Debt Negotiation Zone » loan modifications

What you need to know about Refinancing

admin — Tue, 17 Nov 2009 01:39:43 +0000

As a consumer if you are considering a refinance or a new purchase, you need to have all of your financial information available. By having all the information available, the lender will be able to assist you and explain to you all your various options whether under a FHA financing program or another loan program.

It is important for the consumer to present the following items which visiting with a lender:

Complete copy of last 2 years personal tax returns for all borrowers
Copy of most recent paystub for all borrowers
Complete copy of last 2 months bank statement on all types of accounts

Some programs may not require this type of financial information. However, the more information provided to the lender allows for a smoother the transaction for the consumer. In addition, it allows the lender to have a frank discuss with the borrower on the types of programs that will meet their financial requirements.

IndyMac seeks to rewrite their entire loan portfolio – loan modification

admin — Mon, 02 Feb 2009 16:48:37 +0000

IndyMac Federal Bank will start a new program to systematically modify bad mortgages with a loan modification.

What Loans Are Eligible For Mortgage Modification With IndyMac?

The streamline loan mods will be available for borrowers who have a first mortgage that is owned or serviced by IndyMac that are seriously in default and are facing foreclosure. IndyMac will work with owners show are unable to make their mortgage payment because of a reset or change due to an arm mortgage reseting. As with all loan modifications, to be eligible you must be able to demonstrate an ability to make your mortgage payment at the adjusted level. If you have no income or not enough income you will most likely not be eligible for a loan modification.

IndyMac is not the only lender that is doing mortgage loan modification. Some of the other banks like Countrywide, Wells Fargo, Washington Mutual, Hsbc and others are doing loan modifications to help their customers stay out of foreclosure.

Phillips & Associates Loan Modification

admin — Mon, 05 Jan 2009 17:40:09 +0000

I saw a law firm call Phillips and Associates advertising loan modification services. Do you need to hire a law firm like Phillips & Associates to do a loan modification or can you do it yourself? The truth is that you do can do a loan modification yourself and save yourself a retainer fee. I would hire an attorney or someone else to handle your mortgage loan modification only if you are paralyzed by fear and know that you would be taking ineffective actions in getting it done.

Do I Need Loan Modification Services?

Most lenders have their requirements to get a loan modification, you just need to see what the banks criteria is to get it. Just call the number on your statement and ask to speak with the loss mitigation department. The is the department that will give you the criteria to get your mortgage modified.

The process for getting qualified for a loan modification program is very simple, just call your lender first and see what the requirements are.