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.

Published in: Real Estate
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  • Loan Modification Guide

    1. 1. GUIDE TO LOAN MODIFICATION IMPORTANT FACTS ABOUT MODIFYING YOUR MORTGAGE AND SAVING YOUR HOME Monday, February 9, 2009
    2. 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. 3. Why Not Refinance? Loss of income Loss of home value Declining credit score MORTGAGELOAN.COM Monday, February 9, 2009
    4. 4. Am I Eligible? Documented hardship Missed one or more payments Primary residence Not filed bankruptcy MORTGAGELOAN.COM Monday, February 9, 2009
    5. 5. Where Do I Get One? Mortgage lender Mortgage servicer Attorney Beware of loan modification “specialist” MORTGAGELOAN.COM Monday, February 9, 2009
    6. 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. 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. 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. 9. MortgageLoan.com Latest mortgage news and information. Find informative mortgage guides, rates, and preferred lenders: http://mortgageloan.com Monday, February 9, 2009
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