When banks deny people's requests for loan modifications, people get terrified thinking they are going to lose their home and everything they had worked on for years. For millions of homeowners struggling to pay their mortgage, many are faced with falling home values. When borrowers see their equity decreasing below the current value of their home, many decide to short sell their home rather than fighting to keep their home by making their home payment affordable. Others who want to hold on to their homes are unable to refinance and are at risk of foreclosure.
Considering that there are millions of homeowners out there who couldn't afford their monthly mortgage payments as it is, President Obama's Home Affordable Modification Program (HAMP) and private loan modifications can help you with your loan if you qualify for one and provide all of the necessary documentation.
So what do you do when you are denied a loan modification. Well, you could apply again. Also, make sure you apply for not just the HAMP program, but also for the in-house private program offered by your bank.
So how do you do that when you have been denied the first time? (1) By getting prepared, and (2) By knowing how to go through the process successfully.
You could seek out help when preparing your application. And instead of paying thousands of dollars in legal fees, you could use an online loan modification software that helps you get pre-qualified. This software helps you get qualified and prepare your package online; this way you can avoid short sell and foreclose. This online application walks users through an easy yet comprehensive qualification process.
Users, for instance, would need to complete a financial worksheet that will automatically calculate and determine if they're financially qualified for a loan modification, using an algorithm based on the U.S. Treasury Dept.'s HAMP qualifier. If they don't qualify, the system will provide them with alternatives. And since privacy is important, users do not have to disclose their name or social security number. All the system needs is information regarding their property, current loan, monthly income and expenses, and relevant assets and liabilities.
This software is supposed to help save homeowners time and money, as well as increase their chances of getting their loans modified by helping them understand the calculation process used by lenders in making decisions. If, by using loan modification software, homeowners see for themselves how lenders would qualify them under different loan scenarios, they'll have more realistic expectations and could negotiate better for a win-win solution.
The takeaway to all this? When your bank-or any other institution, for that matter-gives you lemons, don't just make any type of lemon treat. Learn the recipe that will win them over, then cook your heart out. I wish you the best of luck!
For more information, please visit https://www.mycaal.com/.
Carla Ghosn
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