Mortgage Modification - Can You Do It Yourself?

Imagine for a moment a mortgage modification that allows you to save your home.

Now before you visit Ultimate Loan Modification Guidebook, you'll want to read the following article.

You will come to understand how a loan modification program can benefit homeowners who have suffered a reduction in income or for some reason can no longer afford their mortgages.

So let's take the first step. Read this article and answer five easy questions.

Do-It-Yourself Mortgage Modification Program

Can you benefit from a home loan modification program?

"Worry is like a rocking chair. It will give you something to do but it won't get you anywhere." - Anonymous

Review the 5 following questions. YOU be the judge!

1. Are you struggling to make your mortgage payment?

If you are late on monthly house payments or about to be late, you should consider contacting your mortgage servicer as soon as possible to determine whether you can be considered for mortgage modification.

Home loan modification is simply an agreement between lender and borrower to change certain terms of your loan such as interest rate, length of term (number of years), and fees or charges. The result is a monthly house payment the homeowner can afford.

2. Is the thought of foreclosure haunting you?

If you have recently received a foreclosure notice or been contacted by your lender about stopping foreclosure, you certainly are a candidate for a mortgage modification program.

Missing even one home loan payment initiates the countdown of foreclosure. The process begins with one late payment fee quickly followed by many others. Even though state's have different foreclosure laws, the process is ridden with fees no matter where you live.

Here is the thing however. It is never too late. So don't give up without a fight. Under a mortgage modification program, the lender can choose to forgive those charges and reinstate your home loan. Because mortgage lenders are threatened by the growing number of foreclosures, they are more attentive to the needs of homeowners in distress.

3. Are you feeling buried by your monthly house payments?

There are dozens of reasons for hardship if you can simply articulate them. By explaining your hardship, the opportunity exists of being granted a mortgage holiday for one to six months while you catch up.

Factually speaking banks don't want homes in foreclosure. High foreclosure rates affect their ability to make new loans and attract new capital. So it is in their best interest to be as accommodating as possible, especially now.

Keep in mind mortgage institutions are hearing from distressed homeowners everyday. So prepare a presentation of the details to your particular hardship before you make the first contact.

4. Were you asked to take a pay cut to keep your job?

If you can show that you have recently had a change in your employment status or even lost a job, you are candidate for mortgage modification. Lenders are aware of economic conditions and are under pressure themselves to do everything possible to keep borrowers in good standing. So take advantage of it.

5. Are you currently negotiating mortgage modification with your lender?

If you are having problems negotiating with your home loan company already, a mortgage modification program can help get you back on track. What you may need is guidance.

Right now homeowners are bombarded by loan modification services promising assistance for a fee. These services often charge thousands of dollars for guiding you through this process.

Can you afford to pay thousands of dollars or do you prefer to handle the modification yourself?

Only you can answer whether it is worth the cost to hire an outside service but doing it yourself is certainly an option. Mortgage lenders say they more readily trust the paperwork coming directly from an individual. And hiring an attorney or some other service does not eliminate your responsibility anyway.

Here are the two main differences.

Here are the two main differences between proposing a mortgage modification yourself or hiring an advocate to perform it for you.

• Preparing the information, details and paperwork, you or a hired mortgage loan modification service? Even a modification expert helping you must supply the details.
• How much is it going to cost? If you are willing to study a little, you can save yourself a few thousand dollars.

My recommendation is to educate yourself.

With a little research you can determine whether you want to hire a professional service or learn how to initiate a mortgage modification program yourself.

Remember what I always say. It is your home and your mortgage. No one cares more about your financial success and stability than you.

Discover the assistance you deserve in the Ultimate Loan Modification Guidebook and hang on to your piece of the American Dream.

Prime Real Estate Articles Tip No.37
Home Mortgage Application | Year Built

My guess is most homeowners, that is unless they are the original owners, won't remember what year their house was built.

But when it comes time to refinance, it is a common question. For sure you'll be asked if you're selling a house.

I understand with everything else homeowners are trying to recall when applying for mortgages, year built doesn't seem as crucial as information about credit, income or debts.

That's why I used to ask clients the age of their toilets!

I know that sounds funny but there was a good reason for my question.

Have you ever looked on the underneath side of your toilet tank lid?

If your toilets are original to your home, they are usually dated around the time your house was built. Flip over the tank cover and don't be surprised when you find the year your house was built staring back at you.

Of course if your bathrooms have been remodeled, you are going to need another way to investigate year built.

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

View FNMA 1003

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