Loan Modification Agreement: the Solution to Your Mortgage Problem

60MinuteLoanModification.com - FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home.

[Below is an excerpt from a live loan modification teleconference]

Mike: And then thirdly, they should prepare those three documents in chapter five. They really have to have their budget prepared, a personal balance sheet prepared, and their hardship articulated or written. And so then get on the phone and qualify for a pre-qualification. Refuse to enter your information online, only say it verbally. The beautiful thing about that is you can change it next month or next week if you learn that something you said was incorrect or unacceptable, like your life insurance payment or something like that. So that's what I recommend this person do, Ryan.

Ryan: Okay. And we've got a whole chapter on that, on how to prepare for that. That's one of the other tips that we've put in there. A lot of the banks now are suggesting that you go online and you fill something out. We're saying that that's not the best situation because we've had to start over several times and it's always nice to be able to start over. We have found that it's easier if you haven't put stuff in writing. So just one of those steps from the book. Easy way to handle that is to say that you don't have computer access. Here's another question coming in from a caller. Can a bank threaten to foreclose while I am in the middle of a loan modification? Want to take care of that one?

Mike: Yes, absolutely. The loan modification doesn't do anything to the foreclosure process. What our experience is, though, is that the banks will halt the final sale, the culmination of the foreclosure process. What a lot of folks don't recognize is that the foreclosure process is actually pretty well designed to protect the homeowner and you have plenty of time during the foreclosure process to work out a good solution with your bank. And so you don't need to be concerned that the process continue during the loan modification. You just have to be real clear with the bank that they intend not to serve you with a notice of trustee sale or go through with a trustee sale. Now we've had a client this past week who was only 10 days away from trustee sale when they got us involved. Because they bought our elite express kit, which actually gets us on the phone with the lender, that minute, we were able to clarify with the lender that they are in the process and just about to submit a loan modification application and the lender agreed to a 30 day suspension of the notice of trustee sale. But the foreclosure process continues.



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About the Author:
Rocky Rockwood is an author and expert committed to helping homeowners navigate the increasingly complex arenas of real estate and finance and Do-it-Yourself Loan Modification. Click the link to know more about him: Loan Modification and Mortgage Modification website.