Home Loan Modification Help Process Benefits
How a loan modification Works
Mortgage Solutions has a mission to help homeowners save their homes and get themselves into better, more affordable mortgage loans with a lower monthly payment. We accomplish this benefit to home owners through a Loan modification which can be a complicated and stressful task for the average homeowner, especially because it is usually needed due to a financial hardship. That is why professional help can be so effective in most loan modification processes. All you need to do is fill out the short form we provide to you and we will do the rest from qualifying to negotiating Trivine Solutions will help you get approved for your home loan modification that will actually benefit you as a home owner.
Once you have been contacted by one of our representative all of your concerns and questions will be answered. Our representatives will ask you key questions to determine if you are a good candidate for a loan modification. Based on your financial & mortgage situation, your representative will let you know if you may qualify for a loan modification and what you can expect from the loan modification process and from the loan modification itself and how it will benefit you. If you are approved, we will then begin working for you and with your lender to achieve a loan modification for you. Throughout the entire process, a team of representatives will work diligently to achieve the best possible loan modification available for you and if your lender approves you for a loan modification you will receive the terms of the modification in which we will discuss with you based on your approval and qualifying application. If you accept these terms and sign the offer, you will then have a modified mortgage loan with a payment you can afford. We will match you up with the right representative, one that can be the most effective. Get Started Now!
The Process
You start by filling out the short form on this site under applications or have us email or fax you the application, providing us with the needed information. Your case is then immediately routed to one or two representatives within our team who will be contacting you shortly to provide a free, professional and valuable consultation. After the consultation, if your case seems doable and after you have sent this documentation along with the necessary fees, you can sit back, relax and let the professionals go to work. Our goal is to make this as easy for you as possible. We will get your loan modified if you qualify.
Your to-do list
you will be asked for the following required supporting documents among other things:
Hardship Letter – Include dates, reason for delinquency, what you have done to attempt to workout problem in the past; also include any supporting documents for hardship. While our Network Service Reps will be happy to provide guidance if needed, the short and straightforward letter must be in your own words
Bank Statements – Last two (2) months.
Proof of Wages and Salary – Employed – Pay stubs for last two (2) months; Self-employed – 1040s for the last two (2) years.
Federal Tax Returns – First and second pages (W2s) from the last two (2) years.
Rental Agreement – If the loan modification is not for your primary residence.
Next steps
Trivine Solutions will work with your lender, exploring options that will provide a satisfactory conclusion for all parties involved. In many cases, you’ll have an answer within 60-120 days, and sometimes sooner. While we negotiate a solution, you can relax and focus on more important tasks, such as work and family.
We keep your information 100% private. There is no credit check and no social security number required. START NOW!
Loan Modification Requirements
A Loan modification sounds like a lot of work to the average homeowner but the process is indeed simpler than you might think. We have tried to break it down in simple terms so you can better understand the process. A successful loan modification requires an agreement between the homeowner and the lender on the new terms of the loan causing both parties to become better off after the modification is complete. Below you will find what is required for you and your lender.
The Homeowner
Three things must exist to make a homeowner a qualified home owner for a loan modification:
Desire to Keep the House
Experienced a Financial Hardship
Income/Employment – Able to continue making lower payments once loan is modified
Examples of Hardship:
Loss of Income
Sickeness or Medical Issue
Death in the Family
Divorce
Predatory Loan
Increase in Family Size
Anything outside of your control which has caused you to be in a difficult financial situation
For The Lender/Servicer
Lenders and mortgage servicers each have their own loss mitigation departments and guidelines they follow, but what is clear is that no lender wants another house to go into foreclosure especially right now with all of the government incentives and assistance. As long as the homeowner can still make payments on the loan, the lender will be willing to work with you to prevent a foreclosure. Lender’s requirements are to make sure that the deal makes absolute sense for them along with you as the home owner. They must determine that the revenue lost in lower payments on the loan would still be better than the cost that comes with the foreclosure and maintenance of the home after it is given back to the bank. In most cases it is always better to let the homeowner keep the home and not take the house back.
What is the Secret?
The secret to a successful loan modification is finding the right formula per each lender. This formula lies within your income to expense ratio for the most part. The key to this formula is to show the lender that you cannot afford your current mortgage payment with your income, but you are a very qualified borrower at better terms to make a new modified lower payment on time. Basically you want to show that you can’t afford the current payment but you can still afford a lower payment. The lender wants to know that if they do all this work for a modification the borrower is going to be able to make the payments. The difficult part is that the lender will ask very pointed questions and many people do not know how to answer in the best way to help their case get approved. Our representatives know how to answer and they know how the process works to qualify you for the specific formula with each lender to modify your home loan in the most beneficial way possible.
