MODIFY YOUR LOAN SO YOU CAN AFFORD TO STAY IN YOUR PROPERTY

Ubiquitous companies acting in bad faith are currently attempting to take advantage of consumers in this awful housing crisis.

Beware of firms that have little or no experience negotiating with creditors and who ask for a deed to your house for their payment.

A reasonable fee to be charged is somewhere between $2,000.00 and $4,000.00 for a loan modification relative to one piece of real property.

A loan modification occurs when the lender agrees to reduce a monthly mortgage payment, typically when the borrower is victim to an unforgiving variable rate mortgage that is about to re-cast. Some banks may even be willing to lower the principle balance on the subject loan if the property value has significantly declined. Which is not unusual in this market.

A loan modification is not a re-finance. However, most of the same documentation will be required: 3 years tax returns, the last three months bank statements and the last three months W 2's if you are a wage earner. Additionally, you will need to provide a hardship letter and a budget proving at least a 80% debt to income ratio.

There are two ways to convince the lender to cooperate 1) A hardship 2) Legal attack where the GFE (Good Faith Estimate) and the TIL (Truth in Lending Statement) do not correlate.

For more information, visit our website: http://www.bestdebtdeal.com/ or call our office at 415 756 4108.