I am personally trying to work with Indy Mac Bank on completing a Home Loan Modification. After weeks of waiting on whether or not I will qualify, they blind sided me today with some ridiculous offer, that didn't even make sense! The numbers didn't even come remotely close to adding up and I was furious!
I apologize for not getting into detail being I don't want to exploit my personal life on this blog. The point I want to make is I have heard through the grapevine that Indy Mac Bank / One West Bank is very hard to work with when it comes to the home loan modification process. I want to CONFIRM these rumors as TRUE. This company is a bunch of idiots!
BEWARE!
Showing posts with label do it yourself loan modification. Show all posts
Showing posts with label do it yourself loan modification. Show all posts
Wednesday, September 16, 2009
Thursday, September 3, 2009
Beware of Mortgage Loan Modification services!!!
I would like to report that yet another major loan modification company has closed it doors. Rumor has it that Save My Home USA out of Michigan was officially shut down by the Attorney General of MI. This being said, I have completely changed my thought process on mortgage loan modifications. DO NOT HIRE SOME ONE TO DO IT FOR YOU! They have to go though the exact same process you would to complete a loan modification. I DO RECOMMEND purchasing a loan modification do-it-yourself kit to lean the basic strategy and procedure of the loan mod process.
The best thing for you to do is call your lender's loss mitigation/loan modification dept and ask how to file for a loan modification. Then, with your do-it-yourself mortgage loan modification training, complete the process on your own for FREE! Stay away from any organization that wants to charge you more than a couple hundred dollars. If they do charge, make sure it is kept in an ESCROW account until your mortgage loan modification is completed.
The best thing for you to do is call your lender's loss mitigation/loan modification dept and ask how to file for a loan modification. Then, with your do-it-yourself mortgage loan modification training, complete the process on your own for FREE! Stay away from any organization that wants to charge you more than a couple hundred dollars. If they do charge, make sure it is kept in an ESCROW account until your mortgage loan modification is completed.
Tuesday, July 21, 2009
Do It Yourself Mortgage Loan Modification Kit
While I will always suggest to seek legal representation when exploring a Mortgage Loan Modification, I do understand that sometimes people just want to try it on their own first. Completely understandable. The legal representation way can be quite pricey, especially when funds are tight to begin with, and what can it hurt to try it on your own. After all, many people are very successful doing it on their own!
The Do It Yourself Mortgage Loan Modification process is not exactly rocket science by any means, but it can be time consuming and quite confusing if you don't know exactly what you are doing. The basic steps are listed in the blog post below, Do It Yourself Mortgage Loan Modification, but I would also recommend a Mortgage Loan Modification Do It Yourself Kit. They are quite affordable and can save you a lot of time and headache.
I have recently reviewed the Do It Yourself Loan Mod Kit and found that it has a lot of very useful information including forms & work sheets, examples of effective hardship letters, phone numbers to lenders, and even phone scripts to use while speaking to your lender! At a price of $19.99, this is a must have if you even think you may want to explore a Mortgage Loan Modification.
CLICK HERE to go directly to the Do It Yourself Loan Mod Kit or click on the banner to the right of this article with the Eagle on it.
If you can muscle the process on your own with this kit, which you can if you try, $20 is a small price to pay to save your home or lower your payment! Much better than the $2,500-$6,000 you will pay for legal representation!
Best of Luck!
The Do It Yourself Mortgage Loan Modification process is not exactly rocket science by any means, but it can be time consuming and quite confusing if you don't know exactly what you are doing. The basic steps are listed in the blog post below, Do It Yourself Mortgage Loan Modification, but I would also recommend a Mortgage Loan Modification Do It Yourself Kit. They are quite affordable and can save you a lot of time and headache.
I have recently reviewed the Do It Yourself Loan Mod Kit and found that it has a lot of very useful information including forms & work sheets, examples of effective hardship letters, phone numbers to lenders, and even phone scripts to use while speaking to your lender! At a price of $19.99, this is a must have if you even think you may want to explore a Mortgage Loan Modification.
CLICK HERE to go directly to the Do It Yourself Loan Mod Kit or click on the banner to the right of this article with the Eagle on it.
If you can muscle the process on your own with this kit, which you can if you try, $20 is a small price to pay to save your home or lower your payment! Much better than the $2,500-$6,000 you will pay for legal representation!
Best of Luck!
Thursday, May 21, 2009
How to Do-It-Yourself Loan Modification
I have received a few emails from home owners asking me where to even start on asking their lender about a mortgage loan modification. The key word lies within the question....ASK!
The first step is to call your mortgage lender's customer service department and ask for the "Loss Mitigation Department". Do not even bother trying to explain yourself to the customer service representative. They will eventually send you to the Loss Mitigation Department anyway. So cut to the chase.
Once in the loss mitigation department, introduce yourself, give your loan number and other identifying information and then immediately ask "who am I speaking with?" and "what is your direct line in case we loose connection". Write this information down as well as the time and date. Communication Documentation is absolutely needed on your part!
