All about Loan Modification

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What type of loan modification does Countrywide and Citimortgage offer?

Your lender is not going to offer much that is not in their best interest. You will have much better luck by hiring a loan modification attorney. Always use an atorney for all loan modifications. An attorney will thoroughly review your circumstances and desires before recommending a course of action. Your financial circumstances, existing loan documentation and legal rights should always be reviewed and considered. An attorney will work with you to achieve a solution which fits for you and your family. While other organizations may simply submit a loan modification request, which may be ignored by the lender, an attorney will actively and aggressively negotiate the most advantageous solution for their clients.

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Here is a new Post at Relieve Financial Constraint with Modification of loan.

Periods ago however when a lender can find that it hard or even impossible to make agreed regular refunding on their loan and this is where the modification of loan can help. The modification of loan is a manner of changing the terms …

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How can I get qualified for a loan modification of a WAMU home equity line of credit?

They are not looking at your D/I. They are looking at your housing ratio. Modifications aren't generally given in regard to other bills, but to your total p & i payment, any escrow, home owners assoc. fees, etc; compared with your gross income. They will ask you for proof of any income reported. Most mortgage companies now qualify anyone with an H/I of >30%. They reduce interest rate on a temporary basis to get the H/I within an acceptable 30% H/I.

If you're H/I with honest gross income is <30% you're very lucky, and you don't need a modification.

Modifications are temporary, keep that in mind, and are meant for mortgage holders with reduced income, unemployment income, disability, etc., so that they can have 4+ years to sort out income shortages (hopefully!).

Be patient through the process. It's very tedious, and long, and frustrating. If you qualify they'll let you know.
Good luck!

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Here is a new post at Real Estate Blog - Minnesota Mortgage Modifications-What Is A ….

Minnesota Mortgage Modifications-What Is A Modification Of Mortgage. In today’s troubled economic environment, many people are seeking mortgage relief. One option that may be able to be pursued is a mortgage modification. …

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is there a difference between a refinance and a modification of a mortgage loan?

A refinance is a new loan paying off existing liens and, if requested and there is sufficient equity, providing the borrower with cash out for other purposes. It involves all of the same loan costs as a purchase loan although those costs may be included in the loan amount.

A modification of mortgage is a restructuring of the existing loan and involves a minimal fee to the lender. In a modification, a borrower may remit a certain amount to be applied to the principal balance and request the lender recast the loan to lower the monthly payments sufficient to pay the loan in full in the remainder of the original loan term.

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