|
Increase Your Chances for Loan Modification!
Strategies to complete your hardship letter and financial worksheet
plus what to say and NOT say to your bank, so you can
get in on some of the lowest rates in history!
If you're one of the millions of homeowners who can't afford your mortgage or are already in danger of foreclosure, a loan modification is the #1 solution.
However, those who have tried loan modification know all too well what a long, frustrating process it can be. After months of going back and forth with the bank and wondering what the heck is taking so long, most find out their request for modification has been denied. At that point, they're no further than when they started and may be dangerously close to a Foreclosure Date.
It's ridiculous ... it's like banks are trying to disqualify you or make you give up. They don't call you back, don't tell you where you stand, and when you finally do get on the phone with them, they make you so flustered and confused over the numbers that you can be disqualified before you know it! This continues to happen even though the government has fed the banks trillions of dollars to use towards modification; however, only 0.02 of all applications are actually modified.
"The process has been time-consuming and bureaucratic. Borrowers feel lost."
(Associated Press, 3/3/2010)
It's true the banks are not working with people in an easy, systematic way - they're completely overwhelmed and have some pretty lame processes, not to mention barely trained staff. Still, they seem to have all the power.
But in actuality ... when you know how to play their little game of cat and mouse, you'll have a better chance of saving your house and significantly lowering your monthly mortgage payments. When trying to deal with a second mortgage (or Home Equity Line of Credit), the strategy is much different. You certainly can settle for a fraction of what you owe, but this process is more like a game of chicken. Well two can play these games!
| "You saved me over $700 a month!" |
"The terms the bank gave me after I followed your guidance are unbelievably good ...
2% for five years, then 3% year six, 4% year seven, and 4.75% for the rest of my new
40-year loan. Full impound for a $1,140 payment - which reduced my monthly payment by over $700!
I'll save over $80,000 over the next 10 years because of this modification! Now I can stop worrying and stressing over my expenses and get on with my life. How do I begin to thank you?"
--D. Packman, Oregon |
Unfortunately, the process of getting your loan modified is complicated and often doesn't make sense. Every step of the way can make you wonder if you're doing it right, or if you're making a mistake.
You must know what doing when you fill out the paperwork and write your hardship letter. Otherwise, you increase the likelihood that you'll either: 1) talk yourself right out of your own loan modification, or
2) get lost in the millions of other applications. By then, too much time goes by and may lose the opportunity to not only save your house, but get approved for the lowest interest rates in history - ones that can slash your monthly payment by several hundred or even over a thousand dollars.
Even the banks say it's all in the paperwork (although it's also what you say and don't say) ...
“Getting loans through the system to the modification finish line is tough,” says Douglas Potolsky, Chase Home Lending senior vice president. “The main obstacle, he and other banks say, is borrowers who don’t properly complete their paperwork.”
... but then the banks won't tell you what you're doing wrong and what to do so your modification can get approved.
You can greatly increase your chances for loan modification...
Imagine the difference and the relief to your household financial situation with a major reduction in your biggest monthly expense - your mortgage - and your payments going down 40% - 60% of what they are now. Not only can this save your house, your money, and your credit, this kind of opportunity is truly a once in a lifetime opportunity. Though this mortgage nightmare will almost certainly go on for several more years, eventually it will even out and you won't be able to get a loan with a 2%, 3%, or 4% interest rate.
Get the inside track to loan modification. Over the years, I have coaxed information out of every major bank - and even the smaller ones, and have compiled all of the processes, guidelines, strategies, and formulas, including and why they do the things they do - into one invaluable resource.
The book includes explanations from dozens of loan modification case managers, analysts, and decision makers as to why so many people get disqualified and what you need to do to get a loan modification through. Every word in this resource is checked and double-checked by my team of top-notch attorneys that specialize in foreclosure, default, and bankruptcy.
Even more valuable, I've included several actual hardship letters and a second mortgage settlement letter that you can use as a template to write your own. Review all of them and then decide which one most closely fits your circumstances. Then, simply cut and paste the text into a new Word doc and edit in your unique situation and numbers. I’ve already written the letters so you can use them as your framework, substantially cutting down on the confusion of what to include in as hardship letter and the advantage of using one that's been proven to get people approved.
The hardship letters I've included in the book aren’t just samples. They are actual letters (minus the personal information) that helped real people get approved for modifications that would blow your mind.
These hardship letters helped homeowners get terms like 2% for 5 years, 3% year six, 4% year seven, and 5% for the rest of the life of the loan. The money these people saved in lowering their mortgage payments is very exciting because their monthly payments were reduced by 50% to 60%, saving them tens of thousands of dollars - $70,000 to $80,000 over the years they have this loan.
I've also included a sample second mortgage settlement letter - the actual letter that helped this homeowner settle for a fraction of what he owed on his Home Equity Line of Credit (HELOC).
The book also tells you how to settle high credit card debt you may have run up out of need to cover your living expenses during financial hardship - or for whatever reason. I give you step by step instruction and the inside scoop on how to settle for 40% of what you owe, without repercussions or worry about legal action that creditors can take against you.
The best part is that a loan modification ends the nightmare and the possibility of foreclosure, and lets you get on with your life, where you can stop worrying and struggling and start to rebuild your financial stability. The icing on the cake is that you came out the winner with a huge reduction in monthly expenses with lower mortgage payments.
You don't have to spend hours and days and years to find out how the loan modification game is played. I'll guide you through each step, tell you what to watch out for, and how to stay on track to so you'll have the best chance for approval. Best of all, I give you the formulas the banks use to qualify and approve your loan modification, and how to fill out your financial worksheet and write your hardship letter.
Own this eBook now.
No one tells you how to fill out the paperwork so you won't disqualify yourself - or what to say and NOT to say when you get on the phone with your bank. But I've maintained a 95% success rate in clinching modifications for people who hire me to coach them through the process.
One invaluable tip is to remember that every conversation you have with your bank is recorded and believe me, they will use what you say in their decision to approve your modification. I recommend that you record your conversations in case the person you're talking to gets nasty with you. That way, you can use it to file a complaint and use what they said against them - which is yet another little-known strategy to help you to get your case approved for modification. And there are so many other strategies to use as you work your way through the process.
You must also know the bank's strategy. It's critical that you correctly and "strategically" write your financial hardship letter and know the formula they use for calculating your numbers (income and expenses) on your financial worksheet. I wrote everything down - step by step - in the Loan Modification chapter in How to Survive Foreclosure or Avoid It Altogether.
If you’re one of the millions who make up 1 in 9 homes in foreclosure or 1 in 4 who are in some stage of default, then what you learn from this eBook - including advice from dozens of experts who contributed - can stop your foreclosure and substantially reduce your losses - or help you avoid them altogether.
Get How to Survive Foreclosure or Avoid it Altogether immediately downloaded to your computer and start taking the steps to getting a loan modification approved. The book also gives you little-known information and strategies to short sale, deed in lieu of foreclosure, bankruptcy versus any other option, and all the other options you have when facing the possibility of default or foreclosure, including how to recognize scams that catch people off guard at their weakest point.
Don't delay. Own this incredibly valuable resource now for only $45.99 - that's less than a tank of gas!
|