Proceed to explain you are or may soon be delinquent on your mortgage and NEED to modify it before it becomes further delinquent or possibly go into foreclosure. Do not say "I was wondering if..." or "I would like to see if I qualify...". Be firm, yet polite. The Mortgage Loan Modification process is, simply put, a Negotiation Process. If you lay down and show weakness in the beginning, they will walk all over you. After all, the banks are looking out for their best interest, not so much yours. The point is to show that you are trying to be a responsible borrower, being PRO-ACTIVE, not RE-ACTIVE and show this is a serious issue to you.
The Loss Mitigation Department will note that you were inquiring and should send you or send you to (Internet) a Loan Modification Application Package. This will include a checklist of financial document they will want to see (bank statements, W2's, pay stubs, etc). They will also ask you to fill out a personal finance statement (what $ comes in per month, and what goes out). You want to show that you are hurting, yet still able to afford your payment if they modify it. They will also ask that you complete a Hardship Letter. This explains your actual financial hardship, what happened that brought you to this point.
After you complete this application package send it back immediately. Once again, noting time, date and who you sent it to and how. Follow up with and make sure they received it. You would be surprised how often they "never received" your information.
Once they have confirmed they have received your package, be patient. It will take anywhere between 30-120 days. However, keep calling and asking for an update every 4-5 days. If they call you and ask you for more information, send it to them immediately. DO NOT FORGET TO DOCUMENT EVERYTHING! Then you can always reference who told you what and when.
Once they present an offer to you, make sure it will actually benefit you before you sign anything! If you think it is a sub-par offer, tell them. Once again, be firm yet polite. This is where you will negotiate. Push as hard as you think you can, but don't expect the world. They still need to profit a little!
Good Luck!
The first step is to call your mortgage lender's customer service department and ask for the "Loss Mitigation Department". Do not even bother trying to explain yourself to the customer service representative. They will eventually send you to the Loss Mitigation Department anyway. So cut to the chase.
Once in the loss mitigation department, introduce yourself, give your loan number and other identifying information and then immediately ask "who am I speaking with?" and "what is your direct line in case we loose connection". Write this information down as well as the time and date. Communication Documentation is absolutely needed on your part!
Proceed to explain you are or may soon be delinquent on your mortgage and NEED to modify it before it becomes further delinquent or possibly go into foreclosure. Do not say "I was wondering if..." or "I would like to see if I qualify...". Be firm, yet polite. The Mortgage Loan Modification process is, simply put, a Negotiation Process. If you lay down and show weakness in the beginning, they will walk all over you. After all, the banks are looking out for their best interest, not so much yours. The point is to show that you are trying to be a responsible borrower, being PRO-ACTIVE, not RE-ACTIVE and show this is a serious issue to you.
The Loss Mitigation Department will note that you were inquiring and should send you or send you to (Internet) a Loan Modification Application Package. This will include a checklist of financial document they will want to see (bank statements, W2's, pay stubs, etc). They will also ask you to fill out a personal finance statement (what $ comes in per month, and what goes out). You want to show that you are hurting, yet still able to afford your payment if they modify it. They will also ask that you complete a Hardship Letter. This explains your actual financial hardship, what happened that brought you to this point.
After you complete this application package send it back immediately. Once again, noting time, date and who you sent it to and how. Follow up with and make sure they received it. You would be surprised how often they "never received" your information.
Once they have confirmed they have received your package, be patient. It will take anywhere between 30-120 days. However, keep calling and asking for an update every 4-5 days. If they call you and ask you for more information, send it to them immediately. DO NOT FORGET TO DOCUMENT EVERYTHING! Then you can always reference who told you what and when.
Once they present an offer to you, make sure it will actually benefit you before you sign anything! If you think it is a sub-par offer, tell them. Once again, be firm yet polite. This is where you will negotiate. Push as hard as you think you can, but don't expect the world. They still need to profit a little!
Good Luck!
Bi-Weekly Payments / Mortgage Loan Modification Alternetive
I have had a few questions as of late about bi-weekly payment options. Are they good? Are they bad? Should I do it on my own? If my lender turned me down for a mortgage loan modification becuse I wasn't late on my mortgage, and my home is underwater, what do I do? Here is my take on Bi-Weekly payment plans......DO IT!
Bi-Weekly payment options have been around for a long time. By making half of your mortgage payment every two weeks, you will be able to apply one FULL mortgage payment towards your principal each year! The way it works is, approximately every (6) months you will have a month where your every other week payment schedule will hit three times that month. Therefore, at the end of that one month, you will have paid an extra half payment.
Now, by immediately applying this half payment towards your principal balance, the interest that accrues on your next payment will be less because there is a smaller principal balance. Therefore, the portion of your monthly payment that goes towards interest will be smaller, and the portion paying off your principal balance....HIGHER! By simply paying an extra half payment every (6) months to your mortgage, you can eliminate approximately 7-8 years off your mortgage! Therefore, saving you tens of thousands of dollars in interest.
