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Sounds like you are on the right track. Use this forum to educate yourself about the process. Look at it from the point of view of the person who will be looking at your application. Know the things that will get you denied and what they will require to approve you. Know the HARP rules and...

I wanted to report our success in obtaining a loan modification working with SPS. Our interest rate and monthly payment was reduced approx. 28%. Honestly we would not be able to stay in our home without this modification. It is such a relief to be current and no more endless letters and...

It is possible to get a second modification but keep in mind some of the criteria and requirements have changed from 5 years ago. Your approval can depend on who your note holder (investor) is so you should research this and find out what they may allow. It might also be helpful for you to...

I do plan to revisit this issue soon and your information is definitely helpful. Now that we have submitted the modification package we can think about other things like our health. There is comfort in knowing we gave this our best shot by asking lots of questions and getting help from sources...

Thanks to those who make this website possible. My question is regarding verification of income for a loan mod when the borrower does not deposit a majority of their income in their bank account. There are many reasons someone may choose to do this. For me, it was due to the bank threatening...

I had closed the account down and went without one for 9 months until recently. Problem is I am self employed and cannot get proof of income from an employer. I always report all my income on my tax return so I wasn't trying to cheat on my taxes. It was a problem with the bank wanting to place...

Thanks for the great information everyone. I love the website. I have one more question if anyone can help. I do appreciate it! Re: when submitting loan modification documents, what if you don't or didnt have a checking account? How does this affect my loan mod chances because they ask for...

Just to let you know I had the same thing happen to me. I filed complaints to no avail and I am left scrambling to start the process over with the new servicer. I had my loan with BofA for many years only for them to transfer 15 days before the modification date. I agree with Moe there is no...

Thank you for the good info. It has been put in a safe place already. I used "bank" in a generic sense. Another quick question: How does a lender look at health insurance premiums for purposes of a modification? Because the decision to pay these premiums or not has such a large impact on...

I am very fortunate to find your great website and have the following situation which I hoped I could get some advice to guide me as I am applying for a loan mod. After losing employment in Aug 2012 we lost 25% of our income (2 earner household to 1 earner) and our health insurance...