If you have faced or are about to face a foreclosure and or you’ve been trying for loan modification, you might have come across the ‘Forensic Loan Audit’. What actually it is and does it really help you?
As claimed by loan modification companies, it’s a way to have leverage to borrowers in obtaining a Loan Modification faster and with very little hassle. In fact, a Forensic Loan Audit is a process that involves proper examination of all of your loan documents. On finding violations within your loan documents you can have advantage under the Truth In Lending Act or the Real Estate Settlement Procedures Act. According to Patrick Pulatie’s article at iamfacingforeclosure.com, “These pieces of Federal legislation are the guidelines for lending and the disclosure of costs related to any loan”. Remedies for violations are damages for up to one year, and a Three Year Extended Rescission for specific violations of required “material disclosures”.
If you’re also one of the borrowers who want mortgage loan modification, but stuck at hardship letter, you must be looking for some sample hardship letters. In this connection here’s one sample hardship letter, brought to you from imfinancingforeclosure.com. Here goes the sample letter
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Name: (Your Name)
Address: (Your Address)
Lender Name: (Your Lender)
Loan #: (your Loan #)
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do that.
The main reason that caused us to be late is (insert reason here and don’t be too lengthy and long winded) Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to (lender). It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.
(The approximate date of hardship and we believe that our situation is Temporary or will be Permanent.)
Our situation has got better because (reason here) and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower or delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.
We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.
Documenting the hardship letter is very important to the lender’s or servicer’s loss mitigation department. It affects the approval process. If you’ve got poor documentation, your file may be flagged as fraudulent. You definitely don’t want this so you must know few basics while documenting the hardship letter. Following are few of the hardships that get loan modifications approved:
Illness of the Borrower
Loss of Job
Abandonment of Property
Inability to Sell the Property
Inability to Rent the Property
Reduced Income
Failed Business
Job Relocation
Death of the Borrower
Death of Spouse or Co-Borrower
Medical Bills
Damage to Property (natural disaster or unnatural)
You must know that Loan modifications are for homeowners who can afford their homes but not their loans, and so you should apply only if no other reasonable options are available and you being the homeowner are experiencing a hardship in actual.
Obama Administration has been trying to help borrowers with their mortgage loans, and plans to benefit about 5 million borrowers in three years. About 60000 mortgage borrowers have availed the opportunity, and many are still trying their best to have it. We just want to know what a common man thinks about the whole situation. So here it goes. Poll your vote right now!
A large number of people have a misconception about mortgage loan modification that it’s needed for foreclosures only. The fact is that, not only during severe circumstances you need it, instead a home loan modification can help the borrowers in cutting down the interest rate, monthly payments, and outstanding principal amount in addition lengthen the tenure of loan.
Homeowners if they are stuck with grave monetary obligations will find the home loan modification a best option. Monetary requirements can be different in accordance with the individual requirements, and for best solution you must have word with an expert advisor.
Other than home loan modification the other steps that one should think about is reducing monthly expenses and increasing income by doing some part time jobs. You can search online for more about home loan modification and compare the services. It is obvious that few companies charge consultation fees and apply hidden charges, but many provide free consultation and will not charge the borrowers until the loan modification is certain.
To avail free mortgage services at All Financial Services, you can participate in our lucky draw here.
The Obama administration still claims that they are on track to help some 4 million troubled mortgage borrowers over the next three years with the help of alteration in the terms of their loans. Although some 60000 borrowers have been benefited from Obama foreclosure prevention program, but some analysts are skeptical.
Moody’s expects that Obama home mortgage modification program will help only half as many people as the government hopes. Moody’s further says that even that figure may be difficult to achieve. Writing in a recent note Chen, Moody’s analyst said that the number of modifications will have to step up substantially in the remainder of this year in order to hit the 1.5 million to 2 million modifications.
The Treasury Department acknowledges that servicers need to speed up their workout activity in order to hit a November goal of 500,000 loan modifications, but officials insist that even with just 235,000 trial workouts made, initial goals for the program could still be met.
