FixMyBadHomeLoan.org has developed a fully customized Do It Yourself Loan Modification Kit.

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If often seems like banks and lender prefer to foreclosure on people’s property, rather than moving forwards with a Loan Modification. Is this actually true? Why will a bank foreclose, and not perform a loan modification?

An increasing number of American homeowners are in desperate need of a home loan modification, to prevent foreclosure. Phoenix, and Tucson Arizona have been especially hit hard by the housing crisis, and many people are in default on their payments. Perhaps this is due to hardships such as losing your job, or simply because they were victims of predatory loans, and now their ARM loan has adjusted to a payment that they can no longer afford.

Perhaps you have discovered for yourself that mortgage lenders are being difficult when it comes to modifying your mortgage. The truth is that foreclosures do not necessarily benefit banks, and it is generally preferable for them to modify someone’s mortgage. Consider though that the lender does not want to go through the process of loan modification, with it’s associated time and costs for them, only to discover that the homeowner still cannot make their payments. They therefore, have to ensure that upon a modification the homeowner will truly be able to make their payments consistently.

Right now loan servicers are overwhelmed with the thousands of loan mod requests that they have been receiving from all over the country. This is one of the main reasons why your lender may appear to be moving slowly on your case. Processing these requests, along with the current backlog is quite time consuming. While some loan modifications process quite quickly, others have taken up a whole year to complete.

We have negotiated loan modifications successfully for our clients, that have been approved in well under 30 days, with signifiant payment reductions for the homeowner. The entire process can take 30-90 days to complete, but realize that during this time you can negotiate affordable payment arrangements even prior to being approved for a modification, through Forbearance Programs for example. The economy is still getting worse, and more people continue to lose their jobs, which could impact processing times moving forward.

In order to be approved for a loan modification, your lender will review your entire financial situation, and may demand to see documentation such as; pay stubs, bank statements, tax returns, and will also examine your credit history. For most people the negotiation part is the most difficult piece of the process. Lenders may ask you to answer simple financial questions, but beware they may use the data to disqualify you, if they think that you are a poor risk for a modification. It is very important that you fully understand the process prior to starting your negotiation, to avoid such things as false accusations, and miss calculations made in judgement against your case by your lender.

Once a lender initiates foreclosure proceedings on a property they will incur quite a number of expenses, including legal fees for the filing of the Notice Of Default. In addition to these attorney fees, they have to arrange for the house to be sold at auction. If you have received a Notice Of Default, or Notice of Foreclosure, then realize you can still save your home, but you must act quickly!

It is in both yours, and the lender’s best interest to find a way for you to stay in your home. This is especially true in todays housing market, where it is less likely that they will be able to sell the home for a suitable amount, and do so in a timely manner. I hope that you have gained some knowledge in this often confusing area. It is too easy to find yourself paralyzed with worry after receiving a Notice of Default. Act quickly, gather your financial information. Speak to someone who can advise you on the process, and follow up with your lender as much as possible to ensure that your case gets processed as fast as possible.

Related posts:

1. What Can I Expect If I Get Approved For A Loan Modification
2. Complete Loan Modification Service
3. My Mortgage Is Not Behind – Can I Still Get A Loan Modification?

We counsel you step by step to resolve your loan payment difficulties. With our complete Loan Modification Service we prepare all of the paper work, and even speak with your lender or bank on your behalf until your case is resolved. Step 1 involves filling out our FREE Evaluation Form. Once we receive this we will give you a call at your convenience, and discuss all your options with you in detail.

Dealing with the banks and mortgage lenders without being fully informed and prepared puts you at their mercy, even when they say they wish to help you restructure your payments. Their main agenda is to squeeze as much money from you as they can get!

As a Non-Profit Organization we wish you the best of luck in this process, and if you need anything please either use the FREE Evaluation page or our Contact page.

Easy To Follow Steps*

We have made this as simply and easy to follow as possible, with complete in-person, over the phone, and online support from our expert counselors.

• STEP 1: Complete the FREE Evaluation form.
• STEP 2: We call you and discuss your options.
• STEP 3: We talk to your lender on your behalf, ensuring that your case is always presented with YOUR best interests in mind.
• STEP 4: We put all of your paperwork in order to support your case.
• STEP 5: We are with you every step of the way, making sure that you have the best chance of an approved loan modification or loan restructuring
• STEP 6: We make sure you have the best possible chance of getting the lowest rates and payments possible! Unlike the lenders we are on YOUR side.

*Note: Your actual loan modification or loan restructuring process may differ from these step. These steps are to give you an idea of the overall process only.

 

Related posts:

1. Do Banks Prefer Foreclosures Over Loan Modifications?
2. What Can I Expect If I Get Approved For A Loan Modification

Unfortunately, during this time of financial crisis maby desperate and confused homeowners are susceptible to being taken advantage of by various scams. At fixmybadhomeloan.org we have put into place an Exclusive Scam Prevention Program, to ensure protection for homeowners. Few, if any company in the loan modification industry offer these levels of protection.

In Phoenix, and Tucson, Arizona we help educate homeowners through monthly workshops, and classes. The Loan Modification process can be confusing, especially when you add the threat of foreclosure into the mix. One of our goals is to educate people on the process through this website, and live events.

Before we discuss our Scam Prevention Program, first take a look at some of the most common Foreclosure Rescue Scams to avoid:

• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

This quote was taken from the US Government website on Making Homes Affordable.

fixmybadhomeloan.org Scam Protection Policy

fixmybadhomeloan.org is the ONLY company in the loan modification Industry that offers these levels of protection to the Homeowner. This system is EXCLUSIVE to fixmybadhomeloan.org.

• fixmybadhomeloan.org is the ONLY company that provides real recourse for the homeowner. fixmybadhomeloan.org protects you from being scammed. In the event of the assigned negotiator disappearing or failing to perform the tasks associated with loan modification, fixmybadhomeloan.org has policies in place that protect you. These policies allow the homeowners file, at the homeowner’s request, and at no additional cost, to be transferred to and completed by another, separate, licensed professional. You experience no additional loss of time, money or progress associated with your modification. You are protected.
• fixmybadhomeloan.org provides the loan modification customer with a personalized and interactive, online dashboard. This dashboard is used for oversight of the process and communication between the homeowner and the negotiator and fixmybadhomeloan.org. It also provides the homeowners with updates throughout the progress of the modification.
• fixmybadhomeloan.org’s customer management system is integrated into the negotiator and the client’s systems to provide third party oversight to the process. The homeowner can communicate with his assigned negotiator as well as with fixmybadhomeloan.org.
• The legal recognized individual or business entity that performs the loan modification has agreed, through contract, to a set and reasonable fee for the performance of the modification. There are no additional or hidden fees.
• Our company works only with licensed professionals or individuals recognized by the state in which they are conducting business, as legally endorsed to perform loan modifications. The legal components of endorsement can include, but are not limited to; professional broker’s license, attorney’s license, proof of bonding and insurance, and registration with the Department of Justice.
• All negotiators working with fixmybadhomeloan.org have copies of pertinent licenses and paperwork on file with fixmybadhomeloan.org.

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