Loan Modification Tips and Resource Page

Find everything you need to know about loan modifications on one page. Below you will find links to articles, government assistance and free mortgage help.

What is a loan modification?

A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more affordable. You can obtain a modification from your lender for financial hardships, loss of income, unaffordable rate adjustments on adjustable-rate and subprime mortgage products etc. The earlier the you address the issue, the better the chances are of negotiating a fixed-rate and a payment that is manageable.

 

Required paperwork needed to apply for a loan modification

When you apply for a loan modification, your mortgage servicer is going to review your entire hardship and financial situation to determine your eligibility for a modified payment. With that said, you will need to gather all the required paperwork and financial... read more

Mortgage Protections for Homeowners

There have been several new laws (both state and federal) that have come into play over the last few years to help protect distressed homeowners who are facing foreclosure and are seeking mortgage assistance from their servicers. In this article, we will cover some of... read more

Mortgage Servicer Contact List for 2015

Here is an updated alphabetical list of all the major U.S. mortgage servicer phone numbers for 2014. Please feel free to add to the list below because it helps everyone! ABM AMRO Mortgage (800) 783-8900 Web: https://www.mortgage.com/C3/application.bus Accredited Home... read more

Are you eligible for a loan modification?

Mortgage servicers will, in general, look for two main things when you submit a modification request. They look for a documentable financial hardship and what they really want to know, which is if you can afford the new proposed modified payment(s). To afford a... read more

What is a loan modification?

A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more... read more

Las Vegas Mortgage Modification Mediation Program

The United States Bankruptcy Court for the District of Nevada recently announced new uniform procedures for its Mortgage Modification Mediation (MMM) Program. These procedures apply to all Las Vegas Chapter 13 bankruptcy filings, and all types of real estate including... read more

Debt to Income Ratios for a Mortgage

When you are applying for a mortgage or a loan modification, the lender will want to know if you have the capability to pay back the loan. They do this by calculating your debt to income ratio which is the percentage of your monthly gross income that goes toward... read more

Mortgage Settlement Deadline for Homeowners Has Ended

In 2012, the U.S. Department of Justice (USDOJ) and a coalition state attorney generals reached a national billion dollar settlement with banks such as Bank of America, Citibank, and JP Morgan Chase which was related to mortgage loan servicing and foreclosure abuse.... read more

Hope Now Reports 34,000 Loan Modifications in November 2015

The alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants known as HOPE NOW, reported yesterday that an estimated 39,000 homeowners received loan modifications, and 28,000 foreclosure sales were recorded during... read more

Mortgage Delinquencies Spike in November 2014

Black Knight Financial Services, the nationwide mortgages services, data and analytics firm for lenders and servicers, released its November Mortgage Monitor Report showing nearly a 12% spike in the home loan delinquency rate which was the largest leap in... read more
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