http://www.REIClub.com - How Do You Stop Your Home From Going Into Foreclosure? Here’s How A Mortgage Loan Modification Works...
What is a Mortgage Loan Modification?
Step 1: Eligiblity before contacting lender
- steady income
- positive budget/balance
- unemployment benefits do not qualify
- must own your primary residence
Tips before contacting lender:
- Survival budget
- Prioritize your Mortgage
Step 2: Action Plan
- Hardship letter
- Reduce your expenses
- Manage finances
Step 3: Fannie Mae or Freddie Mac?
- May Qualify for Making Home Affordable Program
Step 4: Call Lender
- Mortgage Statement for Lender #
- Have questions, be assertive
- Have budget and expenses
- Straight to the point, no life stories
Step 5: Send Documentation
- Don't miss your deadlines
- Certify mail
- Follow-up
Step 6: Be Patient and Save money
- 90-180 days to complete
- Deferment of foreclosure proceedings
- Lenders and LMD need to communicate
- Enough for down payment