Loan Modification

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Loan Modification :

Presented to you by ICS. Loan Modification

About Me:

About Me 20 years experience in the real estate and loan industry. Worked as a loan officer, loan processor, real estate agent and many more related roles. Helped thousands of home owners modify their homes. Understand the tricks and tips necessary to successfully modify one’s mortgage loan.

Misconceptions:

Misconceptions Using 3 rd Party companies are necessary to get a modification. Banks are reluctant to help distressed homeowners. Credit score will take a huge hit. You have to be a master negotiator to secure a modification.

Introduction:

Introduction Pre-crash modifications Post crash modifications Banks want to modify a loan rather than foreclose on a property. You can modify your mortgage by yourself.

Getting Started:

Getting Started Proposal Packet Gathering Documents Financials Preparing the Packet.

Different Programs:

Different Programs H.A.M.P. – Home Affordability Modification Program. In-house Modification H.A.R.P. – Home Affordability Refinance Program. Others

HAMP :

HAMP Created by the Obama Administration. Eligibility Requirements: 31% of gross income. Principal Balance under $729,000. Primary Residence. No more than 2 unit property. Value of house. *If you do not meet allof these requirements, then you can apply for a traditional Modification

HAMP :

HAMP Need to document hardship. This program is the most popular and the program that has assisted the most number of homeowners in America.

HAMP DOCUMENTS:

HAMP DOCUMENTS Declaration of Homeowner’s Insurance W2 & Tax Returns

HAMP DOCUMENTS:

HAMP DOCUMENTS 2 current pay stubs 3 months most recent bank statements.

HAMP DOCUMENTS :

HAMP DOCUMENTS Letter from employer, stating your start date and pay rate. Utility Bill Copy of Social Security card & Driver’s License.

HAMP DOCUMENTS :

HAMP DOCUMENTS Dodd Frank Certification

HAMP DOCUMENTS :

HAMP DOCUMENTS 4506-T Form

HAMP DOCUMENTS :

HAMP DOCUMENTS Request For Modification and Affidavit (RMA)

HAMP DOCUMENTS:

HAMP DOCUMENTS List of Required Documents for Submission.

Traditional Modification:

Traditional Modification Steps are the same. No RMA No Dodd Frank Form

Conclusion:

Conclusion 1-877-204-5452

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