A further issue is whether the modifications are enough to keep homeowners’ heads above water, or whether they slide back into default. “To the extent that future modifications help to reduce the default rate, as opposed to just postponing defaults, the lifetime losses could be lower than our projections,” said Amita Shrivastava, an analyst at Moody’s.
Obama’s Mortgage Modification Program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far. The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable.
Obama’s Mortgage modification program aims to help 5 million borrowers over three years. The report comes as new data show that about one-third of borrowers owe more than their home is worth, putting them at a higher risk of falling into foreclosure.
Since the program was initiated in April, 60,484 borrowers have been able to refinance. About half of the deals, 30,192, were completed in July, according to the government data.
Obama administration’s mortgage modification initiative is one good step to help foreclosure. All it requires from borrowers is proper documentation and fax in their applications for quick contact. Since, many of the people are unaware of the requirements and procedures; they feel that faxes can be problematic. This may cause the aid to be delayed or denied.
The fax isn’t the only source of complications, instead there’re few more, and they are much more important. If you’re applying for Obama’s mortgage modification program, you must ensure that your application is all well. In a nutshell, keep the three tips below in your mind while applying:
You mentioned the right fax number and your fax machine is working too.
Are you among the many struggling homeowners who say their attempts to get a loan modification have met with either long waits to get their case reviewed, no response at all or a runaround? Many homeowners are frustrated and persistent as they try to get over whelmed mortgage servicers to modify loans.
Stuart Miller, after losing his job in January, has fought hard to keep his home out of foreclosure. At the end of May, the 55-year-old Plano man began trying to get Wells Fargo & Co. to review his application for a loan modification.
After making repeated calls, he finally was told that the company would place a three-month moratorium on his mortgage payments.”They’re going to give me July, August and September, but I haven’t paid June yet,” said Miller, a former trainer for a franchise company. He’s among many struggling homeowners who say their attempts to get a loan modification have been met with either long waits to get their case reviewed, no response at all or a runaround.
But frustration of all home owners is finished now. No delay and no repeated calls. All Financial Services provides the fastest loan modification. Get your loan modified and refinanced without any hassle and frustration. All Financial Services also provides home mortgage loans especially VA Mortgage Loans and FHA Loanswith most competitive mortgage rates and the best mortgage purchase services you deserve. Whether you’re a first time home buyer, moving up to a larger home, or are refinancing, All Financial Services will find you the best rate and program for your situation.
Planning to apply for countrywide loan modification? Read this quick note before doing so!
Searching different loan modification companies and reviewing them by talking to them is a must. You may escape this if you’re confident in your ability to negotiate with them over terms. Some lenders are easier to deal with than others in this respect, but getting professional assistance is almost a necessity when dealing with lenders in countrywide loan modification case.
A loan modification company will help you not only fill out the application in best way, but will also handle all negotiations with Countrywide to ensure that your case is being taken seriously.
Due to federal loan modification programs and new policies, it’s none too difficult to have mortgage loan modification now a day, and so it’s much easier to get a countrywide loan modification. It’s easy, but not too simple.
Help from an outside negotiator will lean the extent in your favor. Just ensure that requirements are requested beforehand so that it can save yourself from the trouble if you do not fit into their criteria.
A large number of people have a misconception about mortgage loan modification that it’s needed for foreclosures only. The fact is that, not only during severe circumstances you need it, instead a home loan modification can help the borrowers in cutting down the interest rate, monthly payments, and outstanding principal amount in addition lengthen the tenure of loan.
The Obama administration still claims that they are on track to help some 4 million troubled mortgage borrowers over the next three years with the help of alteration in the terms of their loans. Although some 60000 borrowers have been benefited from Obama foreclosure prevention program, but some analysts are skeptical. 
Obama’s Mortgage Modification Program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far. The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable.
Obama administration’s mortgage modification initiative is one good step to help foreclosure. All it requires from borrowers is proper documentation and fax in their applications for quick contact. Since, many of the people are unaware of the requirements and procedures; they feel that faxes can be problematic. This may cause the aid to be delayed or denied.