I’ve been doing loan modifications for quite some time now. During this time I’ve had several clients tell me that their mortgage company is going to help them complete the loan modification. Every time I hear this, I cringe because I know what they are about to go through and I know what the end result is going to be. 90% of the time, they’re going to call me back for advice or help.
This is sad because the mortgage companies, and the general media, are telling these homeowners that they don’t need outside help. They tell you to just call your mortgage company and they will help you qualify. They don’t tell you that you need to be prepared for their help. This is terrible because most of the questions that they are going to ask the homeowner over the phone to pre-qualify them for a loan modification, are not questions that should be answered on a whim.
Loan modifications are not a one size fits all solution. In fact, in order to qualify for a loan modification, the homeowner must meet the guidelines. The guidelines are very specific and have a lot of variables that can disqualify the loan modification. These variables include your income, your living expenses, your debt ratio, your homes value, and several others.
Your mortgage company has a specific set of questions that they will ask and then they enter the answers into a computer program. The computer program will then decide if you qualify. So, answering these questions properly is very important. Again, your mortgage company representative is just entering data, and if you don’t qualify, they have no reason why. They often will guess and give you incorrect information. This process is ridiculous!
It makes no difference what your personal situation is, if you are going to attempt a loan modification on your own, it’s up to you to get prepared. That means you may have to do some dreaded research on the programs that are available. The information is out there but it’s not easy to find nor understand. You can “Google” search for guidelines but if you don’t understand them they are basically worthless.
I would suggest that any homeowner who is thinking about attempting this on their own grabs a copy of the FREE video series and the Do It Yourself Quick-Start Guide offered on the right side of this blog. I think there is a lot of value with this FREE information and it could help you save thousands of dollars per year.