80% of home owners over the age of 60 still have a mortgage! Do you want to retire and still have the biggest debt you owe hanging around? No! Enjoy retirement! You have worked far to long and hard to retire and still have a huge mortgage payment hanging over your head!
The time has never been better to start a bi-weekly payment program. Our home values are dropping rapidly and many are underwater as far as what they owe on the house compared to what it is worth. If you are in this scenario, you are essentially trapped! Can't sell or refinance. You have to stay put until you have enough equity to you can "wiggle" out. The only viable solutions are selling your house on a short sale, a mortgage loan modification or paying your equity down as quickly as possible with a plan such as bi-weekly payments.
Can you do this yourself? You definitely can. But like most home owners, you have probably tried it in the past and failed to continue to make your extra payments for what ever reason. It takes financial discipline in which many do not have. Almost like diet plans. We all try and eventually, most fail due to whatever excuses. That is why contacting a bi-weekly payment service provider will be your best move. A personal trainer if you will.
These companies will have your payment taken directly out of your checking or savings every two weeks. It will be a little strange at first, breaking your habit of paying monthly. But after a few months, you will be accustomed to it.
Make sure the company you choose applies your extra half payment towards principal IMMEDIATELY! Some companies will hold the half payment for 6 months until they receive the other half before making your extra payment. This doesn't help you as much because your principal balance is still untouched and accruing interest at the full amount for 12 months, until the extra payment is applied. Look at your accruing interest like the snowball effect. Try to smash that snowball as frequently as possible!
There are fee's associated with this service. You can expect to pay between $395 - 1% of your gross interest savings. For example, if were saving $80,000 in interest over the course of the program, you would be billed between $395-$800. There are also ACH direct withdrawal charges that can be expected between $3 - $5 / payment.
For the few dollars it costs to get started on one of these, it is far worth the long term savings! A guaranteed investment if you will, countering interest!
Click this link to go to a Bi-Weekly Saving Calculator. See how much you could save!
Bi-Weekly Mortgage Payment Calculator
I am an authorized Bi-Weekly consultant for the Bi Weekly Mortgage Association. Contact me with any questions or scenarios you might have. I am here to help!
-ED
Bi-Weekly payment options have been around for a long time. By making half of your mortgage payment every two weeks, you will be able to apply one FULL mortgage payment towards your principal each year! The way it works is, approximately every (6) months you will have a month where your every other week payment schedule will hit three times that month. Therefore, at the end of that one month, you will have paid an extra half payment.
Now, by immediately applying this half payment towards your principal balance, the interest that accrues on your next payment will be less because there is a smaller principal balance. Therefore, the portion of your monthly payment that goes towards interest will be smaller, and the portion paying off your principal balance....HIGHER! By simply paying an extra half payment every (6) months to your mortgage, you can eliminate approximately 7-8 years off your mortgage! Therefore, saving you tens of thousands of dollars in interest.
80% of home owners over the age of 60 still have a mortgage! Do you want to retire and still have the biggest debt you owe hanging around? No! Enjoy retirement! You have worked far to long and hard to retire and still have a huge mortgage payment hanging over your head!
The time has never been better to start a bi-weekly payment program. Our home values are dropping rapidly and many are underwater as far as what they owe on the house compared to what it is worth. If you are in this scenario, you are essentially trapped! Can't sell or refinance. You have to stay put until you have enough equity to you can "wiggle" out. The only viable solutions are selling your house on a short sale, a mortgage loan modification or paying your equity down as quickly as possible with a plan such as bi-weekly payments.
Can you do this yourself? You definitely can. But like most home owners, you have probably tried it in the past and failed to continue to make your extra payments for what ever reason. It takes financial discipline in which many do not have. Almost like diet plans. We all try and eventually, most fail due to whatever excuses. That is why contacting a bi-weekly payment service provider will be your best move. A personal trainer if you will.
These companies will have your payment taken directly out of your checking or savings every two weeks. It will be a little strange at first, breaking your habit of paying monthly. But after a few months, you will be accustomed to it.
Make sure the company you choose applies your extra half payment towards principal IMMEDIATELY! Some companies will hold the half payment for 6 months until they receive the other half before making your extra payment. This doesn't help you as much because your principal balance is still untouched and accruing interest at the full amount for 12 months, until the extra payment is applied. Look at your accruing interest like the snowball effect. Try to smash that snowball as frequently as possible!
There are fee's associated with this service. You can expect to pay between $395 - 1% of your gross interest savings. For example, if were saving $80,000 in interest over the course of the program, you would be billed between $395-$800. There are also ACH direct withdrawal charges that can be expected between $3 - $5 / payment.
For the few dollars it costs to get started on one of these, it is far worth the long term savings! A guaranteed investment if you will, countering interest!
Click this link to go to a Bi-Weekly Saving Calculator. See how much you could save!
Bi-Weekly Mortgage Payment Calculator
I am an authorized Bi-Weekly consultant for the Bi Weekly Mortgage Association. Contact me with any questions or scenarios you might have. I am here to help!
-ED
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