A good Map, A good Recipe, A good Plan.
Lake a bad Johnny Carson, Carnac joke the question is what do you need to modify your mortgage.
Well times have changed.
Regardless of the good news spins about housing sales being up the cold reality is that the real story is that by 2011 50% of all homes in the United States will be under water- meaning that home prices will continue to decline for the next 18 months.
There is only one way that this happens and only common denominator is Banks and Mortgage companies.
While the pressure is on them they continue to self-regulate and keep actual oversight regulation at bay by convincing Congress that they are doing a good job of assisting home owners out of the current housing crisis.
And they are. At least for 20% of homeowners.
10% of all mortgage modification requests are granted.
10% of short sales actually close.
So what about the other 80%. Well somewhere between bankruptcy, foreclosure and adverse possession lies the answer.
So how do you modify your mortgage?
A well laid plan. Modifications done by a slick talking negotiator or attorney putting pressure on lenders are old news. Banks and mortgage companies have come up with well designed criteria to determine who receives a modification and who doesn't. It is not hit and miss. It is well defined, calculated criteria dealing with borrower's debt, income, value of the property and the great unknown, unforeseen hidden monies available to the bank or lender via insurance and hidden government monies.
With most banks and mortgage companies modifications are being granted within weeks. Don't expect B of A also know as Banking on America to be quick they take the longest but have now opened an entire department for principal reductions for borrowers who are current but underwater.
To modify your mortgage you don't need to spend thousands with a modification company. Yes they may have the ability to put the proper paperwork in your hands but your time, energy and effort will yield the same results.
At Home 2 Home we have always had the software that produces the expense analysis and modification proposals that place borrowers within the debt to income rations that lenders are looking for to grant a modification. Paired up with a price value analysis and hardship letter, pay stubs and utility bills you are now armed to take on your lender and receive a mortgage modification.
It's simply that easy. And what happens if you don't qualify? Many lenders will actually steer you (remember how you got in this mess) to meet the criteria required.
If they say no twice, you may want to obtain a compliance analysis and look for violations of lending laws to force your lenders hand.
Otherwise you will need an attorney to file BK to stop the sale and reorganize your life or boxes. As always I recommend small ones for heavy items and big ones for lighter items.
What's the cost of packaging your entire life up to receive a modification for the single most important item in your life? $500 from Home 2 Home. It's exactly what everyone else does for $3,000-$5,000 dollars with the exception being you're the engine that runs the process.
And who knows more about your home than you.
Don't lose your home; modify your own mortgage for $500.
