Loan Modification Guide

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How to get a loan modification. Learn about all of the various new loan modification programs being offered by the government and big banks.

How to get a loan modification. Learn about all of the various new loan modification programs being offered by the government and big banks.

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  • 1. GUIDE TO LOAN MODIFICATION IMPORTANT FACTS ABOUT MODIFYING YOUR MORTGAGE AND SAVING YOUR HOME Monday, February 9, 2009
  • 2. What is a Loan Modification? Like a mortgage refinance Modify existing mortgage terms Requires proof of “hardship” Eligible after missing payment(s) MORTGAGELOAN.COM Monday, February 9, 2009
  • 3. Why Not Refinance? Loss of income Loss of home value Declining credit score MORTGAGELOAN.COM Monday, February 9, 2009
  • 4. Am I Eligible? Documented hardship Missed one or more payments Primary residence Not filed bankruptcy MORTGAGELOAN.COM Monday, February 9, 2009
  • 5. Where Do I Get One? Mortgage lender Mortgage servicer Attorney Beware of loan modification “specialist” MORTGAGELOAN.COM Monday, February 9, 2009
  • 6. What Documentation? Hardship letter Mortgage payment history Monthly budget (income and debt) Document responsiveness to lender Other, as requested by lender MORTGAGELOAN.COM Monday, February 9, 2009
  • 7. Loan Modification Programs IndyMac Bank Federal Housing Finance Agency (FHFA) Citigroup JP Morgan Chase Bank of America MORTGAGELOAN.COM Monday, February 9, 2009
  • 8. Need More Information Loan modification programs continually change New loan modification rules and eligibility More banks offering loan modifications Get the latest: Guide to Mortgage Loan Modification Programs MORTGAGELOAN.COM Monday, February 9, 2009
  • 9. MortgageLoan.com Latest mortgage news and information. Find informative mortgage guides, rates, and preferred lenders: http://mortgageloan.com Monday, February 9, 2009