Loan Modifications-More than 1 in 7 homeowners are falling behind or are already behind on theirmortgage and are searching for solutions. The search is frustrating and filled with a lot of bad information that is often fraudulent. If you or someone you know has found yourself in the position of being upside-down on their mortgage then you need trustworthy facts.

So here we go…

What is a Lender Loan Modification?

A mortgage or loan modification is a process through which your lender changes any or all of the following:

• Interest Rage
• Principle Balance
• Terms (example: from an adjustable to a fixed rate)

This process can allow you to stay in your property.

Why would a lender modify my loan?

Lenders understand that sometimes it is better for them to work with current homeowners to lower payments or adjust the terms in order to keep them in their properties. The average foreclosure can cost a lender from

35-50% of the value of a property, so keeping you in your home is a good option for everyone.

Items you will need handy to begin the Modification Process:

In most cases you will need the following for your lender to consider a modification:

• Documentation about your first mortgage, such as your monthly mortgage statement
• Documentation about any second mortgage or home equity line of credit on the house
• Credit card information such as: Account balances and minimum monthly payments due on all of your credit cards
• Other Debt information such as: Account balances and monthly payments on all your other debts such as student loans and car loans
• Most recent income tax return
• Bank information: your savings and other assets
• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

A hardship letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How to qualify for a Lender Loan Modification?

First contact your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. You may have to ask to be referred to one of the following departments (different lenders have different names for these departments):

• Loss Mitigation
• Mortgage Modification
• H.O.P.E.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe and avoid foreclosure.

Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain in this video more about what a loan modification is, who qualifies and how to avoid Lender Loan Modification scams.

Learn more about...

Marketing Short Sales-Finding A Buyer

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Does A Short Sale Stop Foreclosure

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

What is a short sale

Loan Modification Hardship

Qualifying for a loan modification-California Loan Modification

Home Foreclosure Alternatives

Lender Loan Modification Scams

Lender Loan Modifications

What Is HAFA-Home Avordable Foreclosure Alternatives program

Copyright © 2011 By HFA|Home Foreclosure Alternatives Stephen Munson& Luis Montejano-Munson Realty Southern California Real Estate *Lender Loan Modification| Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain*