10 Nov 08 What to Expect with a Good Loan Modification Company
The good loan modification companies already have a system for dealing with the loss and mitigation departments for all the major mortgage lender. Great mortgage modification firms have the system perfected and that they know works with the specific lending companies. They typically have a loan modification package for you that include things like a financial worksheet, hardship letter template and a checklist of the requiring documentation. Many homeowners have found out the hard way that trying to provide a complete package for the under-staffed lenders is easier said than done.
Homeowners will need to Fax specific documentation like W2s, most recent pay-stub, and for self- employed customers, bank statements and sometimes tax returns. Make sure that you get your loan modifier everything at once. It is very difficult for loan modifications companies to achieve loan work-outs for their clients who “piece mail” their documentation.
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Jeff Morris is a tough guy to figure out, and he seems to be an even tougher guy to see smile when he gets barrelled. Many of his co-workers are terrified of him because he is so consumed with saving his clients money by negotiating lower interest rates with their mortgage lenders. Just kidding…Jeff is a great guy and we will continue to refer borrowers that we are unable to get FHA loans for. Thanks for your loan work-out services.
Cahs out Second Mortgage Loans are difficult to qualify for withyout equity. We see many good borrowers turned down A los modification may make a lot more sense.
Thanks!
for the latest insight for HUD financing and fha loan products. Thanks for sending us the foreclosure prevention updates. Your borrower’s testimonials are outstanding and hopefully none of them will loose their home to foreclosure.